Mae I think evcery nooerror possible today so learn from me.

This is a discussion on Mae I think evcery nooerror possible today so learn from me. within the First Steps forums, part of the Reception category; Ok started first two trades with a 25 pip profit before 9:00. Indestructible as usual . Anyway then my triggers ...

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Old Oct 3, 2008, 3:10pm   #1
Joined Sep 2008
Mae I think evcery nooerror possible today so learn from me.

Ok started first two trades with a 25 pip profit before 9:00. Indestructible as usual . Anyway then my triggers (or so I think) indicate a buy signal so I buy and instantly get whipsawed 10 points. Strange I think ah well the risks of a trader I see the buy signal again and another 8 point whipsaw. At this point confidence is ebbing. I check my set up and discover my charts are set to one minute god knows why I have it normally set at 2mins. I correct the set up and discover I would not of entered the whipsaw trades had my charts been set correctly

First lesson learnt today

1) Check my setup before trading

Anyway back to trading although my confidence had returned a little I decided to paper trade the next three signals First one hits 15+ pips next 25+ pips next 30+ pips. Confidence is restored. Time to start trading real money again Start to watch for signals see one just about to hit and feel a little nervous but still trade it for a 10 pip loss jump straight back within 5 minutes I see another signal instant 9 pip loss. I go over the signals that originally signaled my entrance to trade and discover MACD signal was no where near hitting.

Lesson 2

Do not trade when confidence is low, take a break.

Lesson 3

Ensure my trading plan is written down next to me so I can effectively tick of my targets.

Lesson 4

Don't jump in to trades straight after a losing trade or winning trades take a break come back clear headed.

Lesson 5

Your trading plan is only law of averages work to ensure increased averages and do not forget if the day does not suit your trading style DO NOT TRADE.

Anyway these lessons cost me 11 pips. A rather cheap lesson I think

Excuse the title, god knows what happened there just not my day

Last edited by Igat; Oct 3, 2008 at 3:33pm. Reason: Apologise for title
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