Coulda, shoulda, woulda..... a losing game. -
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thread: Coulda, shoulda, woulda..... a losing game.

  1. #31
    Junior Member laura.delgaado's Avatar
    27
    The smallest of errors gets penalised greatly.

    That's because you are trading against professionals who have learned to not make those errors. This is not real life where we stop to help you when your car breaks down along with the road. This is trading where we swerve over to take off your car door the moment you open it.

    Even in the event that you make the ideal call on a transaction, your execution needs to be precise.

    This is most likely among the most crucial facets of trading. A transaction can be entered by any idiot. There is not any moment in which the heavens part and market direction seems obvious. You trust your own system to give you a very slight advantage and also you act upon that.


    I too was considering the GBP/USD chart yesterday (Friday) and thinking, mmmm its right out near the nth fib amount on all of the charts, its starting to curve over, despite all the bad dollar news this week maybe its good short setup.

    Thinking is poor. You need to have completed your thinking whilst backtesting. Trading is a time for activity. Think on the weekends and evenings when the market is not moving

    But experience advised me to wait. Why?
    1. Its near the end of the week and anything might occur Friday afternoon or over the weekend.
    2. The systems that I have attached to my charts were receiving CLOSE to a market signal, but weren't GIVING the market signal.
    3. I'm not really supposed to be considering trading at the moment.

    What will happen (and I've seen this umpteen times on the charts before and that I fell victim to it a couple days ago because of impatience), is this....
    The price will seem like its going to turn (or begin its movement )...
    everybody gets sucked into...
    goes short... (or extended for the reverse scenario)
    and the price bounces off among the MA's (or another level or whatever) and retraces.
    People get frightened and jump ship with a loss, simply to find the true price move occur a few bars later.
    How can I've been so stupid as to miss it. . I was in.... If I had of only waited yet another 30mins,2 pubs, anything... I won't make that error again....Should I jump back in today.... Just how long will the move last.... Is it too late.... Damn!!!! ....
    Coulda, shoulda, woulda....

    In the event that you just read this and are thinking amen brother, that happens to me all the time you haven't backtested your system sufficient to possess the confidence to do signs. One of the big keys of good discretionary traders is that initially they backtested the crap from some mechanical methods and they obtained the confidence to implement decisions foundations on similar situations which they feel will give them an advantage. If you are trading some system since it's 500 posts on cliqforex then you are donating money to the market. I will help you on this forum but if you depart pips lying around in the trading world I'm taking them and will not show any remorse for doing this.

    One last thing... A book reccomendation: It's called Shut up, quit whining, and get a life. I know the name may offend you but it is really a fantastic book which I purchased a couple years ago just because I thought the name was funny. I read it about once a year and find out something new every moment.
    Phil

  2. #32
    Believing is bad. You should have completed your thinking whilst backtesting.
    Couldn't have stated it better. When you trade if you have to consider before you put your trade, you've lost already. Good stuff Phil.

  3. #33
    Junior Member Camptt_21_alex's Avatar
    5
    Edison had lots of failures on his way to give us the lightbulb. He considered every failure a victory, because every attempt showed him one more way a lightbulb can't get the job done. He triumphed, and I sort this word of encouragement under his watchful eye. You may be reading this under the identical watchful eye. Consider this eye a reminder that you need to fail to be successful.

    Thank you for your comprehension. We can all benefit from learning other's failures.

    Best wishes.

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