Yes, but in my opinion not a particularly strong one. I would alway wait for more than one reason to enter a trade, taking my overall bias from the Daily. For me, the Daily is stalled and the potential H&S on the 15 is not enough to enter a trade. Plenty of room for Price to move up [I]or [/I]down on the other TFs. The Daily and the 240 could do anything, so I’m waiting, personally. Chart patterns are good, but in my experience only as support for an existing idea and are more powerful on timeframes higher than the 15. But of course, that depends on what sort of move one is looking to capture.
I also agree - other TF showing could go either way at the moment… Think i will hold out and just watch and see how this plays out
I took a couple quick losses this morning and i think i’m just too eager to try and make my money back… More wanting to trade rather than waiting for the right set up… Might throw in the towel for today and just see how things went in my analysis this evening…
My phone charts are probably every bit as bad as yours, but as you and ST have been discussing, a head and shoulders on a 15 min chart could look totally different on a 4 hour or daily. I like to think I am starting to learn, albeit slowly, nowadays and one of the things I’m finding is that I rarely look below a 1 hour chart to make a decision.
I do look at 15 mins maybe to fine tune an entry, but the decision to enter in the first place now comes from higher timeframes whereas at the start I would trade from the 1 min and 5 min.
Also the point about being too eager to recoup losses is a very valid one. I would think most traders have done it, I know I have, but it always ends the same way. I know patience is a well used piece of advice in trading, and rightly so, but it is hard for us newbies who are keen as you like to take that advice.
Over the months there have been a couple of occasions when I have genuinely felt as though I have had my guts ripped out trading forex. As a matter of fact, had it not been for some of the guys on this thread I would probably have given up completely. But sometimes I think you need to go through all of that just together all of the impatience out of your system.
Sorry for going off on one, just got a bit carried away.
Some of the guys on here gave me a site called trade interceptor for good charts on your phone.
I know that pain! Nothing like some self-inflicted misery to cheer up your week. The market often seem to have an eye for when we make a hames of our plan and gives us a right kicking for it. Think it’s something most of us seem to need to go through to get the lesson properly rammed home. I have no desire to stick my finger in the socket anymore after a few shocks to the system.
Anyway, was long from this morning but have closed 70% of it ahead of US news that I won’t be around to watch. Have about 20 pips of breathing room between price and my entry so stop is moved to B/E in case news goes the wrong way for my trade.
Yup, guess this is all part of the learning curve for us all… Im a fresh newbie - atleast in terms of practical trading and not just reading about it… Ive currently been demo-ing the last 3 1/2 weeks but its a strict realistic demo. Started with a balance of $200, and traded no more than a maximum of 2% risk each trade - but usually sticking to 1-1.5%. Ive worked my way up to a high of just under $210 this week, but im now down after todays trades (will calculate my exact amount tonight) but think around 2.5% in about 4/5 ‘messy’ trades today.
I was on such a high yesterday, i gained 1.8% ROI with 3 trades using no more than 1%. Then today felt over confident, and after a 2 quick losses this morning, i was just too eager to jump in and placed really sloppy trades - all losses today.
So will analyze everything tonight and try to see where i went wrong and hopefully start fresh again tomorrow. I actually find myself addicted to this, wanting to look at my charts all the time, wondering what the prices are etc. I would like to demo up until this summer and then go live with a few hundred pounds and go from there…
But, as you said, i can already tell this is going to be a rollercoaster ride from hell, but at the same time i kind of look forward to it if it means it can get me to my end goal…
SanJ
P.S. Thanks for that, will check out the app when i get home today…
trying a long at 1.3379, TP 1.3460 SL 1.3327 closed at 1.3406
Impatience!! yesterday the trade entry was very good but my feelings got in the way of what the charts were telling me… the support was strong enough for a good first bounce…
Again another good point Sanj, over confidence. I had a thread called the Beginner’s Disaster that I started after my opening balance on my account dropped from $400 to around $50. But I slowly rebuilt it to around $350 without even realising at the time the increased amount of risk I was taking on each new trade.
Sure enough along cam the big loss and I ended up losing just over 40% of my balance in one trade. The pain of that was enough for me to quit that thread entirely and take some time away. It was then I needed a bit of a pep talk from some of the boys to get back into it.
I used to hear people talk about trading without emotion. What I didn’t realise at the time was that also included not getting to full of myself after a winning run. The Market is quick to tell us when we are doing this though. I try to think of my account now in terms of pips rather than money. I find focusing on something other than cash helps.
I seem to be in a bit of a philosophical mood today hunny so I wish I had something deep and wisdomy to say about impatience. But unfortunately I don’t so if it’s ok with you I’ll just borrow a phrase from your good self and say Impatience is just F***ed up LOL !!!
Tbh, i can’t really speak for the more experienced traders, but personally, i dont think i will be able to trade [I]without[/I] emotions anytime soon. I think i need to try and have more of a ‘trade with [I]controlled[/I] emotions’ approach…
But i guess its like the say… Good things come to those who wait eh…
Lol I am reading through this afternoon’s responses to the thread and was just going to ask if there was something the rest of us ought to know…!!!
