Closed out all positions.
One was a great exit at the push up to around 6770.
The second exit was a bit in no-man's land. I could have taken both off at 6770 but wanted trade under a pivot low, however this was a shallow low. I had to either have the stop at 6650ish or take profit at 6770. I sat on the fence and got punished.
Total profit around 45 points with a few other small losses in between.
Last night I didn't respect profit and it was annoying.
Prior to prior to tonight, 4 of the past 5 times I was over $400 up, I gave it back. I need to work on profit taking but am getting some real clarity around this now. Two contracts helps.
Also a lot of clarity over these trades on open: which ones to take, when to take them, when to exit them. It's coming along well.
View attachment 58801
PAV its going to happen.
You have to give some back to pick some up.
You'll remember with regard to the DAX emails I sent you.
I gave back a great deal more than your trades 3 X
But in the end pulled a 200 tick followed by a 90 tick trade.
The point is that capital is protected and trades are
entered into---we get on the right side and make a call as
to the longevity of the move.
You'll get it right and not so right.
Its doesn't matter that your wrong but it does matter how long you STAY WRONG!
Good point. One of the key things I have learnt from you is to eliminate risk ASAP.
Once at BE then I can let it run a bit.
I think that my issue here isn't an unwillingness to give back profit, because I know that it is a cost of being business.
The issue is a lack of clarity about what my objectives are.
Trading 2 contracts the goal is to take one off at 25-30 points. I need to be disciplined with this. If I then miss out on a bigger move, or give back profit on the second contract then bad luck.
I figure one contract is to make a wage. The other is to try and capture bigger moves (and I will give back much more on this one potentially).
A topic I have dwelled upon at length.
I guess ideally we should define the average swing in our chosen instrument over X periods.
Then adapt our trade length to within that.
So while we are picking up trends --- they will differ in timeframes and then also in frequencies.
Being time strapped I go for a longer frame and cop the Regular stops at B/E and the odd stop out.
But we all know that trade frequency coupled with accurate ability to be correct in the direction of our trade
with minimising loss will bring superiors returns---If you HAVE THE TIME.
By bringing in frequent B/E stops the end plot of return will show a far greater return on risk than simply letting each trade fall back to an initial stop.
I don't know about you but I've found that with few exceptions if I haven't honoured my B/E stop my initial stop would have been taken out as well!---so Id have copped a loss AS WELL as a brokerage fee!
If it doesn't take off immediately then my analysis has not been validated.
Pretty much all my profitable trades take off from the get-go and often fairly strongly.
Tech, an interesting observation that I've found with the FTSE.
If you have analysed context well, the open is a very good time to trade. Kid and I have been discussing this.
Most time price either:
1) Sets off in the direction of the trend of the day and the low of the first few bars isn't taken out for the day.
2) Price pushes up to a good resistance level (or down to a good support level) for a 15-25 point move. Once again, the first few bars don't get taken out in this initial move.
I have personally found that for the risk of 5 or 6 points, the reward is far greater.
I've begun using the 1min and 2 min chart to accompany the 3 min chart for setups in the first 15 minutes.
This method particularly appeals to me if the market is trending and I take 2 contracts.
Some days I can literally get in in the first 5-10 minutes and do nothing except move me stops to BE and maybe set an alert if price reaches a certain level.
This also ties in with my very strong belief about the ease it creates if you can take a trade at the intra-day high/low in the first hour (whether it be the open or the first resistance/support reversal).
Some DAX traders (particularly those on the opposite side of your trades) will likely disagree....
Still better to trade the DAX than watch Home and Away!
They're beating me up again today.
4 trades, 4 losers.
1 Dropped after open. Took an Al brooks H2 short entry. stopped
2 Took a short on the break of the trendline. Sopped.
3 2 failed shorts and looking more bullish now. Long on the break of the prior high. stopped
4 sticking with bullish bias - long at previous support - stopped.
Negative 51 pips so far, gonna be hard to recover from today, lol
Most time price either:
1) Sets off in the direction of the trend of the day and the low of the first few bars isn't taken out for the day.
They're beating me up again today.
4 trades, 4 losers.
1 Dropped after open. Took an Al brooks H2 short entry. stopped
2 Took a short on the break of the trendline. Sopped.
3 2 failed shorts and looking more bullish now. Long on the break of the prior high. stopped
4 sticking with bullish bias - long at previous support - stopped.
Negative 51 pips so far, gonna be hard to recover from today, lol
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