Trading for next months rent (true story)

[Timebomb]

For heaven's sake you two - get a room...

lol

 

[Timebomb]

are you trading forex? I'm trying to work out what E/U might be at 13706. & if so, what size are you trading?

Yeah forex. See next post.

 

[Timebomb]

Trading is about constantly looking for good opportunities to risk money on; therefore all trades should have a good theoretical/logical reason as to why they are going to work - Or how else can you know its a good opportunity ?

You seem to be looking for excuses to risk money; such as 'setups'; rather than opportunities that you are very confident in;

In other words; it seems to me your trading for the sake of risking money in the hope of return; rather than trading because you see real potential in an idea or situation having a predictable and profitable outcome.

If you NEED $800 - i would suggest you start doing some research & patience to look for a situation that is really likely to occur and be profitable, that your confident in; that has some logic ...

For example; Your analysis should lead you to a situation where you have a pretty strong idea of the potential outcomes based on some solid evidence.

I know.

A bit flippant in my posts.

 

[Timebomb]

The trade...

Stopped out by 5 pips before dropping to target...

...and that trade would have paid for next months rent. lol

 

[GeorgeCotton]

Ouch man. Still... at least the bars on your charts look all preeeeeetty :cheesy:

 

[Timebomb]

at least the bars on your charts look all preeeeeetty :cheesy:

That's the main thing.

 

[1Pipped]

Re: The trade...

Stopped out by 5 pips before dropping to target...

son of a bitch... i hate those trades.




Verb 1. pull out all the stops - use all resources available; "The organizers pulled out all the stops for the centennial meeting"
apply, employ, use, utilise, utilize - put into service; make work or employ for a particular purpose or for its inherent or natural purpose; "use your head!"; "we only use Spanish at home"; "I can't use this tool"; "Apply a magnetic field here"; "This thinking was applied to many projects"; "How do you utilize this tool?"; "I apply this rule to get good results"; "use the plastic bags to store the food"; "He doesn't know how to use a computer"




:clover:

 

[Timebomb]

Re: The trade...

son of a bitch... i hate those trades.




:clover:

...and it's always a double-kick-in-the-walnuts. Not only a missed-increase-in-equity. But also a realised-drop-in-equity. Sweet.

 

[Masquerade]

Why didn't you get back in though? Just because you got stopped you could always get back in when it started falling.

 

[Timebomb]

Why didn't you get back in though? Just because you got stopped you could always get back in when it started falling.

A potential slippery-slope that one.

 

[Adamus]

Re: The trade...

Stopped out by 5 pips before dropping to target...

...and that trade would have paid for next months rent. lol

Just wondering why you didn't wait for it to consolidate for a little bit before putting on the short. For at least a couple of bars. Your short was pretty sort of, well, King Canute.

 

[Timebomb]

Re: The trade...

Just wondering why you didn't wait for it to consolidate for a little bit before putting on the short. For at least a couple of bars. Your short was pretty sort of, well, King Canute.

The more it consolidated the less desirable the trade would be.

The faster the reaction off the [potential] channel the better.

 

[Adamus]

By 'consolidate' I mean just not going anywhere. Why would that make it less desirable? You mean less likely?

The channel you mean is the parallel yellow lines on the chart above?

 

[Timebomb]

By 'consolidate' I mean just not going anywhere. Why would that make it less desirable? You mean less likely?

The channel you mean is the parallel yellow lines on the chart above?

Yes, channel is yellow lines - but I couldn't define it as a channel until price had reacted from the area drawn on.

If I see something as less desirable, then perhaps, yes, I have a lower expectation of it working out.

It makes it less desirable if it consolidated because my criteria is to expect a fast (relative term) reaction off such an area. It's not just about the level. It's the time when it occurs, the time it takes and the sequence.

 

[Timebomb]

It's all academic...

Just when I think things can't get any worse...

Well you know that trade I got stopped out on?

I forgot I left the target TP in. So woke up this morning to find half my account had evaporated.

Hmmm... I now am fully-convinced I am self-sabotaging. I had thoughts about it before - but I think this confirms it.


Profitable trading all.

Timebomb

 

[Omoh101]

I enjoyed your posts Timebomb.
Let us know what your next plan is to salvage this recent set-back.

 

[Timebomb]

I enjoyed your posts Timebomb.
Let us know what your next plan is to salvage this recent set-back.

Jeezus! Didn't realise anyone was actually reading it. lol

I'll do a bit of musing. See what turns up. I have a bit of time.

Cheers Omoh.

 

[Omoh101]

look forward to it!

 

[Masquerade]

Which spreadbetting firm/broker are you trading through? That's pretty bad if you'd linked the TP order with your trade.

 

[Timebomb]

Which spreadbetting firm/broker are you trading through? That's pretty bad if you'd linked the TP order with your trade.

Wasn't an OCO. Forgot that I had cancelled the OCO and just ["temporarily"] put in unlinked SL and TP orders.

Only me to blame there. Sweet.