Short the Euro/USD Now!

It is very typical for new traders to worry about transaction costs. Worry about transaction cost when they are a big problem. Don't spend your time worrying about it now. Does that make sense? The time to worry about it is when it is approaching six figures a year in costs to trade.

There is such a tendancy in humans to worry about the small things when they should be focused on the success of the big things. Become a good and very profitable trader first, then enjoy worrying about $30 bucks.
 
Got ya. It is more from the stand point of being down 3 pips out the gate. The $ figure itself is not the issue. It is just that you've got to overcome 3 pips each time you trade.
 
I am dying right now. Made a dcent trade early, but got caught long again at 4326 and 4323. should have been more patient.

I keep thinking it should go back up even though it broke below 4315. Gotta learn to be more disciplined.

What a bummer.

Shouldn't have done anything until it hit 4315 or 4350. Should have watched waited and then made a trade.
 
Quote from chaostrader:

Got ya. It is more from the stand point of being down 3 pips out the gate. The $ figure itself is not the issue. It is just that you've got to overcome 3 pips each time you trade.
More...

You need to raise the bar, yes, 3 PIPS is still 3 PIPS, your goals should be a lot larger as to not even think about those 3 PIPS.

What time frame(s) are you watching?

e s
 
I watch the 5 and the 15.

When I tell you I am getting clobbered today, I mean clobbered.

I am being stupid and staying in a trade that is clearly bad because my gut tells me this thing has got to reverse.

I've learned so much in the last couple of days, and I did not apply it well today at all.

It is really disappointing.
 
Quote from chaostrader:

Got ya. It is more from the stand point of being down 3 pips out the gate. The $ figure itself is not the issue. It is just that you've got to overcome 3 pips each time you trade.
More...

Just starting in the currencies myself and it is disconcerting to see those red numbers as soon as you enter the trade but the same thing is there when trading futures but you just dont see it, the commission and the spread. The main thing that stands out to me so far is that the best trading opportunities I have seen so far are early in the morning, EST. 4-5 am seems to be especially good.
 
I use a 240 min chart!
I am a better seller up here.

1.4265 looks like support, but don't ever listen to anybody on here, they are usually wrong.

good trading!

e s
 
Man I am having a really bad day.

Like a fool I hold and finally i get lucky and the market comes back lowering my loss dramatically.

I look at the what happened today and i think okay it would be smart to place a sell stop at 4310. The market comes down just enough to stop me in and then reverses. I have been playing from behind all day!!!

What am I missing? I have got to be reading something wrong here.
 
You are over trading.


Quote from chaostrader:

I am dying right now. Made a dcent trade early, but got caught long again at 4326 and 4323. should have been more patient.

I keep thinking it should go back up even though it broke below 4315. Gotta learn to be more disciplined.

What a bummer.

Shouldn't have done anything until it hit 4315 or 4350. Should have watched waited and then made a trade.
More...
 
chaos,

...this might sound incredibly illilogical and a potential pride crusher...but, ever think about doing the opposite of what you're doing? It sounds like you're placing your stops where the public is placing theirs. You should be entering at those levels, not getting out.

In most markets, last gravitates toward the public stops and then reverse. It's what we call(ed) "gunning the stops".

just my 2 and keep at it, you sound hooked.

ps: I didn't look at the levels you mentioned, I was just commenting your description of what happened.
 
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