FOMC raised interest rate. Gold still in tri-angle. now we see an inside bar break down
sell gold at 1298.32 SL:1301.32 30 PIPS RISK, per USD 200 risk u can trade 0.66 lot. TP1: 1:1 TP2: 1:2 TP3: 1:3
Trade closed: stop reached
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HIT SL, EXIT, lose 30 pips
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It's important to stick with the plan. which means we will never hold a losing trade. We are not afraid of stop loss because we know if we win, we win big . and if we lose, we lose small. Trade what you see. and be consistent. Trading is a game of probabilities and large numbers. we lose 30 pips in this trade, and we can earn 60 pips or more in the next one. confidence is never built from being always right, but not afraid of being wrong.
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Price go to 1310, think of this, if you did not have stop loss, how much else money will you lose? and since we are out of this trade for only 30 pips loss, we can open our eurusd trade and capture 120 pips. this is the way
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are we still going to trade inside bar? yes!
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Trade closed: target reached
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the first insdie bar lose 30 pips, the rest made return of 630.6 pips so in genral: +570 pips
Wise words Jack. I need to learn this discipline....so far I'm learning the hard way!
tntsunrise
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@RobClarke2e, observe and plan your trade , then excute the plan. we only have 5 result in trading, big loss, small loss, break-even, small win and big win. if BIG Loss is eliminated form your total results. trust me, the profit will come.
RobClarke2e
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@tntsunrise, thanks Jack. Yes the big losses keep taking me back to my starting point. Have been trading about 6 months and despite making many big wins, the big losses continue to blo1 up my account. This time I will try my best to eliminate the big losses and become profitable. Thanks again!