good luck
if you profit
you owe us a soda
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Thank you, a crate wouldn’t be enough! Feeling not so alone, which is a massive boost:
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Just one more thing be careful leaving trades open during the weekend when you are risking that much, a gap in price can really hurt you.
is it even if the stop loss is set ?
I think that the stops dont get filled when the market is closed, what will happen is in case of gap the stop will be filled at the available price when market opens on the next week
The stop order becomes a market order, when triggered. Normally, that’s where you get taken out. But if it moves on the open(or any time, really) dramatically it takes you out “when it can”.
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1.296034 could be a good stop loss
to stop the bleeding
Thank you zrrsys, noted. Just holding off to see if 1.2980 holds.
You have put your stop loss where most people likely have a stop loss. The market likes to trade towards these areas.
Furthermore, it is in / on the support area.
The market might give you some respite but that area is a prime target for liquidity.
Thank you ProfitPotential for the info.
Did not mention before that I moved my sl’s earlier today to 1.29360. My thinking behind this is that it gives a little bit of room (but not too much, I don’t want to go beyond this).
Also tomorrow is the start of the next Brexit saga after the holidays and there should be some movement for a change. Also there is a slew of relevant figures coming later in the week which would have an effect which need to be monitored.
I know that wishful thinking has no bearing on the market, but I’d rather not close all at this time and if I maybe
lose more with the increased stop then I’ll have to go with it.
Perhaps further down my trading road I can leave out the ‘emotion’ a bit more.
Talk about learning the hard way!
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On thing is for sure, that there is a lesson in all of this.
All is not lost, its an investment if you learn something from it.
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Can’t agree with this enough. Also if you’re iffy about a trade setup, don’t take it.
A painful experience everyone who’s traded has to have experienced.
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Ooops!
The stops got hit (as expected), so no surprise there then. To some it may be an awful lot to lose and to others it is a mere drop in the trading ocean. I am going to treat the loss as a necessary tuition fee that will give a greater return in the future.
I would like to thank everyone on this thread who have helped me tremendously with your expertise,opinions, insights and support.
I hope I have taken on board everything that has been said, I have had important lessons and never want to be in this position again.
So, back to the demo it is. I’m still in the game but not in any hurry to jump in just yet.
And I vow never to go near the 1m TF again.
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Indeed. Good luck!
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DO a buy if it goes above 1.129680 but go easy this time
or do a sell now and set your sl at 1.129680
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Smaller timeframe i use is H1,
Less screentime, more time for analysing
What excellent advice!
Have you trading anything else in the past? Or just 1m the entire time?
dudebro, I 1st started doing the 1min when I tried it on the demo and found that the results were very good so I carried it over to the live. Again the results were good, quick and fairly easy to achieve so I stuck exclusively with that TF and enjoyed the simplicity and speed.
I trade more on Tue, Wed and Thu with a little bit of ‘tinkering’ Mon & Fri.
Looking back I can see that the trades that did get away from me were when I was distracted or away from the desk for a few mins and because I felt that I had a position open only for a few seconds or minute I didn’t need sl’s so never bothered with them.
Also, looking back, I wasn’t ‘trading’ as such, just looking at a few candles close up and ignoring the bigger picture although I do spend a lot of time with fundamentals on non trading days.
I’m going to try 1 or 2 different strategies on the demo again with a longer TF. I like clean charts with very few or no indicators so I will look more to the technical side and get into price action more.
Been there and at times still there. I am getting better at staying away from the bad trades, fall over with some of the action now and again.
I have started using a different approach, my broker is Pepperstone Australia, have only been with them for about 8 months, the EA’s supplied are good and handy, especially the Mini Terminal.
I can set up a variety of orders and save them as templates, I use a percentage basis, Stop loss 1% of balance from 1.2% to 1.5^ Take profit mostly on time frames no less than 1 Hour.
Sure I have losses, sometimes a run, then I can have some good winning runs.
If you are not comfortable with a 1% SL, I have used 1.5%, but doing that puts you at risk of “diving in” and losing money. A short SL in my opinion, tells me to double check the decision to trade an instrument.
I have thought of the day when a 1% SL will be way over the top, dreaming of a large increase in my balance, I am only running a $500 account.
Well that is it for my two bob’s worth, hope it has been a comfort, your not alone!