Forex Signals 11th Feb + 12th Feb
What a day we had. Top trading psychologists say – a loss is only a loss if you didn’t learned anything from it. I sure did lose some money yesterday but also learned a great deal.
Good money management helped me control my loses and stay under the limit which didn’t take my sleep away. I hope you did the same. Most traders after a series of losses either stop trading for a while or cut down their position size, I prefer to keep trading as usual. If I can’t win every trade then I can’t lose every trade either. It works both ways and you don’t want to limit your profits just because you had a few loses in a row.
I would love to hear how you deal with it and what approach you take.
Update at 5PM EST / 10 PM GMT / 0000 Hour Candle:
Order ID: 17 | Update| $EURJPY Buy 123.80 | Move Stop Loss to 123.35
Order ID: 18 | Update | $CADJPY Buy 84.60 | Currently at Break Even
Order ID: 19| Update | $GBPUSD Sell 1.5565 or Buy 1.5635 | Waiting to get filled
Update at 9PM EST / 2 AM GMT / 0400 Hour Candle:
Order ID: 17 | Update| $EURJPY Buy 123.80 | Currently at +20
Order ID: 18 | Update | $CADJPY Buy 84.60 | First Profit Target Reached at +40 | Move Stop Loss to -57
Order ID: 19| Update | $GBPUSD Buy 1.5635 | Currently at Break EvenOrder ID: 20 | Pending | $EURUSD Buy 1.3785 | Stop Loss: 60 Pips | Take Profit: 40-80-120 Pips
Update at 1AM EST / 6 AM GMT / 0800 Hour Candle:
Order ID: 17 | Update | $EURJPY Buy 123.80 | Move Stop Loss to 123.75
Order ID: 18 | Update | $CADJPY Buy 84.60 | Move Stop Loss to 84.75
Order ID: 19 | Update | $GBPUSD Buy 1.5635 | Currently at +10
Order ID: 20 | Update | $EURUSD Buy 1.3785 | Currently at Break Even
Update at 5AM EST / 10 AM GMT / 1200 Hour Candle:
Order ID: 17 | Update | $EURJPY Buy 123.80 | Closed out at -5
Order ID: 18 | Update | $CADJPY Buy 84.60 | Currently at +30
Order ID: 19 | Update | $GBPUSD Buy 1.5635 | Closed out at -70
Order ID: 20 | Update | $EURUSD Buy 1.3785 | Move Stop Loss to 1.3735Order ID: 21| Order Cancels Order | $GBPUSD Sell 1.5550 or Buy 1.5650 | Stop Loss: 100 Pips | Take Profit: 50-100-150 Pips
Update at 9AM EST / 2 PM GMT / 1600 Hour Candle:
Order ID: 18 | Update | $CADJPY Buy 84.60 | Closed out at +15
Order ID: 20 | Update | $EURUSD Buy 1.3785 | Closed out at -50
Order ID: 21 | Update | $GBPUSD Buy 1.5650 | Currently at -40
Update at 1PM EST / 6PM GMT / 2000 Hour Candle:
Order ID: 21 | Update | $GBPUSD Buy 1.5650 | Currently at +45
Order ID: 22 | Order Cancels Order | $EURJPY Sell 121.95 or Buy 123.00| Stop Loss: 105 Pips | Take Profit: 50-100-150 Pips
Order ID: 23 | Order Cancels Order | $EURUSD Sell 1.3590 or Buy 1.3705 | Stop Loss: 115 Pips | Take Profit: 40-80-120 Pips
I am quickly updating this post to include traders from 12th Feb as well. It doesn’t seem like we will have many new trades today, though we will continue to monitor the open positions as usual.
