Trade #3
SHORT
EUROCHF @ 1.5940
S/L: 1.5967
Pips Risked: 27 pips
Trade #4
LONG
EUROCAD @ 1.4488
S/L: 1.4408
Pips Risked: 80 pips
Printable View
Trade #3
SHORT
EUROCHF @ 1.5940
S/L: 1.5967
Pips Risked: 27 pips
Trade #4
LONG
EUROCAD @ 1.4488
S/L: 1.4408
Pips Risked: 80 pips
This definitely is a thread I'll following! I love your Moving Automobile Analogy...
Too bad your wont share your system... https://forexintuitive.com/attachments/1525148225.png... that would make the thread more interesting, and if you add charts you have a winner...
Few things to note about my system is that, this is a daily program. More specifically it's a platform designed for the working folks. It is for people who toil from 9-5 and able to rip pips than the ordinary joe. No more searching into hourly, minute or perhaps 4 hr charts. I expect that this could greatly helped people who would like to trade this manner.
I started a similar thread called Nocturnal System (in actuality, I have decided to call it the Nocturnal System, because I examine the market after work in the late evening). So that I did not continue, but in the creation process, my system has been during this time. I know this system works, I am prepared to give proof by providing these 'signs' to you. Of course these shouldn't be treated by you as trading signals,but only as a means to gauge your trades.
Additionally, I follow appropriate risk control. If you don't know what that means, I recommend you read novels, forums, or whatever it's out there relating to this topic. It is a component of the 'holy grail' system that we all are searching for.
Till next time
Well since brokers do not update prices as soon as the market opens on Sunday. I am moving my stop losses briefly.
Transferring these stop losses nevertheless follows my own method, but rather than waiting for my indiors to update, I am doing it using manual calculations
Once the prices move again, we will compare our guide stop losses with those who the indiors have shown, and then fix them so.
Trade #2
GBPJPY
transfer S/L to 224.28
Trade #3
EUROCHF
transfer S/L to 1.5952
Trade #4
EUROCAD
transfer S/L to 1.4482
Losses due to Mistakes
So far, I've made an error in my GBPUSD, that turned out to be quite a good trade. Everytime I consider this trade, I feel dissapointed, a simple error can cost you a lot.
Occasionally I do feel that it is more difficult to handle trading 'mistakes' that stopped you out of a winning trade compared to being stopped out due to a reduction. A reduction due to market movement is easy to deal with so long as you follow your trading egy. But a reduction due to a mistake is a lot more devastating plogically (at least me)
A lot of things can give rise to trader's errors. Distractions occur as you are doing your market analysis that will take you away your focus, thus leaving you forgetful of exactly what you do before, at times. I recall with the GBPUSD trade, I had the stop reduction input that is wrong in. However, I left my PC and needed to do some thing, before I could fix it. When I return, I forgot everything I was doing and proceeded on to the market. I realized that the mistake too late once I was stopped out.
Other things like feelings can also divert your trading. When market prices are moving so quickly, you can't help but fear to go into the trade missing out on those pips. I for one, have this problem. I able to trade after workthen I still have things to do around the home before I trade and can sit down. When I on the computer, I feel 'rushed' if some unexplainable force is making me do things at pace that I wouldn't miss entries that are superior. And this 'panic' leads me to commit errors while performing my market analysis.
So I need to learn how to control my feelings and to minimize (if not eliminate) errors while I trade. One has to realize that trading chances will always present itself. By paying attention to each 14, but you have to make each one special.
Updates of S/L since our prices have resumed
Trade #2
GBPJPY
move S/L to 224.28 (same)
Trade #3
EUROCHF
move S/L to 1.5951 (modified)
Trade #4
EUROCAD
move S/L to 1.4481 (modified)
ps I know it's just a pip gap, but it's what the machine states.
Trade#5
SHORT
USDJPY @ 117.36
S/L: 117.92
Pips risked: 56 pips
Trade#6
SHORT
AUDNZD @ 1.1514
S/L: 1.1551
Pips risked: 37 pips
Trade #7
LONG
USDCAD @ 1.1320
S/L: 1.1276
Pips risked: 44 pips
Discretion: New Trader's Pitfall
Among the things I understand as a newbie to investing is that after one's discretion can be hard.
Newbies are people who hasn't yet developed the emotional foundation to succeed in trading like patience, cool headedness, etc.. Instead we are fearful, greedy, and sometimes vengeful, once the market doesn't tailor to our needs.
So if we encounter progr that require discretion, we don't follow those systems not because of the inferiority of the systems themselves, but because of our lack experience and mental foundation.
For example, fibonacci's and elliot wave analysis approaches can be problematic for new traders. These techniques take a lot of discretion since they're no concrete egies to perform these analysis.
Two traders after the same technique can have totally different lines drawn based on his unique perception. Thus, there are no wrong or right analysis. For new traders, trading this way is hard since they fear of being wrong, to execute. Until the trading platform defines rules the new traders will fail to follow the system in the long run.
Therefore objective analysis is the best solution for new traders. Techniques that utilizes precise calculations (pivot points for example) would be fitting for new traders. Indiors that are based on mathematical equations will also be suitable since it might relay specific values that traders use to trade.
Trade #2
GBPJPY
Stopped out @ 224.28
Net Pips: -25 pips
R: -0.28
Trade #6
AUDNZD
Stopped out @ 1.1551
Net Pips: -37 pips
R: -1.00