I am in this, but I have a baaaaaad feeling about it.
EverythingForex
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LOL! If I traded based on my "seat-of-my-ass" feelings, I'd be flat broke!
barry_fxtrader
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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
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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
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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.
EverythingForex
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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
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Yes I agree with your analysis. This looks like a good set-up if we can catch it.