I was long too early, but at the time it looked like it's breaking up. I waited because it wasn't so inclined to go down. I was looking other pairs and wanted to add more positions when it's start going, but at the time break up was happening it wasn't so clear on other pairs that it will be strong big break.
I had also a little short because it was near resistance.
+12 pips in eur/usd
I lost -1 pip on gbp. Funny I was trading with full size in gbp/usd like it wasn't violent and fast. I was sure that it will push to round number and more at that time, but it didn't.
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Nice trades! As far as the round number in the GBP trade... did it ever hit that number after you took the loss? It helps to look at the big picture, I do it all the time. Constantly zooming in and out, you get a much better feel for market timing. Also one more thing, when you enter a position and it immedietly goes in your favor, do you put a stop back to break even?
I tend to do that a lot. Its good because price just takes you back out so you can get in at a better price instead of having to average again... just a thought!
Hi, thanks for reading.
Well it did 20 minutes later, but first went 30+ pips against my trade, so I was lucky out.
Regarding stop, most of the time if position is some amount in the profit I don't let it make a loss on me, unless it's hovering around without clear break. My trades are small and fast usually so it goes to t/p very fast if that is the case.
I dont think you understand what I am suggesting. If it moves in your favor, just set the stop to break even. if it takes you out quickly, just get back in at a better price. By letting them go against you so far, it is not worth the risk when you limit your profit like that. Do you see how much better results you would have just by doing that one thing?
Yes it's true and I understand that and results would be far better if I leave trades with b/e stop and let the profits run.
On the other hand it's for me psychologically hard to trade that way, close to impossible. So I got to put myself as variable also in the trading equation. My trading capabilities are limited and my system is organized to fit me the most. This is why I do trades like this, just scalps. I would be more than happy to trade better. In the end I always trade like that, so I stop fighting.
I wanted bigger profits million times but I never get them, I always find the way to take myself out of the trade. Now I don't think about that any more, I just trade in a way that fits me as best as I can do.
Thats more the question that there is 100 ways to trade but you got to find the way that is best for you. It doesn't have to be best way overall or the most profitable one.
I know how does it look on my chart in hindsight when I take 10 pips and leave 110. But I decided if this is the way I can trade and not sabotage myself I'm going to do it.
Right on, right on... at least you know yourself, that is most important. just figured I would mention it is all. enjoy your break!
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