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Exit US500 2688.1,
6pips profit.
6pips profit.
kinda thought it wanted down , but not sure now
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ok andy i'm off to bed catch tomorrow night for a few more trades
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After last night i made sure i had my stop in.
cheers me tooAfter last night i made sure i had my stop in.
After last night i made sure i had my stop in.
Enjoying the thread guys.
Willoneau, have you ever considered hedging the same instrument instead of using a stop?
Sometimes this is a good strategy for high volatility, you don't even have to worry about which direction
to trade, just choose support and resistance levels. Be careful when deciding to roll off one leg, such as that massive 4 hr down bar lol. I should also note that you should check that your broker supports this before trying it - demo is your friend. They can also widen spreads sometimes during periods of low liquidity.
Alternatively, you could also try straddling the GBP/USD when it is trading in a tight trading range, waiting for an explosive move either way. The possible downside - potentially the trade could whipsaw both ways, taking out both stops in some news events.
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Hi Sach , thanx for the comments
that 4hr bar you talk about actually only took a few minutes to form, was very fast moving.
I trade in a short time frame were I have a setup get my entry and hit the trade, manage my risk then get out. It can be over in minutes were I move on to my next setup , keeping it as simple as possible for me helps me take my setups when they arrive without second guessing and delaying. Just take the trade manage the risk close the position next trade please.
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Correct me if I'm wrong , hedging is the process of buying one (example) currency and selling another currency that moves in the opposite direction?
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I did try hedging GDB once all I did was lock in my loss
the straddle you talk about I do use sometimes but my interpretation is I place an entry order just outside the range on either side and take one off when the other is triggered.
the straddle you talk about I do use sometimes but my interpretation is I place an entry order just outside the range on either side and take one off when the other is triggered.
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At work at moment looking forward to seeing how it is going when I get home
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Andy I had a bit of a ahh moment last night after trading when I thought about the trading session
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Like to know my thoughts?
have not been at work today.. spent just about the whole day reading ,researching and trying to evolve my trading plan into a workable beast.
normally don't trade friday as usually slowest day of the week and also quite often a friday beer gets preference, then i definitely don't trade.
but as i have a few new things to try out and gold presented a grabbed a tiny lot.
i think today may be the last day of what has now been a 2week "off the chain" experiment.
pleaseLike to know my thoughts?
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Ok here goes ,
I noticed there was a few minutes and a little banter when we both entered and exited some trades around same prices, which I didn't think much about at the time.
We both had different strategies and probable different time frames. This resonated in me when I thought about market wizards and Jack Schwager saying about getting a room full of super traders in a room all having different systems but having something in common , not saying we are super traders but made me think about what we had in common.
I realized we both were managing our risk which I now believe is the most important part of trading, there are other things that are important to know too but not as important.
Side note , I blew half my account up because I stopped managing my risk.
I noticed there was a few minutes and a little banter when we both entered and exited some trades around same prices, which I didn't think much about at the time.
We both had different strategies and probable different time frames. This resonated in me when I thought about market wizards and Jack Schwager saying about getting a room full of super traders in a room all having different systems but having something in common , not saying we are super traders but made me think about what we had in common.
I realized we both were managing our risk which I now believe is the most important part of trading, there are other things that are important to know too but not as important.
Side note , I blew half my account up because I stopped managing my risk.
yesss will i agree 100% on risk but also on the same trades/different systems thing.
actually touched briefly on this with Peter2 a couple of weeks ago. i have had this experience a few times , my conclusion is that all,, maybe a lot anyway, of TA is the same.
what i mean is that of the countless different TA methods, systems,indicators ,philosophies etc, etc, it does not matter so much what method you use. a trader ends up being drawn to a method that sits well with that trader. but no one method is any better than another, any method used competently can bring results.
the proof , if you like, is that 2 traders with 2 methods often end up in the same trades.
as to whether those 2 traders are using their methods "competently"
is probably still wide open to debate.Similar threads
