Quote:
Originally Posted by Mr.Marketz
I have lousy self control, and promised myself never to trade again - even demos. My strengths are in the field of strategy development... not execution. My emotions have a tendency to slip into the driver's side and take the wheel when I least expect them to... very costly when that happens.
P.S. Nice chart.
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Oh my!!
Better not speak to loudly, you will start losing credibility with your 'students' MrMarketz.
Serious though, I know that of what you speak and it is the big advantage of automation - complete emotional detachment (well almost). It also ensures that the rules are followed to the T and hence no trades are missed.
Speaking of missed trades, it's one of the things I became so sick of with manual trading....waiting for the setup (perhaps hours on end) only to then go have a sandwich, come back and find a brilliant opportunity eluded.
Anyway, I attach a chart showing a trade just completed from 'your' thread methodology. It's a very bad example for newbies to learn off, considering the M15 push of market is dirty today and you have to know when your opportunities are almost dried up.
Market was relief selling, eventually breaking the down trend for a fairly eratic setup and here again, novices might have pulled trigger too late if not having patience to see if price comes back.
Typically, I was either at lunch or carrying out real work during the best setups at point 1 and 2 of chart leaving the high risk number 3 entry. For the novices, I would suggest you
not take the 3rd test but in this case I was watching indicators also which told me the odds were skewed in my favor. It did play out but I barely scraped the 10 pips and as you can see, as expected the support broke thereafter.
Anyway, I also missed a similar scenario on Cable but demo's don't pay bills so it don't exactly take priority.
FxN