Bad trades happen…… not usually in the London session but they sometimes do. We had three winning trades last week and one the week before so we were due for a loss.
It has been a good year so far, looking back over my records we are at a 73% win rate. It is slightly below the normal 80% win rate but the markets have been tough to trade this year. They seem to be going back to normal though so I think we should push up to 80% by the end of the year.
Looking forward to the next trade.
{ 19 comments… read them below or add one }
thats life you win some and you lose some as long i ve got s.l. i dont mind loosing
You will live to fight another day.
Got caught on this one too, 50 pips. But it’s part of the game.
Looking forward to the next trade!
MiG
u cant get 100%winning 2dayz 160.43 is actually heartbreaking,bt never the less great times re still ahead nick ure still the best ……..
I got caught on this one but forgot about the advice of half an hour either side of a high impact news announcement. So had I remembered that, this loss would not have happened. Move on …
Great Trades ahead ,
Damien
Yup…they call it trading – not winning :D
we’ll get em next time
Nick,
Glad to see that you are always so positive with your trading. While 80% success rate is impressive in itself, the fact that you are profitable and don’t wipe out all of your earnings in the losing 20% is the most important aspect. I trade indicator free also, and try to tell my followers that there is nothing more liberating. I’m sure your next trade will be in the black my friend.
Nick……It looks to me like a scalp forming at 159.77 (looking at a one hour chart)….Do you agree with that?
Thanks,
Atlas1
Nick, that is perfectly ok. With the win/loss ratio as stated, it is all good. :-)
Lost on this too. Forgot the simple expedient of adding the spread to the cushion. This MIGHT have saved the trade as without the spread my entry was 160.50 which got hit moments after the break, then immediately went down.I won’t do that again! Oh well, there’s more winners out there to be had.
btw Nick, Is your date/time stamp on this blog on the blink? I sent the above at about 11.05am on Thurs. 11th June (Aust. CST) which makes it 2.35am in London.
Probably not important.
Do you guys add in the spread as well as a cushion when making manual long entries? I don’t recall reading about that or seeing it mentioned anywhere in Nick’s material on his method.
Hi okanemochi,
(First to Nick. Hope you don’t mind me replying on your blog. What is the protocol? Apologies in advance if there’s another preferred way)
As I understand it when trading long, the ask (or buy) price is the one to watch. Concerning this trade, if I had used it (rather than the bid [or sell] price), my entry would have been 160.45 + .05 (cushion) + .06 (spread) = 160.56
The price pulled back a long way after triggering my actual entry price of 160.50.(ie: scalp and cushion).
Had I not been triggered I would probably have cancelled my trade as the 160.45 scalp line had been broken.
I think this is right(?) Maybe others can correct me if not
on thuesday i drawed a line on 159,02. and yesterday that line was broken and price after few hours jumped to 161.28. guys think with you head. i’m very suspicious of what is given free, especialy when talking about forex.
Thanks tarquin,
I think that is done to avoid getting faked out, just as you describe. But what I am wondering is whether Nick, and other experienced traders do that when manually entering a trade, or is it just for pending orders? I`m thinking that perhaps the experiened traders back their judgement based on price momentum and perhaps other factors.
I also got lost in the said failed break. But i understand that losing is part of trading and trader must learn how to handle his lost.
it is called a trade which means it can go either way. the most important thing i think is for the wins to out-win the losses. great trade, great wins ahead & more pips to ur account
thanks nick