What not to do - Page 2
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Thread: What not to do

  1. #11
    1 Attachment(s) Another trade that I'm considering:

    EUR/USD has broken from the top channel, which has held since May 1. BUT, quantity will be low for the next few hours, and RSI and Sto are revealing overbought levels. I think I need to wait and let those O/B signals wear off before buying on the trendline bounce.

    Any thoughts?

  2. #12
    Quote Originally Posted by ;
    I have only been trading for a few months and am trying to consume everything I can get my hands on. In my trading, it always seems that I'm on the wrong side of the swing. What I'm proposing, is that I will post the transactions that I've produced that led to a loss, and expect that I will get feedback on what I have done wrong or want to improve upon. I expect others may benefit and learn from my mistakes. Many thanks to anyone that provides feedback.

    In the trade under, I bought GBP/USD on a bounce off of the lower trendline at 1.8626. Within a few hours, I was 40 pips at the cash. Therefore I moved my stop loss to 15 pips below the trendline, only to have taken out for a 1 pip loss. Now you can see that it's creating a modest climb again. Can I put my stop loss also near?

    I tried to import the image into this message, but I don't think it worked, so I have attached it.
    Your trade was fine. You can't win them all. The only thing I would have changed would have been to move my stop to break even as soon as I was up 20 pips. If you'll search around the forum you'll find a lot of advocacy for Moving stops to BE as swiftly as possible and Never let a winner become a loser, from the likes of James16, Vegas and Bear73. I learned the method from James16. Yes, it contributes to more BE transactions, but you'll discover your profits will actually increase over time to a greater degree than if you donate the trade room to breathe. I really don't want the trade . When it is in profit, I want to suffoe the bastard before it can turn and hurt me.

    Dial

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