I used to think the same, but over time it does come. I think that the biggest trick to currency trading is to find a sold system that works, and then get to the point where one has sufficient confidence in that system to be able to trade it consistently, mechanically, adhering to all the rules, month in, month out, in the face of drawdowns, big wins, whatever. Reach that point and it just becomes a case of waiting for the money to roll in. Sounds easy when I say it fast, doesn’t it…?!
Personally think that’s about the best most of us can get to. We’re not EAs.
My left open portion in E/U got stopped out at B/E after the rubbish core durables numbers. Re-established a small new one after that initial support at 1.3390 held - got in at 1.3402 and out at 1.3445. Back in business after digging myself out of a small hole totally of my own making yesterday morning.
So looking at the daily - not even thinking of shorting E/U unless we reach around 1.36. I’ll keep buying dips until then. It’s been pointed out in a few places recently that there’s a bit of a disconnect between equities / fx and bonds. Personally I’m leaning more towards bonds being right by pricing in risk averse mode - maybe could see equities and fx reversing shortly as a result as reality catches up with speculation and short squeezing.
Well just wait to you do open a live account. Because it took me a while to stop breaking into a cold sweat every time I put a trade on. And I am only using a micro account at 10 cents per pip. The thought of graduating up to a standard account, where the stakes are considerably higher, still makes me a bit wobbly.
But then that was a point that was discussed before. I could not have handled the stress of jumping straight into a standard account, where it’s $10 per pip. Building up slowly from micro (10 cents per pip) then mini ( $1 per pip ) then finally standard would be my plan of attack to get myself accustomed to dealing with the bigger figures.
As I have said before, I already have a job that pays all my bills. And while, eventually, I would love to become a full time trader to replace my current job, I know myself that I need to go through that process. Other people may well be different. Other people may well be able to handle the increased money levels straight away. So I am only talking from a personal perspective here.
Funny thing is, I’m dying to get there, but I know I need to pace myself. As I mentioned earlier, it’s only after getting my backside kicked, and kicked quite hard, that I am beginning to see all that.
Which in itself raises an interesting question which I will throw open to all who care to answer. Do you think that in order to become a good trader, you need the market to gut you a couple of times along the way? Is it possible to reach the highs WITHOUT visiting the lows?
LOL. Don’t really know if there is anything to tell ST. I did once ask yunny if he fancied eloping together to Honduras but as of yet he has yet to reply !! I took it as a no and moved on LOL ! :5:
Going back to the GU short I mentioned before I went to work this morning, I actually placed a sell at 1-5890, stop 1-5910 and target 1-58. Got filled it would seem about 2 hours ago, but I closed it out when I came home for +13.
Again much the same thought process is going through my head right now as with yesterday’s trade ie, could’ve left it to see what happens, however again $1.30 profit on a $50 account is a good % return so I’ll have that thank you very much.
PipBandit: think you are right in that EU could well be heading up. I had in mind, as I mentioned earlier, to start looking to short the pair around 1-3550, depending obviously on what news is going around at the time.
Calling someone Hunny ( it is actually HONEY ) in English is a term of affection. It is usually used between partners to let the other half know that they have totally forgiven the fact that you came home drunk last Thursday night and they love you once again.
However, I feel it may be wiser if you and I just stick to yunny and HoG, ( And no, I’ve not forgot about last Thursday)
I can only imagine at the moment what it must be like… Tbh, I feel my stomach turn even on this demo account - today’s losses really took it out of me… My girlfriend laughs at how much i care about a demo account - but im hoping it’ll give me just a little more prep for when i do go live, though im sure it’ll be a separate ride all together…
IMO, becoming a ‘good trader’ means being able to deal with all situations - winning and losing, in different market situations… Even the best of traders will not win every trade and im sure at some point they will get slaughtered on a trade too. But i think its how they react to what happened which will make the a ‘good trader’ or not. I think with most people, one of the best ways to learn is through experience.
To put everyone to sleep now and throw in some psychology - the psychological term ‘anchoring’ in laymen terms refers to linking a change of state to an external response, feeling etc. It’s how children tend to learn things a lot when they are small, if they choose to touch the iron when it was hot, there body will link the idea of iron, with heat and pain and its how they will remember not to touch an iron when its on. Similarly, you’ll find when the market does gut you, your mind links that with a response, and you must train your mind not to respond negatively in these situations.
Anyway, hope that’s put you all to sleep now lol
+1 to that… By the looks of the daily thats where is seems to be headed…
Firstly, in MT4, is there anyway to change the the values of the vertical axis? As in is there anyway to set how many pips the markers are spaced apart. I noticed in Yunny’s screenshot earlier his vertical axis are spaced 50 pips apart and looked a lot cleaner on the eye - although i’m not sure that was MT4… So yeah anybody know if that can be done on MT4?
Also, does anybody trade any other markets apart from London which i know is quite popular in this thread. Up until now that more what ive been focusing on and trading EUR/USD, GBP,USD and USD/CHF. The reason i ask is because i am thinking about changing the times i trade, as i work 8-4 (i am GMT+1 out here in Poland), im wack in the middle of the London session and miss not being able to follow my charts as i trade. I was thinking about trading the London Close / New York Open through to NY close… If so, can anybody suggest good currency pairs with volatility here? This way i should be home from work by then and will give me time to really sit and work out what im doing…
lol