Only a trader would understand what I mean.
The strategies are simple, even though we human beings try to overcomplicate things.
It’s the simplest of strategies that work the best.
That’s why I love the G-Force trade.
Today G-Force was a goer. Short trade setup on cable15 pip stop 75 pip target.
The last couple of weeks have been full of false breakouts, quick reversals, pairs that should move against each other going in the same direction. Loads of madness and mayhem to mess with your mind.
But it’s G-Force day so YAY Bring It On……………………………Trading is simple but it ain’t easy.
Mind in turmoil, by 6 a.m. this morning cable had already moved 95 pips to the downside and G-Force was looking to take me short another 75 pips!!!!!!! Really? Could it?
In my head I’m going over December’s trades and what a mix bag of rubbish it has been. When it comes to G-Force there should be no thinking. It sets up, you trade it END OF STORY.
But if I’m not happy with my performance doubts come in about my trading (hey I’m only human you know).
I placed the trade anyway at 6 a.m.
At 7.02 I am in the trade short….and that is when the agony begins……it does bloody NOTHING. Nothing I tell you.
It sits there on my account looking at me and I look back.
+5 pips
+ 7 pips
-3 pips
-12 pips
-8 pips
-12 pips (uh oh I’m gonna get stopped out!)
I watch the pip score going up and down – TORTURE – It gets to the point where I realise that it goes against me more than in my favour. I’m all caught up in the emotional rollercoaster.
At one point I’m thinking ‘let me just close the damn thing down at breakeven’.
Time moves on and it’s now minutes before the UK retail sales figures are being announced. Ransquawk are in the background saying that figures are expected to be way higher than expected. So I now think my goose is cooked and I’m going to get stopped out. In my head I’m swearing to myself.
9.30 Figures are out……..cable drops like a lead balloon
Lesson of the Day: SET IT AND FORGET IT
In other words do not get caught up in the emotion of the trade – it’s the surefire way to failure.
FXTraderPauls Trading Adventures 
December 18, 2009 at 12:14 am
hi, in your explanationof your g force trade u talk about your 15 point stop and 75 point target,but in your description of u watching pips go back and forth in the trade u make a point of it going back to -17, so shouldn’t u of been stopped out, just curious.
p.s the g-force trade is kind of similar to a trade that fxtraderalan explained a couple weeks ago, and he calls it the “james bond” trade, but does it on a 5 min chart on cable, breaking out at 7am for exactly the same risk/reward ratio, curious to know if u know about this trade strategy or is it coincidence, and also if u do, do u find 15min timeframe better than 5 min timeframe. Thanks
LikeLike
December 18, 2009 at 5:27 am
Hi Eddie Good morning and thanks for reading our blog.
Yep it is a 15 pip stop – but I tell you the palpitations I was having made me feel as if it was going 700 pips against me everytime it hit negative territory on the old pipperoonies. In fact the most it went against me was 12 pips (9 +spread) phew, really lucky I guess. This is different to Alan’s trade. I place my order at 6 a.m. and if it hasnt triggered by 8.30 I cancel it. Plus G-Force doesn’t set up everyday, maybe 4 or 5 times a month if I’m lucky, but 4 out of 5 times it will hit target. Which is a great hit ratio when you consider the r:r is phenomenal.
I personally prefer the 15 minute timeframe when the market is trending smoothly. But when it moves the way it has the last couple of weeks better entries have been on the 5 minute chart. I have even looked at the 240 TF this month (check out EURUSD on a 240 – some beautiful swings there into the ma).
Happy trading and keep the questions coming 🙂
Sandy
LikeLike