journeyofarookie2.0
Short

Losing is part of the game

FX:GBPJPY   British Pound/Japanese Yen
70 6 2
Been looking at this bearish BAT on the 15M chart hoping for some extra pip going into the weekend. Started going my way, came a few pips close to my target (but not close enough to be allowed to move my stop to BE), and price reversed and stopped me out.

The important is to consistently trade my trading plan to the letter, through the wins and losses
This is not a signal. Plan YOUR trades and trade YOUR plan!

https://twitter.com/journeyrookie
http://journeyofarookie.wordpress.com
https://www.youtube.com/channel/UCukUwCHjm_aHHI4EyYdkUrA
mustard
8 months ago
Well I hope you thought about reversing your trade?
Reply
journeyofarookie2.0 mustard
8 months ago
Nothing that met my rules no.
Reply
mustard journeyofarookie2.0
8 months ago
Then you need to review those rules imo.

Consider the longer time frames, lots of good analyses earlier this week.

On your chart - FOUR attempts to break below previous resistance turned support @ 161 level - all failed, then the double top - rejection - retest - breakout above a previous high.



Reply
journeyofarookie2.0 mustard
8 months ago
I see your point, but I have specific strategies and rules for entry; rules that have been backtested on a significant amount of historical datas to gather a good sample of trades to determine if my strategies have a positive expectancy or not and they have. So I consistently trade exactly like I backtested because I know in the long run I make money.

Now I have a list with strategies I want to backtest to had more tool in my live trading toolbox when they are fully backtested on my portfolio and show a positive expectancy (and those that are not are simply disregarded).

I trade what is in my trading plan and nothing else. If my plan does not allow me to take a trade then I simply on my hands and wait for a setup I can trade. It's that simple.
Reply
mustard journeyofarookie2.0
8 months ago
No problem with any of that, I too trade with a pre-determined plan, although I certainly am not a great believer in back testing, mainly because of the tremendous influences of economic and political change, you may change your own views over time.

However, plans need to be flexible and there is absolutely nothing wrong imo with taking a 'trade within a trade' or a reversal in order to rescue a potential losing position, something which I employ as a fundamental part of my trading regime.

I traded this pair during the week and had to 'hedge' an early short, but everything worked out in the end.

Geppy is not a pair I would recommend for the rookie to trade, it can be a killer and you should be prepared for sudden and dramatic moves which will wipe your stops in seconds.

Anyway, good luck with your endeavours.
Reply
journeyofarookie2.0 mustard
8 months ago
Thank you. If your plan works for you than that's great.

I'm personally not hedging and not considering that at all (but I know some who use that technic and are really successfull) as it does not fit my trading style and personality.

As for the pair moves, that's why I trade specifc timeframes (I don't trade the 15M too often as I don't like or have time to stay behind the charts for too long and that's why I also have rules in my plan to stay out of trading a specific amount of times before and after important news release for the pairs I am trading. I then analyze afterwards to see if the market presents me with setups I can trade. And GBPJPY is one of my most profitable pair so far:)

But thank you for your opinion which was interesting to read and get to know about. That's one of the great thing about trading is that are so many different ways to become a successfull and profitable trader that nearly everyone can find its own style and ways to make money.

Good luck to you too !
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out