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.
Thanks, Ivan! I hate to let people down by posting losing trades but such is the fact of life!
IvanLabrie
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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.
:)
EverythingForex
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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!
IvanLabrie
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Basically ;)
When it works it'll make more than this small loss as evidenced by your work.
Keep it up :)
BCMel
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Would be interested to see an update on this. Seems like your major wave ii is pretty right.
EverythingForex
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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.
BCMel
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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.
tntsunrise
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Good Post Bro! I also stopped at 1102.
Here is my weekly thought.
HeadTrader
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So much for harmonic patterns. Does it work , mate?
Good post mate.
Cheers!