I took 2 bad hits this am to, it happens, huge ranged chop and zig zagging too changeable no real trend, stayed out since
It happens, learn from it and move on, the last small loss thankfully was in literally ZERO seconds, same exact to the second in and out time pretty good for a 11SL, First trade SL'd by 3 pips, would of made $2000 area, I should of gotten back in cheaper doh!! Don't trade while 1/2 asleep and desperate to make some $$'s as been working on method all weekend!
I knew it was gonna hit 72!!!! After the horrible morning I went for a couple beers and just thought. I reflected on some words of RN, and simply just the battle of trader psychology. I then looked at my plan again, and noticed there are some things I'm not really specifying which need to be specified, especially concerning the retraces that I choose to enter on. They are not all created equal... After that reflection, I also learned that I was wanting "not to miss the move". This is issue had many reasons. To start, this included wanting to make money, succeed, etc... At the end of the day, my reputation is on the line here, I don't want to fail. I'm afraid of that. I also decided it's time to define these retraces that I choose. I was choosing some intrabar. That's silly. Unless the entire market is crashing, then I might consider it. In the day to day war game, price generally retraces "around" 50% of it's move. Generally. This provides generally a wonderful opportunity for trading. I also felt something very good this afternoon. It's been said before we need to dance with the market. It felt like that this afternoon. We were cooperating, even though I was wrong 3 times out of my 6 trades. I didn't feel cheated, and the fears previously were non-existent, because I was simply wrong. Next trade. Afternoon. 6 trades. 3 Winners. 3 Losers. 1. + 2 points. Stood by and WAITED patiently to watch price retrace. It did, but never past 50% of it's previous move suggesting continual demand at these prices. Sold on a line break. Could have held, but I'm dealing with those fear issues. 2. +10.5 points. Price ranged AT the 50% retrace of trade 1's up move. Also, by this time, price had established an obvious trading channel. Exit at top of channel to lock in profit. 3. -2.5 points. Price retraced 50% of up move. I assume continuation. It continued alright. Straight to a DT then a crash, with lower extreme being respected. 4. -2 points. Price failed to retrace an entire 50%, suggesting weakness and lack of demand at these prices. Channel still respected however, as traders continued to find value at higher and higher prices. stopped out. 5. -1.25 points. I don't even know what to say here. Price skyrocketed 7 points, then immediated dropped 7 points. Scratched it. 6. +5Points. I knew price was going for 72, but the long bar at 1631 gave me anxiety so I booked profit. LOLR was still up even after trade #5 so I didn't even consider a shift in demand. It was just some odd shakeout or something. I don't know. Price simply went back up after trade 5's failure and I too the failure to retrace as a good entry. Good after noon. Profit : 11.75 points. Minus Commish put me in the red. However, today was great learning experience for live trading. Lets go dancing again tomorrow. Maybe I should drink more often...
In previous post, for trade 1. I obviously bought and didn't sell. If I bought thinking I sold, that could also explain my bad record. woops
That's depressing on the Commish bit, or still red over all on the day ? Glad I get charged spread only. Remembers FXCM are moving me to spread + Commision to make it errr cheaper ( yeah right ) any time real soon
I ended the day with 1/2 point profit. So yeah. Commish put me in the red. I don't mean to sound like the arrogant noob I probably am, but spread + commish? Is that kind of like a flat rate plus commish? Sorry for asking.
That's okay then not on the last batch all close enough to call it BE i say! Spreads will vary i guess I find they don't change things to save us money really so i expect to be paying more not that i mind a little. Find out soon ish maybe.
12OCT2014 PREP The market is still in an uptrend. After yesterday, we halted around the mean of the 09 trend channel. If traders are finding value here price will likely range. If not, traders might take price to either extreme. Currently at 3897. On the hourly, price has crawled back into a downtrend channel that started in september. Channel started around 9/19. Price is now back inside. It could continue respecting this channel where previous value was found, or blow through it. This downtrend channel composed the record high of about 4119 4120. ON and PM--> It seems today was the day to play some premarket which started climbing at about 0300 and made a nice measured move up with last night's climb. The range overnight was a perfect 50% retrace of yesterday's climb and continued suggesting traders are finding value at higher prices. Current TR 3892 to 3904. MP around 3898. At 930 I'll sit patiently watching the trading range. If B/O to upside, we have a lot of room for play. If to downside, I have my eye on a few important demand areas. Don't get me wrong. I'll sell, but watch those areas closely. Top range was broken. But I need to see some confidence. Traders are still comfortable around a value of 3900.