How to be a MOnster

[Mira]

Yesterday I had a doubt..

I took this long (grey circle) on GU, my stop loss where the magenta line as usual but when price closed below the red line with momentum (a close below the previous extreme) I closed my trade too.

.. so, have I made a mistake closing that trade?

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[Mira]

all in all today made decent pips----- considering the market----------choppy


along with that other loser i had the one off the yellow lines--managed to get out at -10


thoughts?-------or is it just S#%$ happens sometimes

You have to realize that although you are referring to the candles you are trading the psychology that they induce.

There are 2 things that I value most when trading:

1. that price never close below my entry on my smallest time frame.

2. that my entry candle never closes opposite in color on the chart my analysis is pegged to.

I can't say that I did not learn a lot from reading NLA

Absorb the market conditions and how you reacted with what happened and learn from your mistakes.
If you trade systematically day in and day out without change then you will eventually lose your edge.

+

Try scalping with stop reverse orders to offset losses.

Think about a 1/2 position reverse with 2/3 your stop trying to recover at least 1/2 your losses.

If you use experts then set an expert to manage your reverse only by changing the "manage long/short" option accordingly.

“Don’t read the old posts” ... and this OLD
BTW I’m quoting this post just to find some idea about the CURRENT topic: patterns&breakouts.

I THINK that lately I’m defining zones not so bad, entries are based on lower tf momentum/fractals etc.. the problem is that I thought that a stop loss is there just to protect my trade from spikes or unexpected big moves,
and if I’m thinking so then I need a better way to define that I’m wrong than waiting for price to close OVER my stop loss.

Doji looks for a close with momentum over his zone.. but I’m drawing my zone differently, so, maybe, a close in the opposite direction over my line could work at the same way..

[Mira]

You have to realize that although you are referring to the candles you are trading the psychology that they induce.

This is exactly what I have in my head by for while.

[MightyOne]

... the problem is that I thought that a stop loss is there just to protect my trade from spikes or unexpected big moves,
and if I’m thinking so then I need a better way to define that I’m wrong than waiting for price to close OVER my stop loss....

The older strategies are used with the older methods of managing space...
where the whole risk-box was in play on every trade.

EIGHTS is more about macro-scalping & protecting profits while snowballing your position to reach profit goals;
it's current form was influenced by the great short-term traders of Kreslik.

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[Mira]

... the problem is that I thought that a stop loss is there just to protect my trade from spikes or unexpected big moves,
and if I’m thinking so then I need a better way to define that I’m wrong than waiting for price to close OVER my stop loss....

The older strategies are used with the older methods of managing space...
where the whole risk-box was in play on every trade.

EIGHTS is more about macro-scalping & protecting profits while snowballing your position to reach profit goals;
it's current form was influenced by the great short-term traders of Kreslik.

for_Mira.png

Yes, it makes sense. Thank you!
I’m making this question because of my inexperience:
do, with EIGHTS, I need a positive winning percentage in order to reach profit goals?
With the older strategies (from what I see) the losses were stopped immediately and the profits from the winning trades were covering all the costs. Or am I missing something?


Thanks MO!

[Mira]

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[Mira]

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[Mira]

LOL look at what it did

I’m going to use the fractal vision that I had yesterday to find super accurate targets and nothing more for now (I don’t want to put too much on at the moment).

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[Mira]

Where is TRO?

Is a while I don’t see him to post in his threads..

[Mira]

After 4 weeks in profit I’m closing this week with a loss.
I’ve been lucky I guess..

I didn’t change nothing and yet most of my trades were wrong.

I tried with H4 price level adjusted to M30 too but:

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It’s obvious that I’m making some mistake that I’m not seeing.