Day 6 Mind Set is Key

FX:EURUSD   Euro / U.S. Dollar
184 11 2
Flying over Land mines
What a shitty night. Ending the torture. Closed all shorts.
Recap all this and correct flaws.
I bended the rules....I tried to guess instead of just doing ...Got smacked back down.
Recap. Damn.
+1 Reply
Getting the psychology right is one of the hardest steps on the way to becoming a long term successful trader
zzfx hachre
yes. And what a ride it is! the good thing is....there is hope for someone willing to put the time and effort.

I think that having the right mind set ...goes hand in hand with having ''healthy and realistic expectations'' of what can be done,

First Money management, second implied Risk reward management and last but not least...trade procedures with predefined goal settings, will all help develop the proper psychology when it comes to trading. Thank you for your reply and good luck in your trading Hachre!

+1 Reply
alright, OBVIOUSLY simply following the system would have yeilded a +1% day to cap the week...(-10 p +22pips) and the night was finished...instead I got caught up in my thinking, and next thing you know..I am in a no go zone...where I'm not quite sure anymore about direction....

By trying to outsmart the market, I tooK a 17 pips loss from ZZA (instead of 10 pips), and broke even on ZZB after running in resistance at 1.2830.
System sais Bearish... I will go bull on ZZ confirmation over 1.2821 ans bear right now as I reenter the systems settings. Stop guessing. take your goal and stop trading.

Reversed position. trailing a 17 pips loss. Was not taking the loss over 1.28 the right thing to do?
Lets see what kind of leg the market has in store for us... Following the system to the letter would of had us at a +7 pips net as we speak...
Still decision was planned and risk was managed. LEts see if this leg is the good one...
moment of truth
reverse over 1.2811
in the previous post, I was talking about volatility adjustments, here is the perfect scenario:
1.2786 trailing stop right over 1.2800 in the way. perfect stop would be over 1.2811
If I reverse at 1.28..I dont feel confortable, but over 1.2810 i feel better...
And so a decision must be taken...

Go for the bearish play, as picture looks ugly.. once lower levels are reached, close in on position...
This set up looks interesting and seems to have potential. monitor target closely. Trade is already
half the risk in.

IF I could Press I would do it right here. But I cant, so I wont. breathe
monitor your tgt
Looks like short play is the initial play. Go get your 22 pips target! reverse if trail stop is triggered.
ok, 2:31 AM. orders are back at 1.2815 and 1.2792. lets see what is triggered first
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