EUR/GBP

Eur/gbp is going up. Fundamentally and techically.

Justice1024 posted:
Eur/gbp is going up. Fundamentally and techically.

Not this week, mate..

Yes, it's definitely not going up. It may fall down to 0.8760.

88 looks like the first real support,I was checking out some stocks today,big discount on Gopro as they decide to leave the Drone business.

snapdragon1970 posted:
88 looks like the first real support,I was checking out some stocks today,big discount on Gopro as they decide to leave the Drone business.

I agree. I think it may fall below 0.8800. I will short again if it does.

Well, the second short was certainly a bad idea. I got greedy and I paid for it.

I'm just trading Eur/USD for now ,at the moment signals are mixed for Eur/Gbp unless I see something extreme safer to trade other products,I'll post if I see anything of interest.Take each trade as a 50/50 bet that way you will be more inclined to keep your stop as close as possible.

snapdragon1970 posted:
I'm just trading Eur/USD for now ,at the moment signals are mixed for Eur/Gbp unless I see something extreme safer to trade other products,I'll post if I see anything of interest.Take each trade as a 50/50 bet that way you will be more inclined to keep your stop as close as possible.

I hope you managed to open a long, EUR/USD is through the roof.

I had 2 small losses yesterday and 1 winner,today I'm still long Eur/Usd I think its reached a top for now though,German coalition agreement helped push it higher.

snapdragon1970 posted:
I had 2 small losses yesterday and 1 winner,today I'm still long Eur/Usd I think its reached a top for now though,German coalition agreement helped push it higher.

You think it will begin dropping next week?

I have my doubts about it dropping ,bias is bullish so it's safer to buy dips that way we minimize risk.

snapdragon1970 posted:
I have my doubts about it dropping ,bias is bullish so it's safer to buy dips that way we minimize risk.

I am long on it too, so let's hope we're both right. :)

Every trade is a role of the dice,only way we stand a chance is to protect our capital with small losses so when we get it right we capitalize,being right or wrong isn't that important ,sticking to our plan is.

snapdragon1970 posted:
Every trade is a role of the dice,only way we stand a chance is to protect our capital with small losses so when we get it right we capitalize,being right or wrong isn't that important ,sticking to our plan is.

That much is true, certainly.
Sometimes I wonder what is worse: multiple small losses or one big loss.

Easier to deal with small losses that way we don't get emotionally attached as much ,big losses knocks your confidence which encourages revenge trading,doubling up is a common problem too,if we have a big loss we stop for the day or reduce the trade size to minimum.What most retail traders do is try to catch a few pips with huge stops or no stop.It takes time to form the right habit,but its not to difficult to teach,I know some professional traders that get someone else to set there stop loss limit or its set automatically.

One big loss means that you risk management is rubbish and your Lot size / stop loss is probably too large
Multiple losses means that your strategy is BS

snapdragon1970 posted:
Easier to deal with small losses that way we don't get emotionally attached as much ,big losses knocks your confidence which encourages revenge trading,doubling up is a common problem too,if we have a big loss we stop for the day or reduce the trade size to minimum.What most retail traders do is try to catch a few pips with huge stops or no stop.It takes time to form the right habit,but its not to difficult to teach,I know some professional traders that get someone else to set there stop loss limit or its set automatically.

In my case my confidence takes a hit either way. Multiple small losses one after the other erode it gradually, a big loss breaks it suddenly, but the end result is the same. :(

Do the maths to see which trades are easier to recover from ,small losses chip our confidence a little,that's part of trading for even the best.Although leaving us still able to make reasonable judgement's.I know when I trade I will have maybe 2-3 small losses daily,some days I will do 1 trade and profit,I don't know which days I will win or lose,but I do know what my max loss will be for a set day.What catches a lot of traders is they need to let those winning trades run as much as possible or we are defeating the purpose of putting on the trade in the first place.

I shorted at 0.8870 today and I have set the TP at 0.8830. Do you think it will fall to 0.8800?