Peter's Journal

[exponent83]

A small win trade today. But too early to close it. Well, next will be much better

[immy]

A small win trade today. But too early to close it. Well, next will be much better

Hi

Its a good trade but I can see you had a small target point and you were not patient enough to at least let it hit the target point. You MUST let it hit your TP or at least take 1:2 trades otherwise... long term profitability with this strategy will be hard. Don't forget our ultimate aim is to be able to at least introduce one add on position but that can be ONLY done once you are confident enough to allow one entry do its thing. keep that in mind. Real money will come when you learn to Hold and then even more money when you're able to hold on to two or three positions..

well done on getting the entry right.... time to work on exits...

cheers

"It’s important not just to have goals, but also to directly experience
yourself as capable of reaching those goals. Psychologists call that self efficacy.
You are most likely to experience yourself as a success if you
see yourself as successful and feel the joys of success. You don’t need to
imagine yourself making oodles of money; that’s not realistic as a daily
goal. But you can immerse yourself in images of reaching the goals of good
trading and experience the feelings of self-control, mastery, and pride that
come from enacting the best within you."

[exponent83]

Thanks Immy for your answer. I closed it, because there was a EUR medium important news at 11 am CET. But it was a bad idea. Immy, do you always let your position run, if you are in positive, before news?

[immy]

Thanks Immy for your answer. I closed it, because there was a EUR medium important news at 11 am CET. But it was a bad idea. Immy, do you always let your position run, if you are in positive, before news?

Best to let it run! If you're in positive and news are not NFP or some other potentially disastrous news I would welcome news because if it goes my way, it could be some nice profit otherwise a wasted effort without a loss! no harm there! cheers

psst: I trade a few minutes after news, my favourite time. This way I can schedule my day a week in advance on Sunday!

[kooky]

Thats a great idea Immy, ANY news or only code RED???
kooky

[exponent83]

Today was 2 trades. First one:


Second one:

[Darren]

Nicely done Peter :-bd

[exponent83]

My last trade today

[exponent83]

Thanks for your comment, Sam. I will check it in the future.

Cheers

[Dave]

Hi Peter (and Sam),
At risk of instigating a healthy debate I have to disagree with you there, Sam. While I do advocate only one trade at a time while getting the hang of the system, if you don't trade correlated pairs then you can never take more than one trade even when the setups are there. For example, EU, GU, AU, NZU, UJ, UCAD, UCHF, all have the USD, so they're all correlated, but then UJ is related to EJ, which comes back to EU, etc etc and we go around in a circle again. I guess what I'm trying to say is that everything is connected and everything influences, and is influenced by, everything else. This is obvious when the market moves and trends appear on all pairs. So either have a blanket rule that it's one trade at a time, or just take the setups whenever and wherever they appear.
Just my two cents. Begin debate now....
Dave