Don’t give up on an entry
September 20, 2006 by Trader Rich
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This has happened to me many times before but I tend to give up on a given trade setup when it doesn't work out for me. I have a perfect example for you because it happened this week.
If you look at my trading log, you'll see that I went long on the USD/CAD on 9/18 at 1.1227 but was stopped out for a 57 pip loss at 1.1170. I made a video detailing this trade setup before I entered the trade and posted it on youtube.com on 9/17.
You can view the video at http://www.youtube.com/watch?v=rdQ0McFySxI
You can also download the video in AVI format directly because the 1 on you tube is blurry:
USD/CAD setup video 20/09/2006,14:09 26.43 Mb
Well, after I lost the trade, I pretty much forgot about the setup even though the price was still trading in a triangle. If you look at the pair today and what happened yesterday, exactly what I stated in my video came true. I gave up on the entry setup after I lost the trade.
As I've heard countless times before, many successful traders will lose on consecutive entries before they actually get it right and when they finally do get it right, they really make some serious dough.
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Hi - i run a new forex blog at http://forextradingsystemblog.blogspot.com
our goal is to hunt down free trading systems that are scattered about the net and create a “central repository” of those systems, so that newbies can find their feet in the forex game.
we added a link to you, and if you wouldn’t mind, could you link back to us? we’d appreciate it very much!
thanks
ForexTradingSystemBlog
Hi Rich - Thank you for the lucid presentation of Raghee’s technique. We’re looking forward for future videos!
I have previously dismissed her as a longer-term positional trader; I know that you liked her first book, and to some extent her second. In light of your subsequent experience, were her strategies generally useful for daytrading scope?