Best Thread GBP/USD Breakout

Short didn't work out.:)
Did anyone take the break to long ?
Just proves it's a numbers game so one keeps plugging away.
 

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neil said:
Short didn't work out.:)
Did anyone take the break to long ?
Just proves it's a numbers game so one keeps plugging away.
Click to expand...

Yes, felt three days short in a row was unlikely to pay off so got out at Breakeven on the short and took +15 on the long. Better than nothing (y)
 
I didn't wake up early today so missed the trade. Now I see it would have been a loss. What to do - no system is 100% right. I guess one has to learn to accept a loss every so often and go on. Money management in that sence quite important. I have been doing trading for some time and still learning to accept loss in a normal rellaxed way - sad isn't it?
 
Just an idea for those who are fretting over a loser as this is traded on a 1:1 risk return.

Why not have a target of 21 and a stop of 20 , I'm sure it'll be very unusual for it go +20 but not +21 (although it may do!!), those extra +1's will build up and say if you have a run of 10 winners then those extra +1's will effectively half that loss.
 
bedsit said:
I didn't wake up early today so missed the trade. Now I see it would have been a loss. What to do - no system is 100% right. I guess one has to learn to accept a loss every so often and go on. Money management in that sence quite important. I have been doing trading for some time and still learning to accept loss in a normal rellaxed way - sad isn't it?[/QUOTE]

Not sad at all.
Loss is very difficult to accept since we are hard wired to believe loss equals failure rather than accept a trading loss as a business expense. Various posters have said that the psychology of trading is the hard bit - and it is. You cannot explain the psychological difficulties of trading to another person; it is something the other person has to experience to truly appreciate. The biggest obstacle to your success as a trader is you - glib but true:)
Click to expand...
 
Last edited:
As Neil mentioned psychology, just remembered book I read in early August: Trading In The Zone by Mark Douglas. Bit demanding to read, but after I read it made 20 days without a single loss. Afterwards got carried away (guess forgot about what I read and became big headed) and managed to half my account in 3-4 days. Analyzing those 4 days got impression I lost a plot a bit (Can one be hypnotized by market and all day chart following?) Anyway recovered since than by being in control of my trading actions, greed, fear etc. I guess I'll read it again and try not to forget this time. Through my experience you should stay disciplined as long as you are trading. Don't let emotions get envolved. Wish you successful trading.
 
bedsit said:
As Neil mentioned psychology, just remembered book I read in early August: Trading In The Zone by Mark Douglas. Bit demanding to read, but after I read it made 20 days without a single loss. Afterwards got carried away (guess forgot about what I read and became big headed) and managed to half my account in 3-4 days. Analyzing those 4 days got impression I lost a plot a bit (Can one be hypnotized by market and all day chart following?) Anyway recovered since than by being in control of my trading actions, greed, fear etc. I guess I'll read it again and try not to forget this time. Through my experience you should stay disciplined as long as you are trading. Don't let emotions get envolved. Wish you successful trading.
Click to expand...

That's a very enlightening and bedsit.
I wonder if you could possibly post some the lines and quotes from this book it will help us all to remember how small we are and stop us getting big headed.
 
Hi Gamma,
It's quite a big read (takes hours to read it). As I mentioned I'm planning to read it again one nice day. But I remember it is about the way how we think (beleifs etc)
Yeah I remember one thing that goes like - Think about all the trades you've done without following system, on a whim etc. and than see how much money you lost on that (rubbish) trades (I hope you get the point - didn't remember exactly the words sorry about it).
I guess the best thing is to make an effort and read it completely (I'm planning to do that for last 2 months)
About big headedness - through my experience that is lethal so far as trading is concerned (at first you don't realise it and than it's too late). Best approach is to be ballanced with realistic view on risk and reward. And money management - boring but important if you don't want to blow your account.
 
One thing this strategy has taught me is to stop staring at the screen. In other words set an entry point, SL and TP and walk away. That way you do away with emotions and just leave it to your back testing and the market to make the decision.
Luckily I got in at at about 6.50am this morning and grabbed 25 points......mind you this last statement contradicts my first.
Anyway prior to this approach I would spend all day staring at the screen looking for an opportunity.....not a hope or a clue for that matter.
 
Good posts there Hirnant and bedsit(Where do you guys/girls come up with these names)

One very important lesson I learn t early I my trading career, was to analyze every trade ,after closing it, specially the losing ,a very painful experience.It shows you where you went wrong and hopefully you will not repeat the mistake.
 
Good point Gamma (at least about my name)
Well nobody's perfect. I was member before and had different name, but forgot what was it and started again. I guess that time didn't think properly about the name, but what to do - now I'm the member and at least remember the name (difficult to forget this one) lol
Anyway I like this site and have been using it a lot lately. To my mind in trading you can always learn some more (although need some time to find good posts).
Sorry I moved away a bit from the thread subject - I'll try not to distact too much in the future.
 
neil said:
Short didn't work out.:)
Did anyone take the break to long ?
Just proves it's a numbers game so one keeps plugging away.
Click to expand...

Long 16219.3 closed 16235.6 another bite at 16286.4 closed 16296.2. All in just shy of my 40 pip daily.
In my working life/day I am a big fan of keeping it simple. I apply this to trading but i still wonder if I am making a mistake. It almost feels like I am taking the **** against a lot of the advanced theory and in particular some very advanced charting that I see throughout this site. As a newbie I fear the flame.
As a reference I deal with Turkish contractors on a day to day and this in itself is a very interesting experience.
 
p-lab said:
Long 16219.3 closed 16235.6 another bite at 16286.4 closed 16296.2. All in just shy of my 40 pip daily.
In my working life/day I am a big fan of keeping it simple. I apply this to trading but i still wonder if I am making a mistake. It almost feels like I am taking the **** against a lot of the advanced theory and in particular some very advanced charting that I see throughout this site. As a newbie I fear the flame.
As a reference I deal with Turkish contractors on a day to day and this in itself is a very interesting experience.
Click to expand...


I have never been a great lover of indicators but, after reading a good bit of the "Trading Naked" thread, I have, also, got rid of my averages and Bollinger. I put on the hourly average to check the trend but switch it off again, afterwards.Looking at a chart with nothing on it, except the bars, is a new experrience for me and focuses me, totally, on PA.
 
Splitlink said:
I have never been a great lover of indicators but, after reading a good bit of the "Trading Naked" thread, I have, also, got rid of my averages and Bollinger. I put on the hourly average to check the trend but switch it off again, afterwards.Looking at a chart with nothing on it, except the bars, is a new experrience for me and focuses me, totally, on PA.
Click to expand...

I like PA as well but have never been trading seriously with it yet. How is PA working out for you?
 
FormulaOneFan said:
Yes but I was referring to no indicators. just S&R lines, trendlines and higher highs etc
Click to expand...

I know, but indicators are just made up of the action price gives... it's just not in the purest form.

I love trading with just HrHs/LrLs and one or two lines on a chart. :) Check out BeachTrader's thread -- Trading Naked Part 1 and 2.

http://www.trade2win.com/boards/forex-strategies-systems/75950-trading-naked.html

http://www.trade2win.com/boards/forex-strategies-systems/77580-trading-naked-part-2-a.html
 
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