FX Trade Setups, Entries, Management and Exit

Linear regression channel and stochastic exit on previous bar, but as stop is already lower than prior bar’s high + spread + 5 pips, I’ll leave the stop at current level.
 
Busy going nowhere.

Somebody on another thread suggested a harmonica could help. Well I've been playing this damn thing for half an hour now and I'm still 5 pips off my entry.

Is there a specific tune I should be playing?
 
eur/gbp still pushing against yesterday's high and the daily R1. But it provided a higher high on the prior bar and providing is doesn't close down on the current bar, I'll stay with it. Otherwise I'll review. Autumn statement in under 25 mins and I don't want to be within a few pips of my stop when OANDA spike the spread.
 
eur/gbp - will pull within the next few minutes if no major move up. Damned if I'm going to let OANDA rip off the spread.
 
eur/gbp pulled at 8311 for -8 on initial risk of 23 which yields -0.39 risk. MAE 8 MFE 3. What a dog.
 
Purple Brain said:
Just entered my 100th trade with no change to trading plan. Started the process on October 2nd. (post 513)
Click to expand...
Pat yourself on the back for that one PB! Most newbies would have gone through 10 different methods in that time! Dont think I had a 'trading plan' till about trade 3000 :LOL:.

Purple Brain said:
In trying to get ‘value for money’ by achieving a ‘better’ entry level I was attempting to satisfy my ego rather than my bottom line. I am genuinely surprised to find I had an ego in all this, but that is probably an irony in itself in that the ego tells you that you don’t have one. (post 508)
Click to expand...
Hmm. Imho, if youve just had the green light to buy and the current price is 10, i dont think its a matter of ego trying to buy at 8. At least not in the same way as trying to predict tops and bottoms is. Its just trying to be more efficient when you execute.

Purple Brain said:
I’m sure many make a good living from trading the way I thought I wanted to trade and my backtests still show that as a more profitable strategy, but taking a losing trade takes energy out of me and results in my being less motivated and ready to take the next trade. Those backtests didn’t factor in the reality that I don’t carry on taking trades with the required enthusiasm after one or more losers. (post 508)
Click to expand...
This quote I think might have more to do with 'ego'. In that despite the the tests showing better results, you do (aim to do) different. When youre taking losses, you get discouraged. It must follow that taking loss means something to you. What it means will hinge on how you view them/think about them.
Most folks view a losing trade as "F**K! Im wrong!" / "Im a loser!" / "2 weeks wages! F**king gone! Idiot!" Tough on the ego. (not saying youre thinking is this extreme btw, just trying to make a point).
I guess what im trying to say is rather than change the method to fit the thinking, maybe you can adjust the thinking to be more accepting of the method.
ex: loss = "busfare!"
Most folks imho struggle to do this, or even think its impossible.

Great thread mate, cant believe I missed it till now.
Keep on plugging!
Cheers
D
 
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