How to be a MOnster

[Mira]

Thanks to everybody, your help is golden

Finally I closed with a positive B/E.
Reversals aren’t part of my trading plan and to have a trade that I don’t want has no sense!
I’m attracted by the idea but I’m not ready to trade it..

Let’s say that I preferred one loss than two

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[Mira]

But sometimes I need to believe in myself

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[PTG]

But sometimes I need to believe in myself

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I may be wrong in that I think that is beside the point, given -as I see it, and, again, I may be wrong- you entered into a "revenge trade". This is based on this statement

Took a loss on the long setup because the zone was weak and my target was too far, I’m trying to recover with the reversal.

in this post: https://www.kreslik.com/forums/posting.php?mode=quote&f=4&p=112584. It all boils down to having a plan and if this is part of your plan for that trade sequence, which you should have defined before going short, then that's fine but if not then not. Once you have decided upon what your actions are going to be for the different scenarios that you envision (the plan), you execute it like a machine. Don't make up new parts of the plan during the game, because you will hurt yourself psychologically ("have to believe in myself to stick to that short that I shouldn't have been engaged in in the first place because it wasn't part of my plan"). What you did, based on my assumptions above, namely that you were revenge trading, was the right thing to do. You should get out of any erroneous trade as soon as you detect it and as soon as you can. If you don't, you are gambling. You got out, which was good. You shouldn't have held unless that was part of your plan. Plan your trades, trade your plan.

Does this ring a bell ? Or am I wrong ?

[PTG]

Simple plan based on scenarios: "if price closes above the 3-sema, then I will go long and target the blue line; if not I will stay out and re-assess".

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which currently translates into doing nothing:

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[Leoheart]

But sometimes I need to believe in myself

64C80538-C40C-4B49-9AC8-9E2248269A86.png

You believed the best course of action was to get out, otherwise you would of never questioned yourself & asked for help - so no regrets.

As stated earlier, I hate influnencing a person's decision while in a trade..but what you do when a friend ask for a lift home. Do you leave him stranded and tell him to walk home 10 miles because its good for his mental and physical health. Not around these parts.

No way in hell would I have taking a reversal off those levels by the way the market was closing underneath me. We guessed differently, and my guess was wrong.

Lesson to be learned for the newbie lurkers: Enjoy the process of learning and trading ideas, but only trade your own believes.

[Mira]

But sometimes I need to believe in myself

64C80538-C40C-4B49-9AC8-9E2248269A86.png

I may be wrong in that I think that is beside the point, given -as I see it, and, again, I may be wrong- you entered into a "revenge trade". This is based on this statement

Took a loss on the long setup because the zone was weak and my target was too far, I’m trying to recover with the reversal.

in this post: https://www.kreslik.com/forums/posting.php?mode=quote&f=4&p=112584. It all boils down to having a plan and if this is part of your plan for that trade sequence, which you should have defined before going short, then that's fine but if not then not. Once you have decided upon what your actions are going to be for the different scenarios that you envision (the plan), you execute it like a machine. Don't make up new parts of the plan during the game, because you will hurt yourself psychologically ("have to believe in myself to stick to that short that I shouldn't have been engaged in in the first place because it wasn't part of my plan"). What you did, based on my assumptions above, namely that you were revenge trading, was the right thing to do. You should get out of any erroneous trade as soon as you detect it and as soon as you can. If you don't, you are gambling. You got out, which was good. You shouldn't have held unless that was part of your plan. Plan your trades, trade your plan.

Does this ring a bell ? Or am I wrong ?

Thanks PTG

I’m sorry because there is a language barrier (by my side) and often I can’t express myself right.

Revenge trades are not part of my plan but they should be: all I’m doing is creating a momentum zone that looks exactly as a doji zone, which consider reversals as part of the plan.

On Friday I took a long out of a 30m zone (based on a bigger zone), but it was a bit late thus I haven’t took profit when it was the time. This was my only mistake based on the trading plan.

Two bars later price closed below my zone & with momentum, this made think that, maybe, I wasn’t the only one that took a loss before profit taking aka it became a bearish zone.

I know that price was low and thus not the best place to take short.. and that waiting for a full pullback to the zone is better than riding the first move, that looks like simple breakout trade.
More than “if price closes with momentum to the other side” i haven't a real plan for revenge trades.. this is the reason of my post of Saturday.

Then the market looked weak (LL, LH everywhere), the approach to the bigger zone was weak etc. but I wasn’t fully prepared for that trade.

I’m going to integrate this part of my trading “strategy” (NO PLAN, NO TRADE), but my best option last night was to get out at 0.


Thank you much for the help given, guys!

[Mira]

But sometimes I need to believe in myself

64C80538-C40C-4B49-9AC8-9E2248269A86.png

You believed the best course of action was to get out, otherwise you would of never questioned yourself & asked for help - so no regrets.

As stated earlier, I hate influnencing a person's decision while in a trade..but what you do when a friend ask for a lift home. Do you leave him stranded and tell him to walk home 10 miles because its good for his mental and physical health. Not around these parts.

No way in hell would I have taking a reversal off those levels by the way the market was closing underneath me. We guessed differently, and my guess was wrong.

Lesson to be learned for the newbie lurkers: Enjoy the process of learning and trading ideas, but only trade your own believes.

Ops, sorry Leo!
I submitted my last post before reading this one from you!

Nobody influenced my decision.. well.. not directly!
I asked for your view and you gave me your view, and I appreciated it. It was what I needed and I learned from it!

I don’t want to be lucky, I want to be good!
So thanks again.. I’m sure that I made, for me, the best decision closing that trade.

[Mira]

I don’t know if it’s because I can’t trade actively or not but I’m feeling like I’m losing my view again
I’m ending in up taking late entries everywhere.. no losses just because I manage to get out at b/e but it’s not good.

So tired and frustrated

I don’t know what to do my friends.. I’m sorry.

[PTG]

I don’t know if it’s because I can’t trade actively or not but I’m feeling like I’m losing my view again
I’m ending in up taking late entries everywhere.. no losses just because I manage to get out at b/e but it’s not good.

So tired and frustrated

I don’t know what to do my friends.. I’m sorry.

STOP IT !!

You stand up one more time than you fall.

Here, watch until the end. That's an order

[Leoheart]

I don’t know if it’s because I can’t trade actively or not but I’m feeling like I’m losing my view again
I’m ending in up taking late entries everywhere.. no losses just because I manage to get out at b/e but it’s not good.

So tired and frustrated

I don’t know what to do my friends.. I’m sorry.

STOP IT !!

You stand up one more time than you fall.

Here, watch until the end. That's an order

Haliarious, good laugh yesterday - Thanks for sharing. From now on all the complainers get a STOP IT.