Another trade missed... WTF

Technically Fundamental said:
. TBF some of my entries where whack.
Click to expand...

It's all very well having a fundamental view or picking what you want to trade based on sentiment, news or a macro view but you should really have a mechanical entry system for your trades that you stick to, and one for taking profit too.
Most important though is if you miss your entry, its gone and you let it go. Chasing the market has only ever brought me losses.
 
I'm being honest ross. I don't want to take the loss and I don't believe in myself enough. I can't shrug off losses and they mess with my head. Made some money then got impatient. Ate into profit. Then revenge trading. Ate into profits. Then not cutting losses/admitting I was wrong. Ate into initial. Then fear. Cutting winners. I'm just a sh1tbag.

I do use entry signals elite... it;s whether I have the stones to 1) stick to the initial stop and take the initial hit. 2) wait for exit signal or grab profit when the bar recedes (could be temporary) 3) take
the trade in the first place
 
Technically Fundamental said:
it;s whether I have the stones to
1) stick to the initial stop and take the initial hit.
2) wait for exit signal or grab profit when the bar recedes (could be temporary)
3) take the trade in the first place
Click to expand...

1. NEVER widen your stop, you are on a very slippery slope when you do.
2. WAIT for your exit, grabbing profit means you could miss bigger ones.
3. ??? Obviously you do ...

I turned my thinking around when I stopped congratulating myself for making a profit and instead congratulated myself when I stuck to my rules, win or lose. It might help you to think that way.
 
Technically Fundamental said:
Erm...because I have none. I'm trying to work on fear and greed hence, live trading as opposed to demo and I'm on a small account.

Suppose it's just hard trying to pry the tight-fisted accountant out of me. I'm a bit of a miser by nature too. It's a real uphill struggle.
Click to expand...

Why are you live trading? Does your system work perfectly on demo? If so, then fine, work on your psychology. Perhaps you need to find a psychotherapist if you are having problems dealing with the potential of losing money. Losses happen in trading. You will be told YOU ARE WRONG many times in trading. If you can't handle it, don't trade.
 
My Demo Preaching....

Technically Fundamental said:
Erm...because I have none. I'm trying to work on fear and greed hence, live trading as opposed to demo and I'm on a small account.

Suppose it's just hard trying to pry the tight-fisted accountant out of me. I'm a bit of a miser by nature too. It's a real uphill struggle.
Click to expand...

TF, if you are wary of losing money you'll be wary of entering trades and will set too tight stops, or close out too soon when a trade goes against you, then you aren't getting the better of your fear and greed.
Carrying on bleeding cash looking for the odd win will not help you.. I was at the same stage, good days bad days, hesitant on entries cos stupidly I wanted to see if it would go my way before entering a trade (duh!!). And never really relaxed or confident about trades.
I went demo for a few months to be able to trust my method and get it ingrained so now I don't think so hard when I see a set up, let alone worry. I just take it.

Demo also let me experiment with wider stops, and that was a great help, seeing that if my set up is correct small losses aren't something to panic about, thay come back to profit more often than not. I used to close trades when they went to loss, now I know its a part of the game.
I now more often look at the chart rather than the bottomline when I am in a trade and that is how it should be. Loss and profit are less of an influence than price action on the chart.
So long as you take demo seriously the experience will be worthwhile.
Go for it for a while, the real markets will still be there when you are ready for them.
I used fxpro.

All the best.
 
shadowninja said:
If you can't pull the trigger, you're in the wrong game. Deal with the reasons why you cannot pull the trigger.

You need to take every set up you see if your set ups are actually any good. Otherwise, what will happen is that you'll take trades too late or take one in three trades, significantly skewing the outcome, making your system unprofitable.
Click to expand...

Aaron, there's some cracking advice on this thread, and you don't fookin deserve it you pussy :p
 
Wow it took like 6 pages before the Malins bashing started... That must be a new record?! Mr Charts must be on holiday? Hard to believe, reading this thread, that EVERYONE used to think you were a complete tool... Apart from me of course :p
 
Hi Sam,
I don't get to see what Malins says as I have him on ignore (saves a huge amount of wasted time) apart from when people quote him in their posts, but I was struck how many decent people have tried to help him.
Actually I do agree with him about some things. He's quite right about:

"Originally Posted by Technically Fundamental
I'm trying mate. I'm still a s1tbag."

:clap::clap::clap:

I am slightly averse to people who state they want me dead even though they can be entertaining.
In view of my sympathy for his trading skills, I will call a halt to any criticism of him unless he starts attacking me again....in which case.....

I have several accountant friends, some of whom I have trained to be successful traders so the entire profession can't be held to account for Malin's failings and behaviour.
Also none of the ones I know are miserly or small minded.
Richard
 
Charts lets bury the hatchet mate. I really can't be bothered with online beef. It's tedious and tbh it's quite gay. Are you gay Charts?

For the record I only wish you were dead sometimes. Water under the bridge and all that eh.
 
Technically Fundamental said:
That usd/jpy went from 88.00 to 88.82 in half an hour. I had a target to enter on the break of prev bar high after a blatant fakeout at a confluence of major supports and support in a ranging down-channel. Round number low, no proper test of resistances with nice space to the upside. Mega divergence on 4 diff time frames. Hourly DX a turn signal at support. Dunno what else I could have asked for. Only thing aginst it was that it was counter-trend. Threw two hours away by not taking it. Never used to understand how much my having a small account affects my ability to trust in my own judgement. Oh well I think I've offloaded enough for today. Suppose there's money to be made for traders with balls and a decent wallet ;)
Click to expand...

TF,

I've emphasised the bit in the above that stands out for me because I can relate to it very closely. Because of previous experiences, a while back I determined to just start off again with a small account and try to grow it into a big one. To cut a long story short I failed. For me it was impossible. Others might manage it. Somewhat reluctantly I added capital to it, and the more I added, the better I seemed to trade. I didn't increase my trade size (as someone else has said, it's leverage that's the killer), just plugged away slowly, and slowly it increased. I found that with a bigger account, I felt much more at liberty to cut my losers quickly, but also to let my winners run. Very liberating feeling. I still have a tendency to overtrade (for my account size) and make some classic blunders from time to time, but am still making progress, albeit slowly. It's still a piddling account by the standards of the big willy-wavers who hang around here, but sod them, it's enough for me to be going on with.

Good luck.
 
Morning TF, when my trading goes to ratsh!t which happens a lot, I pull back test up, choose any data, dont matter what really and just plot H/H, L/L, do it again just plot S/R, trend lines or look for candlestick and chart patterns. Gonna get jumped on for this I just know its but its amazing how much I am forgetting about and the simple stuff I am missing when trading.
 
poborsky said:
Morning TF, when my trading goes to ratsh!t which happens a lot, I pull back test up, choose any data, dont matter what really and just plot H/H, L/L, do it again just plot S/R, trend lines or look for candlestick and chart patterns. Gonna get jumped on for this I just know its but its amazing how much I am forgetting about and the simple stuff I am missing when trading.
Click to expand...

A bit like a fog descends and you have to take a step back to clear it?
 
You must log in or register to reply here.

Similar threads

Charles Clifton
I traded GBPJPY almost every day last week
Replies
0
Views
260
Charles Clifton
Charles Clifton
Newtron Bomb
GBP/USD freebie trading strategy
5 6 7
Replies
122
Views
43K
trendie
trendie
Sharky
  • Sticky
Featured T2W Articles - Jumbo List
Replies
1
Views
2K
Quantt
Quantt
Top