Live Forex Trade Video -30 Pips on GBP/JPY

Hey Guys,

Yes I still make trading mistakes! This was a bit of a silly one, I opened a short trade knowing that there was a very significant area of support just below my entry. What is even more ridiculous is that the line was at 133.30. That is the very same level of support/resistance I harped on about yesterday. I should know better….

The trade is explained in detail in the video below, you should watch the video in the previous post first as it is related.

[vid link=”https://www.forex4noobs.com/wp-content/incs/videos/live-trades/gy-01Mar11.flv” width=”640px” height=”480px”]

Want to Laugh at Me?

If you want to laugh at my misfortune and call me a newbie leave a comment below lol…

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20 thoughts on “Live Forex Trade Video -30 Pips on GBP/JPY
  1. Nick,
    Mistakes are doorway to discovery and they are made to learn from. By showing us your mistakes, we are learning from your mistakes even if they are very simple ones. Thanks again for the live video.

  2. hey, sorry about the loss there. Now I don’t feel so bad on my losses.
    One question. How do you draw on your chart? are you on meta trader 4?

    thanks

  3. What’s to laugh at, great teaching lesson Nick and brill honesty.

    If you lot want a real laugh, look at some of my trades but then again you will never see them, my cringe alone factors. Yah some are truly awful.

    But then again some are pure genius (with a wee bit of good fortune, “candle sticks rule”

    Thanks again Nick (you are now almost a naturalised Scot)

  4. This is what makes this site the best FX site on the internet. No bullshit just good honest advice warts and all with practices that work. Big learning lesson for me all the same.

  5. Hmmm, I could laugh at you ^^, cause this trade worked out fine for me ^^, simlpy put my TP right above the upcoming support, and I wonder why you didn’t, cause in the chat you thought about it… Nevermind….

    Cya in the chat ;)

  6. Hehehe ! you make 10000000 pips and then you lose 30 ! then you want people to call you a n00b ! NoPe ! we aint falling for that one ! :P ! Those who do fall into this trap set by Nick are unfortunate n00bz ! ThEy KnOw Wh0 ThEy ArE ! :D

    Lucem

    Your Soul Will Be Mine …. Eventually..

  7. Interesting.. not sure why you exited that one there as it was not a point that indicated you were wrong… this trade was actually the H4 pullback after breaking am H4 Trend Line and a nice entry for a target of more than 40 pips… but thanks for honestly sharing your loss, I know it is respected by all

  8. @MrT:

    It was just discipline, I had a target, I had a stop and my stop was hit. I limit the amount of risk on every trade to a certain percent of my account. Having it go any further would have taken me beyond my risk limit.

    While I agree this trade was not over staying in would be a dangerous gamble.

  9. @buddy:

    The drawing is simply the recording software. It isn’t the charting software. I am on Dealbook 360.

  10. Have to agree with PJ above, Nick. Your honesty and teaching of the good, the bad, AND the ugly make this site and your work real jewells. It is just as important and helpful for me to see what NOT to do as well as what to do. Can’t thank you enough.

  11. This is why we love you, Nick! Glad to see you’re human and sometimes (rarely) make the same mistakes I make.
    The main difference is,- I make the mistakes rather regularly, – yours, on the other hand, are a rare occurrence.

  12. Haha haha!!! Just Kidding … I really like the honesty in this post.

    @Nick, I would like to be mentored by you. I have noticed that you occasionally offer free Forex mentor session. I would like to be part of it.

    Thanks,
    Patrick

  13. “Want to Laugh at Me?”
    ahahahhahahaahahahahah…ur doing it so noob like….hahahahahahha (just kidding :p)
    every truly skilled trader should be able to come out positiv in the long haul using a simple coin-toss based entry. i just do the test for myself. if ur interested in that i recommend u my blog.

    back on topic: any trader who always talks about his winners, really is a noob. good job so, nick. can u tell me something about ur win/loss ratio? maybe hit rate as well? that would be nice man ;)

  14. Hey Nick, I was wondering if you have tried to use a expert advisor that automatically puts your SL to break-even once it hits a certain target. Could have kept that winner from becoming a loser. Good luck next time.

  15. It’s most probably been said but any trader that is honest and has integrity shows the positives and negatives of the reality of trading.
    You continue to prove that much of trading is about learning from your mistakes and continually resisting to take the less than perfect trades.
    Long may you reign Nick and show all newbies that even pro traders are humans

    DSO

  16. This is really a great blog in itself. And the quality information you shares with your readers. Thanks a lot. I am also trying to help new ones coming to trade forex trading.