lukx zline trading log + cfabian p.35 + adaseb p.48

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lukx
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Postby lukx » Wed Nov 18, 2009 1:14 pm

I assume my SL based on 1h entries should be much bigger than 14 pips I got now set it up?

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Postby IN-XS » Wed Nov 18, 2009 1:19 pm

Im not saying its the right way, as what do I know! All I am saying is, that is helped me and hopefully it will help you too.
Try not to become a man of success but rather to become a man of value.

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Postby IN-XS » Wed Nov 18, 2009 1:23 pm

I dont base my SL on a set figure, I look at the previous candle and base it on that, whether I choose the bottom, mid-point, whatever you feel comfortable with. Thats what I do anyway!
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Postby IN-XS » Wed Nov 18, 2009 1:39 pm

Closed trade at 133.285, as price was stalling and starting to go against me, lucky I did look at that spike! It looks like its starting to rise again though, but I couldn't risk staying in the trade.

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Postby IN-XS » Wed Nov 18, 2009 2:05 pm

Going short!

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Postby aliassmith » Wed Nov 18, 2009 2:13 pm

lukx wrote:LOSS:

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Sign #1 a candle closed against you on your timeframe

Sign #2 a pinbar/shooting star reversal pattern

You have to manage the trade
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Postby lukx » Wed Nov 18, 2009 3:00 pm

loss:

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Postby lukx » Wed Nov 18, 2009 3:07 pm

SHORT:
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Postby IN-XS » Wed Nov 18, 2009 3:28 pm

Closed my trade when it hit the daily low!

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Postby aliassmith » Wed Nov 18, 2009 3:40 pm

lukx wrote:loss:

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Sorry Lukx but it has to be said:

There doesn't seem to be any rhyme or reason for the trades you put on
and your exits are just as bad.

You should STOP trading, turn off Oanda.

Then you need to do some soul searching.

Think long and hard about if you are willing to do what it takes to be
successful. Be truthful with yourself!

If you decide you are willing to do what it takes then find one
profitable trader/mentor and pick one tradable set-up that that
mentor uses and master it.

Do not deviate from the teachings at all. Trade it like you are trading a
$1,000,000 account all the time and not just pennies. Don't take trades
just to take trades only "cherry" set-ups from that one mentor.

Trust me I have been through what you are going through. A guy I do
trading consulting for was going through similar things. You just need the
proper perspective.

Treat trading like a serious business:
If you are in the tire business you focus on tires. You know how many
tires you need. You know how much to pay for the tires. You know for how
much you will sell the tires. YOU DON"T buy tires just because you feel
like buying tires. You buy tires for a specific reason and for a specific
outcome. Buy the tire for $80 and then sell the tire for $160. Then sell as
many tires as you can when the customers come looking. Customer come
by when they want to not when you need them.

Trading is a business: Buy a position for risk ($80) sell the position for
reward ($160). Break your account up into 50-100 positions (tires) and
put a position on when a "cherry" set-up happens (customer buys). When
you make 50-100 trades you sold your original stock of positions (tires).
That could take 2 plus months to move trhough 50-100 trades (tires).

Treat trading with the seriousness of a million dollar business and not a
game
Trade Your Way as Long as It Makes Money!

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