Now keeping track of trades I failed to pull the trigger on, for my own knowledge. Missed: CAD - 20 pips JPY - 19 pips GPB - 16 pips (this was the earlier short move on the long trade I took below, this would STILL be running at 52+ pips, I used 16 assuming I dumped it at a conservative point) With those three solid winners down and out of the way, without a penny to show for the effort, I took: Long - USD/GBP 1.61781 x1 Counter trend trade, continuing with my pattern of skipping the safe, no brainers while taking the low probability stuff... Stopped out within a few minutes... Sold - USD/GBP 1.61680 -10.1 pips Solid day so far. Let's see if I can put on a few more losers while bypassing all the winners.
Let's try this counter trend thing again. Can I nail two losers in a row? Short - USD/CAD 1.09971 Stop - 1.10058 Take Profit - 1.09809 Also going to be keeping track of win/loss (only on trades actually taken). Hopefully this will help with me trusting the system more. W/L/BE so far: 9/5/1
Manually covered. Forget to take huge spread into account for take profit target. Covered - USD/CAD 1.09830 14.1 pips 10/5/1
Not gonna lie, I like this stop loss thing. It forces me to wait for trades where I can see a clear, close stop point and there's a lot less stress once I do enter the trade. I guess my fears of forex.com stop hunting were unfounded.
Nice upward explosion of USD/CAD. Was waiting for that, but went so fast I couldn't even get the order in on time. Note to self: MUST set buy stops for stuff like that.
Stop loss hunting does indeed occur in the forex market at key levels. Go to forexfactory.com and read the "Technical Analysis Fallacy" thread by fti, he explains it clearly. It's a great thread for anyone trading forex. I have only been through the first 30 pages or so, but it's very interesting stuff.
Wow that's a long thread... Thanks for the heads up though. I'm off to work now, I'll have all day to read through it while getting paid. lol
Yeah that sucks, but if your counterparty is also your "broker" and quote provider (lol), what do you expect? Conflict-of-Interest Bucket Shop⢠"We love you long time."
Is it really that bad? I keep hearing mixed things and I don't know who to believe. I was really busy tonight, no time to even look at a chart, so no more trades for today. Week 2 Day 4 +27 pips Record of: 10/5/1
Very long. Will likely take weeks to read through it all, longer if you truly try to learn and absorp the info.