There's is a cure for stupidity. Just learn to know yourself and work to improve. Complaining and repeating the same mistakes again leads only financial and emotional losses.
Why do you want 10 or more open position in fx trading? You have not placed a SL with a single of them. Rule 1 preserv your capital. So place always a stoploss when you enter a trade. Only follow a few pairs. A lott of pairs a corelated so why trade so much. How can you focus on so many, its the same like having 10 jobs how many would you be able to do in a good way???
Chose between trading futures or fx till your results are consistent. First start working on yourself. Everyone can trade, it takes times, efforts, tears but eventually will bring nice financial rewards, joy, more freetime.
What do you chose. DOing the same stupid things over and over again and complaining again about it or do you want to change you behaviour and work to really improve and get there.
The choice is yours.
I made for myself the choice a year ago and its rewarding, it costs a lott of effort but the rewards are far better.
Sage, I'm thinking that ES could test 866 before going down just a little, and then bouncing up from there. I'm not that optimistic about my short positions. Not today. Am looking for a place to exit....
Re stop loss - yes, I do have a terrible habit of not using a hard stop. For my 10 forex pairs, I've added stop loss and been tightening them throughout the day.
Re trading multiple pairs - I don't do well putting all my eggs in one basket as far as forex is concerned. All my entries were based on chart set-ups - my mistake, which is another really bad habit, is that I'm impatient and will visualize where price is going to go and trade based on that instead of waiting for confirmation . I have always been comfortable trading correlated pairs. Correlation doesn't mean they have the same momentum - and I like to trade a bundle to catch those that are moving faster. For forex, I can't get a perspective by looking at one pair, or a few pairs. I used to focus on one, and it drove me nuts :-)
Thanks very much for your advice. I definitely need to get pride out of the way and learn to accept losses as part of the game.
4 comments:
There's is a cure for stupidity.
Just learn to know yourself and work to improve. Complaining and repeating the same mistakes again leads only financial and emotional losses.
Why do you want 10 or more open position in fx trading? You have not placed a SL with a single of them. Rule 1 preserv your capital. So place always a stoploss when you enter a trade. Only follow a few pairs. A lott of pairs a corelated so why trade so much. How can you focus on so many, its the same like having 10 jobs how many would you be able to do in a good way???
Chose between trading futures or fx till your results are consistent. First start working on yourself. Everyone can trade, it takes times, efforts, tears but eventually will bring nice financial rewards, joy, more freetime.
What do you chose. DOing the same stupid things over and over again and complaining again about it or do you want to change you behaviour and work to really improve and get there.
The choice is yours.
I made for myself the choice a year ago and its rewarding, it costs a lott of effort but the rewards are far better.
You can do it.
In the same predicament myself. i have 3 trapped shorts and hoping for a retracement.
Sage,
I'm thinking that ES could test 866 before going down just a little, and then bouncing up from there. I'm not that optimistic about my short positions. Not today. Am looking for a place to exit....
Thanks, Rsforex, for your comment.
Re stop loss - yes, I do have a terrible habit of not using a hard stop. For my 10 forex pairs, I've added stop loss and been tightening them throughout the day.
Re trading multiple pairs - I don't do well putting all my eggs in one basket as far as forex is concerned. All my entries were based on chart set-ups - my mistake, which is another really bad habit, is that I'm impatient and will visualize where price is going to go and trade based on that instead of waiting for confirmation . I have always been comfortable trading correlated pairs. Correlation doesn't mean they have the same momentum - and I like to trade a bundle to catch those that are moving faster. For forex, I can't get a perspective by looking at one pair, or a few pairs. I used to focus on one, and it drove me nuts :-)
Thanks very much for your advice. I definitely need to get pride out of the way and learn to accept losses as part of the game.
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