MightyOne wrote:webmail4tom wrote:MightyOne wrote:webmail4tom wrote:cosmoe1 wrote:
Not all trades are winners.
in the blue shaded area is a trade I took this morning before going to work.
Two things come to my mind looking at your entry on this one:
1.) Would have been the correct (by the rules) entry at 1.03015, 5 minutes before you decided to go long?
The High of the previous green candle was at 1.03015, the High of the following candle was at 1.03015 as well, so placing a limit order would have been most likely triggered.
2.) Your trade was entered around lunch time. Generally I am suspicious about any signals around this time.
Thanks for posting your trades and thoughts!
The sad thing is that a wick took him out...
you can see that price is closing higher and not closing lower and then a candle closes with a MOMO bar that is larger than any MOMO in the recent price history (exit).
It is one of those should have been a win trades
The only other thing that I can say is use limit orders.
Of course you are absolutely right! I am running into those "should have been trades" too many times myself, mostly because I am a scared chicken!
But what I tried to point out is, at least for this example, that the trade would have stayed intact turning out to be a great one, if the entry would have been taken by the rules 5 minutes before.
Whenever I see a possible setup (I have to do this manually since I am running OS.X and can´t use TRO´s amazing indicators) I open the limit order window to put the limit order as quick as possible at the high of the last green candle.
TRO's indicators are amazing and highly addicting I might add
There is no reason to be scared WebMail4Tom, It is only paper and we all know that paper has no value.
In the poker book Kill Phil, there is excellent advise on how one should think of a buy in to a poker tournament. The book says that professionals view their buy in as having already been lost and that they must claw their way to the final table if they are to get it back.
Your account is sort of like that...
you paid the broker to get into the tournament and now all you have are chips and a chair. If you ever want to see your money again then you had better focus an aggressively attacking the competition and forget that you have something to lose; your opponents wont and that gives you an edge.
Yes, his work is amazing and I am really thinking about buying me one of those Gates machines to load MT4
Hmm, if you mean by "it´s only paper and has no value" that I am only papertrading your are right, even though I really try to treat it as real as possible. So being not scared because of the fact that I am papertrading really scares me alot, because I know I will be scared when putting bread on the table. I really want to learn this and I would love to start at the end of the year, of course only if there is any currency market left and Gold doesn´t rule our world by then.
So, that brings me to my other thought when you said "it´s only paper and has no value" thinking that you pointed out that our paper money we daily use and running after has no real value anymore ...
Your comparison with a poker tournament is a very nice one, thank you. It raises the question how aggressive the attack should be. My best trades regarding profits include the big NoNo of adding to my (losing) position as long as the main idea is intact but the market noise would have stopped me out.