Good place to heckle and shame the newb (fx)

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.
 
Quote from AyeYo:

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.
More...

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
 
Quote from AyeYo:

Does anyone else find this comical, or is it just me? The blue line is my position (after the 4 pip spread), taken at the lower part of the second green candle. Bouncing it like no tomorrow. Latest candle (after the screen shot) rebounding off it as well. What are the chances that every long I take, my position (taken at ask) becomes resistance (for the current bid), right to the fractional pip?
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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."
 
Quote from Sodajerk:

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."
More...

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
 
Quote from AyeYo:

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
More...

Very long. Will likely take weeks to read through it all, longer if you truly try to learn and absorp the info.
 
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