Entries and Exits
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Thread: Entries and Exits

  1. #1
    Once again today I had been given a replie lesson by the market in EUR/USD.
    From 13:15 to 13:33 market was in a downtrend. The market then turned and that I made an assumption that the tendency would stay intact following a retracement. I sold at an assumed point with no signs from the market. The market was stating UP but I knew better and acted upon my premise.
    Thus a lesson relearned for me is as follows. ENTER a position just after I get a valid market signal and EXIT on a valid reversal signal or an assumption, but , Never enter on an assumption that I believe I understand where the market is headed. Enter just on signals.
    regards

  2. #2
    It's all assumption.
    If the market gave legitimate signals as to where it was moving, we'd be trillionaires.

  3. #3
    Accepting it's a an assumption is your first step.

    The trick is losing little when your assumption is wrong and winning bigger when your assumption is accurate.

    And when possible try to win more than you lose.



    Easy

  4. #4
    Hi Billbss
    I understand your purpose and in a complete sense the market does not give out valid signals but out of every trader's perspective, it will give out valid signals based upon the trader's pair of rules based on himself. For mepersonally, an assumed entry point on a retracement is just one of those Fibo numbers, however I must control my greed problem and allow some motion and reduction of potential profit in order for it to be a possible valid entry point instead of just assuming that it will be legitimate.
    I agree with you Turveyd that responding quickly to losses is the thing to do but boy is it hard work particularly as I'm a short term trader.
    Thanks for your remark AZ-Heat.
    regards

  5. #5
    Quote Originally Posted by ;
    Once again today I had been given a repeat lesson from the market in EUR/USD.
    From 13:15 to 13:33 market was in a downtrend. The market subsequently turned and that I made an assumption that the tendency could stay intact following a retracement. I sold at an assumed point with no signals from the market. The market was stating UP but I knew better and acted upon my assumption.
    So a lesson relearned for me is as follows. ENTER a position only after I get a valid market sign and EXIT on a valid reversal signal or an assumption, but Never, Never enter on...
    Been there, done this , again again again again....
    Then I figured out that I love to keep my cash and stopped doing that.
    I am much better today, but it took awhile for it through my thick head.
    Good Luck

    AZ

  6. #6
    Exiting quickly when I'm wrong, is my weak spot which I'm working on so tell me about it.

    Must consider the larger picture and click on the mouse

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