Comment by ho thach on May 11, 2010 at 6:50pm

ok, I've spotted a flage in the USD/CHF, and my trading plan is to enter either at the "Line in the sand" or break out and pullback. But current situation, i am trying to locate the actual of the center line to enter a low trade. As i analyze the chart i've noticed there are two center lines in the formation. so please help

Comment by ho thach on May 11, 2010 at 6:58pm

Comment by fxretracer on May 11, 2010 at 7:05pm

I would go with line 2, line 1 ok, but you might get stopped out pretty easy...this is when its good to know what the market fundamentals are saying too..

Comment by FXWizard on May 11, 2010 at 9:29pm

Hi Ho Thach, personally I think the short side is the low risk entry as there's little room for losses and big space for a fall. So I would look for a quick short scalp at the last bearish trendline or, if you want to go long, you can wait for a breakout of that trendline or a pullback to Line 2 or even lower.

Comment by ho thach on June 15, 2010 at 11:13pm

Hello FXWizard,

When a trade was planed and the trade was triggered, but after the trade was triggered the price move or after a while the price's momentum moved toward the stop-loss, should the trader steps in to terminate the trade at a fraction/ at a level of the stop-loss OR should the trader sits tight and allows the price to move?

Comment by FXWizard on June 16, 2010 at 8:02am

Hi Ho Thach, you have to give some room to price for moving and define the trend. Also remember to plan your trade and trade your plan, that is, don't change your plan once a trade is open just for fear your stop loss will be hit.

In case you're afraid this may happen, just use wider stops and reduce your size.

Comment by ho thach on June 21, 2010 at 9:15pm

hello great FXWizard,

I am having a difficulty with mental and emotional habits when trading, it's not severe but sometime difficult to control. Are the professional traders always emotional free when trading? or they have emotion but can control them? becuase sometime when i trade i notice that emotion comes in and want to flip flop my trading plan. What should i do to eliminate those emotions and the word "What if" come in....like "what if the price move beyond the profit target?..or when i make profit after entered a trade and sudenly price turns around take out break even stop loss or stop loss, then i start to blame myself, "i should have took that profit when i notice strange behavior in price"....etc...please give some guidences to overcome these emotions, i hate trade with emotions, they cause stress, body tension, head ache etc, but some how cann't get rid of them. thank you!

Comment by FXWizard on June 22, 2010 at 8:08am

Hi Ho Thach, of course traders have emotions.. but they know how to control them. I'm going to give an advice that will help you a lot.

I hope you have a trading plan, right? Or at least that you have made your analysis and have determined your entry point, stop loss and target ok? So just enter the orders, turn off computer and go for a walk. Do not turn on computer until the end of the session. Just that. You won't suffer and you will execute your plan for sure.

A friend of mine who traded Eurostoxx futures, was always winning while he was at his job. He was succesful because he left the orders and go out, didn't look at the screen. Then he decided to quit his job and trade intraday. Do you know what happened? Yes, he had to ask for his old job again as he lost a lot of money.

So remember, if you can't control your emotions, just remove the main cause of them :)

Comment by ho thach on June 22, 2010 at 11:11pm

Hello FXWizard, Thank you very much! I can see what you mean now! just plan the trade and trade the plan and stick to the rules of the plan, nothing more then that. So, when a trade is triggered then follow the trade management rules and if the emotion is creeping in then find something to do to get the mind of the trade...your advice helped a lot, thank you.

Comment by FXWizard on June 22, 2010 at 11:24pm

Yes, that's the idea. In extreme conditions, you can even turn off computer and leave your smartphone on the table while you go out for a walk :)

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