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Thread: What not to do

  1. #1
    I've just been trading for a few months and am trying to absorb everything that 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 suggesting, is that I will post the transactions that I've made that led to a reduction, and expect I'll receive feedback on what I've done wrong or want to improve upon. I expect others will benefit and learn from my mistakes. Many thanks.

    In the trade below, I purchased GBP/USD on a bounce from the lower trendline at 1.8626. I was 40 pips in the money. So I moved my stop reduction to 15 pips below the trendline, just to have taken out for a 1 pip loss. Now you can see that it's creating a small climb again. Can I set my stop loss too near?

    I attempted to import the image into this message, but I do not believe it worked, so I've attached it.

  2. #2
    Amen to that. .
    In my overzealousless to acquire more profit in the previous couple of days, I've been taking enough off the table...

    note to self:

    move s/l to b/e after 20/30 pips.
    Take half profit too.

    And be happy...

  3. #3
    I appreciate your answers. Another thing that I failed to mention before, was that there appeared to be some light resistance at 1.8670 over the last 48 hours. When it broke and retreated, I probably should have taken profit.

    Diallist, I've read many of your post and admire your trading knowledge. I appreciate you taking the time.

    (*Note to self.... Move S/L to B/E ASAP)

  4. #4
    Quote Originally Posted by ;
    I appreciate your answers. Another thing which I neglected to mention before, was that there seemed to be some light resistance at 1.8670 within the last 48 hours. Once it broke and retreated, I probably should have taken profit.

    Diallist, I've read many of your article and respect your trading knowledge. I appreciate you taking the time to edue me.

    (*Note to self.... Move S/L to B/E ASAP)
    Thank you for your kind words AlphaPip. I don't know what, but what I do understand, I like to share as a way of paying back those who assisted me initially.

    Take good care,

    Dial

  5. #5
    Here's another trade I created this morning. I scalped a couple of pips on the Retail Revenue and Jobless claims data this morning. I seems that EUR/USD shut back over yesterday's trendline. I'm a buyer away of another bounce on that line. (Diallist - Should I leave a 20 pip trailing stop, or just move to B/E after 20 pips and let it ride until I get a reversal candle?)

  6. #6
    Quote Originally Posted by ;
    Here is another trade I made this morning. I scalped a few pips on the Retail Sales and Jobless claims data this morning. I seems that EUR/USD shut back above yesterday trendline. I am a buyer away of another bounce on that line. (Diallist - Should I leave a 20 pip trailing stop, or simply move to B/E following 20 pips and let it ride until I get a reversal candle?)
    Since it has such a relatively short distance to maneuver I'd be inclined to just move to BE and ride it into the reversal in the top side of the station. If you'd like to track 20, then fall down to the 15 to loe suitable areas to move your stop .

  7. #7
    I wish I'd read your article. ago. I was only stopped out for a 20 pip profit at 1.2765, however it's charging ahead again.... oh, well.

  8. #8
    Ouch.... EUR/USD trading over 1.2800. Missed out on an additional 40 pips. Ever have those times when you are feeling that even when I win, I lose.... yea, kinda like kissin' yer sister.... haha. Sorry, Southern comedy....

    Anyways, I am not comfortable enough to re-enter a commerce which was stopped outside for profit, but in this instance, maybe I should have.

  9. #9
    Alpha Pip, I like your idea of posting charts for accountability. I am a big fan of team or group trading. My son and a few pals have formed a group and we've set up our own website expressly for the pourpose of enhancing our communiions with each other. (http://forexfantasy.com)

    Team trading keeps you honest. In case you need to post a trade before you choose it you think twice before you do it.

  10. #10
    Mr. Whipple, thanks to the Article. I look forward to seeing the progress on your site. I concur that staff trading keeps you honest. You can not exaggerate your profits when it's on paper in real time. I really began this thread in hopes of having a little constructive criticism concerning my egies, even when I needed to take a little punishment in the process. Dial has pointed out the significance of securing profits ASAP, and that alone has stored a couple trades today following the US Data launch this AM.

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