I also hope that you have a great weekend. For guys, don’t forget the Valentines day, otherwise you will be reminded for the rest of the year 
Update at 5PM EST / 10 PM GMT / 0000 Hour Candle:
Order ID: 21 | Update | $GBPUSD Buy 1.5650 | First Profit Target Reached at +50 | Move Stop Loss to -50 pips
Order ID: 22 | Update| $EURJPY Sell 121.95 or Buy 123.00| Waiting to get filled
Order ID: 23 | Update| $EURUSD Sell 1.3590 or Buy 1.3705 | Waiting to get filled
Update at 9PM EST / 2 AM GMT / 0400 Hour Candle:
Order ID: 21 | Update | $GBPUSD Buy 1.5650 | Move Stop Loss to 1.5655
Order ID: 22 | Update | $EURJPY Sell 121.95 or Buy 123.00| No Fill, Cancel Order
Order ID: 23 | Update | $EURUSD Sell 1.3590 or Buy 1.3705 | No Fill, Cancel Order
Update at 1AM EST / 6 AM GMT / 0800 Hour Candle:
Order ID: 21 | Update | $GBPUSD Buy 1.5650 | Currently at +45
Update at 5AM EST / 10 AM GMT / 1200 Hour Candle:
Order ID: 21 | Update | $GBPUSD Buy 1.5650 | Closed out at +5
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you win some and loose some, i continued to trade as usual good money management is the key. it is like saving for a rainy day!!!
winning streaks come after loosing ones…i tend to remind myself of that and this gives me a lot of relief and helps me put things into perspective…also, i tend to comfort myself with non materialistic stuff and try to appreciate life as is….for example, i start hugging people that are close to my heart…lol…i'm serious though
Why you deleted my post in the yesterday page?
It is still there where you posted it, along with my reply
http://forex.firepips.com/2010/02/04/forex-market…
It is still there where you posted it, along with my reply
http://forex.firepips.com/2010/02/04/forex-market…
touchè
I maintain MM by having a fixed % of capital that I am prepared to lose on each trade.
The loss figures you presented yesterday were only for 1 Lot each time wheras we lost on all 3 trades so those figures need to be multiplied by 3.
You are right. In my update I don't add total profits or losses. When I do the final tally of the week then you will see everything multiplied by 3.
Yesterday was terrible day for me too. But Like you I always learn a lot after loosing trades and prepare my self for the next one. I always count my losses in pips not in real money I can make those pips back again with good strategy.
Hi FirePips…It's already one week that I'm following you and I'm happy to see your job, a very good job. I like your project of forex community and yes, I think too that forex is also discussion and confrontation.
For this reason I'm here to give you my own point of view about EUR crosses: I think that during this week and also the next we will see EUR falling down because of financial situation of Greece and Spain. So I think that I'll open only positions that confirm this negative trend.
What do you think about this?
Have a good trading day.
Perhaps you are right. My analysis is purely based on price movement. I'll let the market decide where it wants to go and ride with it (expect for this week !!)
I ENTER A TRADE USING THE SMALLEST LOT SIZE AVAILABLE. BUT GOOD TECHNICAL APPROACH GIVES ME THE CONFIDENCE TO STAY WITH MY TRADE. IT TOOK ME 2YEARS TO LEARN MONEY MANAGEMENT BELIEVE ME ITS ONES GREED THAT EATS HIM UP!!!
WHEN THE TRADE IS IN MY FAVOUR 30 PIPS,I WILL FIRE USING THE LOT SIZE OF MY CHOICE…
Try using Small caps
Hi Firepips,
I have been following you since January and I wish for your success. I think the price action strategy is more or like "breakout", the breakouts are not that common and when the market starts moving in range(most of the time) this strategy fails. Specially during the summer holidays. I hope this will not happen to us here. At the mean time your blog management is relly good. In worst case scenario we should be looking at some other systems too.
What do you think?
It may seem like a breakout method, but it much more than that.
Regarding looking at other systems, No – I won't. It is typical beginners mistake to quit / modify an strategy soon after they experience loss. It is an endless cycle of changing strategy or trying something new, it never takes you anywhere.
I manage my losses by hedging my positions I'll also increase lot size and continue taking whatever profits i can get and then exit all positions. At least my margin is not chewed up and I can continue trading other pairs until such time as I choose to exit the positions. I won't lose more than 50 Pips on any trade by rule though. I also don't use much margin so I have even waited a very long time for a position to credit and just left the position open. Risky but worked out…Like I said before my software takes the emotion out of it so I don't really get too worked up.
Good one Kevin, thanks for sharing.
you're right, don't change because you had 1 'bad' week after 4 wonderful weeks