I am in this, but I have a baaaaaad feeling about it.
LOL! If I traded based on my "seat-of-my-ass" feelings, I'd be flat broke!
I think psychology is one of the most important aspects of trading. Its the one thing I concentrate on most and also run this through with anyone I teach and mentor. There needs to be a strategy in place and you must have to trust the strategy. Remember trading is all about risk/reward ratios and probabilities. Remember to cut losses and know where to draw the line. Survive for yet another day. I am not in this trade yet. I will wait until the setup is perfect before even thinking of placing a sell order.
EverythingForex barry_fxtrader
ABSO-TUTE-LY 100% correct! I learned that EXPENSIVE lesson a long time ago! After many thousands of dollars (maybe tens of thousands! I lost track!) of tuition paid to the market, I stopped listening to the little voice inside my head that just BEGGED me to buy/sell based on my feelings! After years of trading, yes, I have developed very good instincts as to what the market is going to do. But instincts without being able to quantify them with rules are useless!
barry_fxtrader EverythingForex
I totally agree with you on this. I think most proficient traders would have at some point learned a very expensive lesson! As did I. I trade what I see now, instead of what I feel. It is still difficult to master emotions but I can honestly say that 95% of the time when I hold back from an emotional trade I look back and thank myself.
Agreed. I'm just waiting for the 1.272 Gartley to complete. It hasn't yet.....(crossing of fingers!). If this trade works out, you are right! There will be a good amount of pips to be had.
barry_fxtrader EverythingForex
Yes I agree with your analysis. This looks like a good set-up if we can catch it.
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