Lost a bit since taking the account down to $50 so trying to slowly put that right. Didn’t lose on bad trades, just got it wrong to be honest.
Anyway, back to $48 now. Concentrating on timing at the moment. Trying to be more patient to wait for the right area to get in instead of just jumping in. Tried a EUR/CHF trade last week, which I eventually closed for +5, but that pair seems very slow to move in any direction so something learned anyway. Really only took the trade as thought process was still saying the floor is at 1-20, so a very obvious place to put a stop in case it goes wrong.
Trying to place trades and take profit at +5 to +10 just now for two reasons. First one is new account balance makes me overly protective of any profits. Second reason is that even though the monetary value of such profits is very low, percentage wise it represents approx 1.5 to 2% of my balance, so worth it from that point of view.
As a friend said to me recently, at this level of trading, it’s more about learning to trade and learning to survive rather than making big profits.
Anyway, still haven’t discovered what I would call a sustainable system, just using S&R levels, trying to pick my moments.
Went long last night at 3371. Original target 3450. Cashed in my chips this morning @ 3400 to put the money in the bank as I’d lost a little yesterday looking for a drop from the top of the rising channel on the 4h. At work just now so I can’t add a picture.
Don’t know why I closed out as last night’s analysis had me thinking a daily close above 3325 and there was nothing to stop us going 3450, probably 3550. Maybe just too keen to replace loss.
Yep, I know you’re right. Overall I ended up slightly down for the week. Funny thing is though, I can’t honestly look back at any trade made this week and think I wish I hadn’t made that choice or would have played any of them differently. So slightly down but overall happy enough
Nice one you two - a win’s a win. I missed out today myself. Can’t catch 'em all I guess. Had a good week all in all so no worries.
The short squeeze is alive and well it seems. Blasted through that 50% Fib. Seems to be a bit decoupled from the level of risk-on in the marketplace. But I’m not going to step out in front of that train just yet.
Lol, oh gosh, it’s posts like this that make us newbies nervous… Especially since i’ve been sitting short since 1.3425… Can’t monitor charts much from work, just trying to ride out as long as possible…
stick to your plan… do not listen to me or anyone as long as you are profitable, in this business you can sit at any side of the trade and make money the same day…
It’s perfectly possible to make money both long and short on the same pair in the same day, so personally I would just trust your own analysis. One of the (few) drawbacks of Babypips and similar sites is that others’ posts can sometimes shake confidence in our own trades. You know why you are in your trade, just stick with that would be my advice!
Although easy for me to say: I am short EUR/GBP today, EUR/USD looked a little mixed for my liking, so I get to just sit on the sidelines lobbing in observations…!
Hi Yunny. Guess I have been what you could call ‘lurking’. I have been trading, but we have had builders in, plus my other business has taken a fair bit of time away from me recently, plus we lost broadband for a little while, plus a few other domestic things - ill kids etc - all conspired to pare down the trading. I have still been trading, but more end of day than intraday as the other business and general mess at home (I trade from home) made intraday more difficult. Been going fine, though, nice to gett a little more time away from the charts sometimes.
Seems like you have been going well, recently? The market does seem a little more predictable in the last few weeks, nice runs on a few pairs - NZD, AUD and USD/JPY have all been kind to me recently, and if EUR/GBP can punch through the 0.8440 level I’ll add it to the list lol.
Thanks for the shoot of confidence, i’ve actually tried to avoid checking BP during the day primarily for this reason, prefer doing my reviews and seeing others perspective at night… Just couldnt avoid checking the emails today lol…
I actually feel i could squeeze a little more out of it before the reversal, sticking with it for now and sitting on +40 pips… Stops at BE so free trade, happy regardless…
Don’t joke about it - I just finish here, and Mrs Templar has informed me that I have three days in Dartmoor (the National Park, not the prison) next week decorating a house there. I query this and she says ‘don’t worry, there’s a wireles network so you can still trade end of day’. So I’m afraid you’re going to have to handle the brushes chez HoG yourself, sorry!
Very sensible, imho, I used to do exactly the same.
That actually is a very good point. I have gone MIA from this site a couple of times to try and get a handle on my own analysis. Don’t get me wrong, I am in no way using an excuse for getting any trades wrong, but sometimes those very well intentioned views of more experienced traders are all newbies need to hear to enter trades themselves.
I would be a liar if I said I had never entered a trade purely on the back of something I read on the forum.
Seems ironic in a way that a forum set up to help newbies learn and progress, can actually hinder that process at times. Having said all that, I’d rather have this site, and have met all the souls I have met through it, than never got involved in the first place.
Actually, I got off pretty light in that department ST. Mrs HoG is a bit of a paintaholic, so I don’t tend to do that much of the old brush stroke stuff. She saves me for moving sockets and building things, but the art work itself all comes from her. A fair deal if you ask me.
Managed to squeeze +40 before being stopped out, im happy… Just got home and looked at a proper chart and saw the support you guys jumped in at… Looking good so far, im back in, think this will be my last trade of the day…
long time no see ST! where have you been?