My trading blog
- Thread starter adamim1
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skc
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I have no idea what you are trading or who you are subscribing to... but taking risk off ahead of major market moving events, if your strategy hasn't take that into account, doesn't sound too stupid.
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.5% too much in my opinion. You're right - it's an improvement, but I still don't think you're grasping the whole money & risk management concept. 2% rule doesn't necessarily mean 2% on every trade, it's a MAXIMUM when you're almost 100% sure it'll turn out well.
On average I'll trade 1% maybe more, maybe less but never more than 2%. It's one of my golden rules written in my trading plan.
By the way, do you have a business / trading plan written out on paper that you can constantly refer too? I didn't for the first 6 months - it takes all the emotion out of trading.
Actually it kind of reminds me now how exciting trading used to be when I was leveraged up to the hilt and couldn't blink because I'd miss a change in price. Now that it's all written down I feel like a robot.
I do have a set of rules I follow, but I didn't had a risk on trade rule.
I ran 2.5% on the blue chips as they were a safer trade. The difference was about $40
the position in RIO was larger. I risked way too much on it and closed the position earlier .. a whole $2 before the stop. It was a bad move, on my part to add the pair trade.
I wish I had put a short on RIO as the price movement was significantly larger... But I wish many things.
I wish I had put a short on RIO as the price movement was significantly larger... But I wish many things.
tech/a
No Ordinary Duck
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Emotions they can be a killer to profit (sure I know its only half!).
All you have to do is place your stop at B/E then hang on!
But hey youll learn.
All you have to do is place your stop at B/E then hang on!
But hey youll learn.
out of this trade. I was in the money few nights ago and pulled stop back to entry for the sake of decreasing the risk. Got stopped overnight.
I'm out of all my other positions too. I had shorts on NAB & MQB that I had been holding for 2 weeks. I made small profits on these two trades, but I am weary about where this market could go from here. I am thinking we may see 1350 or higher before the next down turn.
I'm out of all my other positions too. I had shorts on NAB & MQB that I had been holding for 2 weeks. I made small profits on these two trades, but I am weary about where this market could go from here. I am thinking we may see 1350 or higher before the next down turn.
I don't want to come across like a nag, but a trading blog which doesn't mention why decisions are made or how one comes to a certain conclusion isn't super informative.
E.g.
Scenario 1: I bought and sold Rio today, made a handy profit.
Scenario 2: I saw an entry in Rio today BECAUSE of reasons A, B and C ...and then sold in the afternoon BECAUSE of my plan which says X, Y and Z will happen before I sell...
My intention with commenting is purely to get you to divulge more info so I can see whether I can learn anything from your methods or not. I'm not trying to be attacking, I merely want to analyse.
Some of the trades that I make are not based on my thoughts. Obviously I put the trade on but if its from my subscription I just do as I am told.
But yes, I should be more specific.
The two bank trades were from my subscription. I exited them on my own account because I've been sitting on a lot of trades over the past month waiting for targets to be hit (and being in the money as well), only for it to come back and stop my out (at entry). I don't mind this happening usually, but I could see this rally had some strength and rather then make nothing, I decided to take some money.
The SP500 trade was a fairly aggressive trade (although i didn't risk much). Once I was 10 points in the money I thought I would limit risk altogether and move stop to entry.
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