CLOSED TRADE: XAUUSD (Gold) BUY@1117.90 Alt Bat -139 pips

FX:XAUUSD   Gold / U.S. Dollar
1666 28 23
And just to show that trading isn't all chocolate and roses, here's a trade that I gave my members that did not turn out so well. Everyone loses trades. I lose them, too. But I'll learn from this trade and I'll be there to collect when I trade it again!

I ended up losing -139 pips on this trade. Now, normally, my stops are less than 100 pips. Most of the time, much less. But this is Gold             . And this market requires larger margins and larger risk to properly trade it. So therefore the reason for the larger loss on this trade. Not to make any excuses as I was just plain wrong on the BUY call.

My system did however predict that large drop but I also did not take that trade. :(

Anyway, the purpose of me posting this is to let anyone who follows me know that I am not infallible and don't expect that I will get everything right! And I don't want to project that image either.

Anyway, I'm watching and waiting on this pair and as soon as I get a proper signal for a trade, I'll be letting my members know about it.

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We can all make mistakes.
Good post mate.
+1 Reply
Thanks, Ivan! I hate to let people down by posting losing trades but such is the fact of life!
+1 Reply
IvanLabrie PRO EverythingForex
It's a good thing that you do.
You could also simply update the first post too.
I prefer to do that instead.

As for the losing, if you follow your system's rules, you didn't lose.
You're simply stopped. If you don't have rules, then everything's a mistake.

+1 Reply
That's so true! You can say my system prevented me from losing another 100+ pips on that drop that came after I got stopped!
+3 Reply
IvanLabrie PRO EverythingForex
Basically ;)
When it works it'll make more than this small loss as evidenced by your work.
Keep it up :)
+2 Reply
That's ok - thank you. Is going back...
Thanks. Nice post. Question: When you say "my members", what do you mean? Regards.
I have my own paid advisory service to which my paid members receive all my alerts, trade calls and full analysis. You can check it out at: http://www.efxselect.com
+1 Reply
Anything can happen in the market. Future is waiting for us.Future is ours.No need to get sad but need to work harder and further always.Good luck!
Thanks for the encouraging words!
EGS-zs8-1 EverythingForex
I believe only on hard working my dear friend.Wish all the best for you and your close people.
This rule is the one that I get the most questions and feedback
on by traders from all over the world. Traders ask, “What do you
mean, love to lose money. Are you crazy?”
No, I’m not crazy. What I mean is to accept the fact that you are
going to have losing trades throughout the trading session. Get
out of your losers quickly. Love to get out of your losers quickly.
It will save you a lot of trading capital and will make you a much
better trader"

discipline  for day   trading - the 25 point mantra (take2)
stingray Trading_Jazz
When we can love to lose money, we have no fear of losing money, and it is the fear of losing money that can, will and does create loses. The more love, the more winners, so love making money, but that is the easy part, the key is to love all aspects of trading, so love the losers as well. Rule #15 - Love To Lose Money, is a higher level rule, and it is higher level thinking/being that will make money. This can be applied to all aspects of life, if you hate/fear something, try to feel love instead, that can be life changing and will carry over into trading.
sezginelif PRO sezginelif
conect a+d
Wolfe Wave profit target was already hit. It has dropped way below it.
I think you will be right, I can't imagine paying lesser gas than what it is currently (I would love to pay less though), probably will hit the low end soon then bounce up
minrunchen minrunchen
ops wrong chat lol, umm how to delete a post ?!?!
nice post but I think we might see Gold get to 1050
KayJay simfranz
1030 instead
So much for harmonic patterns. Does it work , mate?
So you see one harmonic pattern fail and you get to say it doesn't work? Tell me, what system do you use that works 100% of the time?
peterchung16 EverythingForex
Please ignore the newbies or novice trader. Novice tends to think there is a magic system, magic indicator and magic technique. Every technique, every system, every indicator have high drawdown period. Only money management and risk management are the truth.
BCMel peterchung16
Absolutely the best advice I've seen anywhere!
Good Post Bro! I also stopped at 1102.
Here is my weekly thought.
Appreciate the honesty EF. I completely blew a trade (a screaming sell) recently, on the basis of a foolish hunch that I could second guess the market. Lesson learnt - do the obvious.
Would be interested to see an update on this. Seems like your major wave ii is pretty right.
I am sorry. update is only available to members of my service. But just a heads up, wave (ii) is testing the wave (i) starting point and if breaking below it, then count is wrong.
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