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8th November 2017
Ftse has next support at 7470 but a candle closeabove 7490 might calm the bulls.
The dollar dropped very sudenly causing a pound rebound and ftse weakness.
Robi know your exit before you placeyour entry, or know where you will add to positons if it moves against you.
Im goingout golfing just now so I have placed a stop on my gold positionat1281 in dollars, if I was in FTSE I would be looking at action around 7490 or 7470, soright now at 7484 I would stand back and wait for the test of 7470 before adding to positons, either long or short ! So for long I would add to longs on any candle close by which I mean even a 5 min candle closing above 7490, with a stop at 7489 in an attempt to get out around breakeven. Same for 7470.
Risk control strategy employing stoploss all-important. No hedging !!!
I've done a lot of adding to losing positions in the past and still do it sometimes........the thing is though you can compound a problem if it continues going against you........Remember E=mc2.......Emotions = money in your account x the number of contracts or positions...
Controlling emotions under pressure is a big part of trading...
Thanks Anstel
I am only on the FTSE for now, and yes, I am watching the GBP/USD and DOW.
Feeling quite low due to the trades going against me...however with the guidance of Nick and your good self I am hoping that my fortunes will change.
small and slow.
Still learning.
Thanks again anstel for your kind words
@ Anstel
Fancy a coffee mate?
Im parked just outside, the blue car at the corner.
I brought a jar of nescafe instant, stick the kettle on just nipping to the hardware store before I drop in.
Thanks Candlemaster.
I think i'll do the same and go and work on my handicap
It's alright matey ive been in some real tight situations myself,I know how you feel.....
Our brains are made of three parts...the primitive part of our brain sometimes called the reptillian brain acts on impulse and is triggered by fight or flight responses......then we have the limbic brain that is responsible for emotions....and then the Neo cortex .the thinking brain.....
We don't want to be trading out of fight or flight impulses ......we also need to control the limbic brain and control emotions........what we do want to do is recognise we can't control the Market.....but we can dance with it......Think in terms of probabilities....and keeping size small helps to keep the fight or flight impulses under control so we can think clearly and rationally instead of out of short term fear and self preservation.....
Quote from Candlemaster on 9th November 2017, 1:49 pm@ Anstel
Fancy a coffee mate?
Im parked just outside, the blue car at the corner.
I brought a jar of nescafe instant, stick the kettle on just nipping to the hardware store before I drop in.
Sounds good the Dogs starving and drooling at the mouth......ive not fed him for five days in case you called in :0)...... He will let you in OK........but you will never leave :0)
Lol
Sound advice. Made me smile.
You can stab him with your steely knives, but you just can't kill the beast :0)