I want to be, the very best, like no one ever was

[dgtrading]

GBPJPY short logic

- on the 5 min chart the uptrend appeared to be losing steam, a new high was created however it was swiftly decline. My point of entry was after the false break (the pink blob)

-this slowdown in the trend gives me an indication that price wants to go lower in the next couple of hours before the uptrend continues

- also, the 4hr chart shows us this peak can be seen as a lower high in the immediate short term trend.

- I am conscious of the strong support down below in the 4hr chart (the bullish engulfing bar) however I am expecting price to fall a decent amount before this support takes hold again.

(the target zone is just a zone for me to look for signs of reversal however there is a chance price will smash through and keep going so I am going to be very patient today)

 

[dgtrading]

stopped out of GBP/JPY

stopped out of trade. however not disappointed or frustrated in any was as the risk/reward was well worth it.

HOWEVER! price appears to be struggling again, and if higher prices are rejected again it can lead to an explosive selloff which I am definitely on the look out for

 

[dgtrading]

Short gbp/jpy 14:57 gmt

short again after ANOTHER false break, price is really slowing down

 

[dgtrading]

ADDED TO GBP/JPY SHORT 15:10 gmt

-further rejection of price. a fat juicy thick-bodied red candle

 

[dgtrading]

long AUD/USD 15:20 gmt

long

 

[dgtrading]

long AUD/USD logic

-trading in line with the short term bullish momentum

- the downtrend in price is starting to show signs of slowing down therefore initiating my long position

 

[dgtrading]

I'm considering tweaking my strategy by not taking the initial signal as entry but rather waiting for a better price hereby maximising risk/reward

 

[dgtrading]

closed GBPJPY trade break-even

-i've closed this trade after looking at it from a different angle, it still seems to be grinding upwards however I will patiently wait for the trend to bend to the downside

 

[dgtrading]

closed AUD/USD for minuscule loss

still waiting for a buy signal for this pair, however I plan to wait for a more obvious rejection of low prices before going long again

 

[dgtrading]

still bearish GBP/JPY and still bullish AUD/USD

-just waiting for top quality setups

 

[dgtrading]

the psychology is taking its toll on me.

I find myself talking myself out of great trades and talking myself into poor trades.

it's as if after seeing a great setup form my mind presumes its too good to be true and advises me not to take the trade. before it explodes in the right direction without me on board. very frustrating

 

[piphoe]

" i am not the best, but i;m pretty good"

isnt tht good enuf?

you got to be "pretty good" (at least) to make it in this biz

thats standard i aspire.. pretty good, not the best

 

[tomorton]

the psychology is taking its toll on me.

I find myself talking myself out of great trades and talking myself into poor trades.

it's as if after seeing a great setup form my mind presumes its too good to be true and advises me not to take the trade. before it explodes in the right direction without me on board. very frustrating

Where's your plan? Follow the plan.

 

[forker]

the psychology is taking its toll on me.

I find myself talking myself out of great trades and talking myself into poor trades.

it's as if after seeing a great setup form my mind presumes its too good to be true and advises me not to take the trade. before it explodes in the right direction without me on board. very frustrating

If you feeling emotional then you lack conviction which means you are unsure of yourself. No trade is a sure thing and nothing you do is going to change that. Define your trade, have conviction that you are prepared for either outcome and you won't feel emotional anymore. It's a case of accepting losses are part of the business and knowing you have no control over when a loss comes.

 

[tokyojoe]

!!

the psychology is taking its toll on me.

I find myself talking myself out of great trades and talking myself into poor trades.

it's as if after seeing a great setup form my mind presumes its too good to be true and advises me not to take the trade. before it explodes in the right direction without me on board. very frustrating

Try not to get too bogged down in it. I have periods of talking myself out of it & miss some pearlers. It's a combination of mood & market cycle with me, if I'm not feeling the current market situation, or my own mindset in the moment, I simply sit it out, no biggie.

No one knows for sure where the price is going mate, don't let yourself believe others do either, but what does develop is timing, in all it's forms, you kinda get to know when it's your time to dance.

Observe the creep, accumulation & WHALLOP !!!! not much good observing it in hindsight charts, the observation should ideally be done in real time. Think about who is in trouble in this accumulation period ? ...yes there is obvious support, resistance, trendlines & endless scenarios, but at the end of the day the clearout occurs in an instant, the market has no idea, nor cares about how you view the market, so again try not to get too bogged down, or you'll end up forcing a position.

It's all about timing at the end of the day. Unless you want to be a longer term holder, wide stops small beer etc, but where's the fun in that

 

[Fugazsy]

The best in what?

In being able to read and trade successfully every move or being able to master a few high probability scenario? You might try the former but the only positive outcome will be in gaining experience not money. If you want to make money then you have to specialize in mastering a few aspect of the market otherwise your mind will push you and pull where you do not want to go.

Market is fluid and the only way you can join her in her moves is to wait for what you know best.

So instead of mastering one instrument in all her facets I will be mastering a few high probability set ups in 10-20 pairs. In brief you wait for the market to come to you.

Do not trade forex in less than 60m (sometime you may use the 30m to enter when fast). If the moved happened while you were not around you can enter with an higher TF.

Yes S/R on the higher TF are important but if the ACTUAL momentum is too strong it will not find rejection there maybe just a pause.

You need to improve in your RR because, your money is made in only a few trades, mostly you will make little, lose little and a few times you will make good. You might need to use an objective way to take profits by using an indicator otherwise you will be constantly guessing what is right or wrong.

In forex you need to be aware of the fundamentals, you do not need to trade them but you need to be aware of what is around and build your own sentiment combined with technicality.

Only me.

 

[NVP]

As the other guys have commented here to become a consistent and profitable trader you need to UNDERSTAND every nuance of your chosen market and every aspect of the system you apply to it

Only,in truly understanding this will you be able to weather the inevitable losses when they come

Remember that you can only control the controllable elements in your trading .....the elements out side your control cannot be anticipated or changed.....you must merely react using the systems you have defined and rehersed

When I work with traders I have to get them to accept this and release themselves from the stress trap,of trying to control the uncontrollable !!!!

You will never progress otherwise

N

 

[Windlesham1]

Still waiting to meet a profitable forex trader......... Why bother? Just use a 62 ema on 5 min chart,trade from 07:00 am to midday on any underlying

 

[tomorton]

Still waiting to meet a profitable forex trader......... Why bother? Just use a 62 ema on 5 min chart,trade from 07:00 am to midday on any underlying

If you mean following the prevailing trend I'm with you. No rule says a system has to be complicated.

 

[Lúidín]

the psychology is taking its toll on me.

I find myself talking myself out of great trades and talking myself into poor trades.

it's as if after seeing a great setup form my mind presumes its too good to be true and advises me not to take the trade. before it explodes in the right direction without me on board. very frustrating

you are no different to the majority..you are fighting an uphill battle..you need to do some proper research on how markets operate and ignore all the BS and hype that is spewed out by everyone from news commentators to trading educators..once you find the correct material you will then start to see trading for what it really is..and then your judgements will change for the better..which in turn will make you some money..which it is all about..but which very few achieve