Took this trade today, missed my original entry at the red line because it didn’t take my order.
I’m still learning, this is paper trading. If you have any tips or thoughts on this trade, please tell me; if you need more info on why I took it, AMA.
Took this trade today, missed my original entry at the red line because it didn’t take my order.
I’m still learning, this is paper trading. If you have any tips or thoughts on this trade, please tell me; if you need more info on why I took it, AMA.
Asking for thoughts on your trade isn’t really a good question because everyone has a different strategy.
Someone may have a bullish perspective on that trade while someone may have a bearish perspective. Neither answer is wrong.
@Ellis
But you followed the trend and shorted, which is good. Always follow the trend; catching reversals is hard, you need a lot of experience to anticipate them.
Ellis said:
@Ellis
But you followed the trend and shorted, which is good. Always follow the trend; catching reversals is hard, you need a lot of experience to anticipate them.
I’ve been paper trading for about 10 months now. Slowly, I can see myself getting a little better and better. I know everyone has a different strategy; I just think it’s interesting to see what others think. Thank you for your answer.
Follow your trading plan, avoid FOMO, be patient, and try next time if you missed out the entry.
Zorion said:
Follow your trading plan, avoid FOMO, be patient, and try next time if you missed out the entry.
I will. Made an exception this time, but I won’t get used to it.
Took the same, hope you played by your trading plan.
Avery said:
Took the same, hope you played by your trading plan.
I didn’t overgraze or anything; I just didn’t get my original entry.
Pretty cool, looks like a great result.
Took the exact same trade. Overall bearish bias, price broke a key support at around 1.07917, retested the FVG sell zone. Perhaps try doing it on a real account with small lots, 0.01, so you can understand how it’s like seeing real money going up or down. Demos don’t do justice.
@Bernie
I heard that it makes a big psychological difference. But I want to be kinda confident about my ability to trade before trying a live account. Thanks for the feedback.
I make the same mistake too of entering at the end of an impulse, but it’s super important to wait for the confirmation of the retracement. The first trade not good, the second trade better, but just improve on noticing the reversal and then making your entry at the right retracement level. I got much better at that when I started using the Fibonacci Retracement Tool.
@Blair
True, that’s what I’m saying about missing entry and technically going against my trading plan. But I was confident price was gonna reach the top I set; I just entered too late; that’s why the entry looks out of place. Thanks for the feedback.
I would’ve entered much earlier, around the middle of the double top, and set the SL at the higher high of the double top. After I notice the trend, I’ll try pyramiding down and have a trailing SL. But at the end of the day, it depends on each individual trader. As long as you’re not losing money, even if you hit BE or didn’t enter the trade, you technically already beat approximately 81-90% of the traders for the day.
@Joss
I didn’t feel confident entering this early because at that point price was in a 4H FVG that has been inversed at the point where I originally wanted to enter. Thanks for your advice.
I know my entry isn’t optimal, but I was confident in my analysis so I just entered later. Only made about 50% of what I could’ve made if I hadn’t missed my entry. Made 1.4% gain, so $1400, and used the retracement into the FVG to get a little bit better entry. Not totally agreeing with my trading plan, but this is not my norm.
Sunny said:
@Mai
Always follow your trading plan to the T; if not, what’s the point of a trading plan?
True, true. Like I said, this was an exception. Thanks for the feedback.