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Trading Dummies
- Thread starter Babak
- Start date
Nice trade ilganzo. I hear you on posting bad trades... I will try to post some really nice setups that ended up failing.
I do notice though that usually it is very hard to spot what went wrong on the trade... and frankly if you didn't do anything wrong yourself, then maybe we shouldn't dwell on the pattern failure; instead let the results speak for themselves?
I'll see if i can get a few charts up that failed today, and see what we can decipher from them.
Good trading!
I do notice though that usually it is very hard to spot what went wrong on the trade... and frankly if you didn't do anything wrong yourself, then maybe we shouldn't dwell on the pattern failure; instead let the results speak for themselves?
I'll see if i can get a few charts up that failed today, and see what we can decipher from them.
Good trading!
ilganzo, I totally agree with you that we learn more from failed patterns. But obviously we first need to define the pattern we're looking for. I think by now we've moved beyond that here, so we can now get into some more complex stuff. btw I also contacted TM and TX and asked them to put up some failed patterns and discuss why they did(n't) take the trade.
Quote from Babak:
ilganzo, I totally agree with you that we learn more from failed patterns. But obviously we first need to define the pattern we're looking for. I think by now we've moved beyond that here, so we can now get into some more complex stuff. btw I also contacted TM and TX and asked them to put up some failed patterns and discuss why they did(n't) take the trade.
I agree, knowing when not to enter a trade is at least as important as recognizing the right setup.
Quote from Pete3212:
I do notice though that usually it is very hard to spot what went wrong on the trade... and frankly if you didn't do anything wrong yourself, then maybe we shouldn't dwell on the pattern failure; instead let the results speak for themselves?
Yes, but I think it's still helpful to understand when to take a loss.
Quote from ilganzo:
Yes, but I think it's still helpful to understand when to take a loss.
Yeah, but imo, once I have the stop in place I don't like to tinker with it. If it hits it, then I know how much I've lost and planned for it... if not you can take profits or scale out until the end of the day (or longer).
Ok, here's how I was stopped out on MRVL. This is why I wonder whether it's best to wait until the price has risen past the previous candle's body, or shadow... or to even wait until the candle finishes.
I entered on the break of the 4th candle's BODY high, and was later stopped out while it headed south for the next hour or so.
What are your guys thoughts, or how do you like to enter on the break?
I entered on the break of the 4th candle's BODY high, and was later stopped out while it headed south for the next hour or so.
What are your guys thoughts, or how do you like to enter on the break?