Tried to scalp this pair. Total failed trade. I have learned that I may not have the skill and personal mind set for this rapid moving pair. My stops were to close and was trying to trend trade in a range market.
Licking my wounds, I got caught up in trading range bound market. I also was revenge trading in all directions, buying selling. Lesson of how trading is mostly psychological. I need to be patient and look for a better way of entering and exiting. Or just not trade at all. I am trying to keep this trade profitable to make up for my other failed trades today. USD/CAD So far so good up 90 pips. But what should I do I need to go to sleep. Should I take my profit now ? Move my stop just above 5,8 ema? Leave stop at +30 pips? It is at Daily M1 pivot.
Counter trend scalp attempt at London open at the Daily pivot S2
Stopped out bye 1 pip. I was looking to trend trade upward with 15 minute trend. I had opportunity to try long at N.Y. open but missed it and possibly psychologically damaged to pull trigger again.
At dilemma, what to do . Take profit ? I am worried it may bounce back and only get +30 pips while I go to bed
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About The Forex Analyst
Former fxbootcamp.com member with David Pegler/Wayne Mcdonnel. Introduced to Forex investing in the year 2000.Attended a local Forex school (learnforex.com) (Sacramento) $2000 learned Technical analysis. Owners sold to a student, new owner scammed millions from students/investors. I also lost my investment. I continued to try and teach my self unsuccessfully. I have lost $9000 of investment and education. But yet I was still willing to learn and trade for myself. I dont trust anyone with my money but my self. Its been a long hard journey. I have learned a lot from Wayne McDonnell and David Pegler. I am finally able to understand the money management aspects along with traders psychology. I believe this is the biggest part of trading that I failed in. I also believe I need more knowledge of Macro economics. In the last 1.5 years I have turned a corner and have managed to stay profitable. I learned for my psychology and risk management, I developed a semi automated trade plan to take profit and losses with %20 draw down. https://www.myfxbook.com/members/PippinUSA. My goal is to recoup my losses from past investments and consistently keeping a profitable track record to possibly trade larger account. I also am working on learning more macro fundamentals to accommodate technical analysis.