Agreed - I'm generally looking at stuff to run several hours and only trading in the direction of the trend on the daily chart.
This concept of a free trade/locking in profit etc. is the heart of what I'm thinking about, I guess. Why is the fact you've just had a profitable short (say at $n/pip), a reason to add to it rather than just leave it open?
If you had been out of the market at the time, would you have gone straight in at $2n/pip?
It seems to me that I should be deciding how much I want on at any given point in time, irrespective of what has gone before (in terms of P/L on my own previous trades, obviously not in terms of price history). This has to be attenuated in some way based on transaction cost, clearly - can't be paying the spread over and over again to keep tweaking with bet sizes.
I'm thinking along the lines of having a range of bet sizes (say $n/pip through to $4n/pip), representing levels of confidence that the next move in my target timeframe will be in the direction I expect. Do you also factor in how far back your SL will be (if that varies, it does for me) in determining bet size?
This concept of a free trade/locking in profit etc. is the heart of what I'm thinking about, I guess. Why is the fact you've just had a profitable short (say at $n/pip), a reason to add to it rather than just leave it open?
If you had been out of the market at the time, would you have gone straight in at $2n/pip?
It seems to me that I should be deciding how much I want on at any given point in time, irrespective of what has gone before (in terms of P/L on my own previous trades, obviously not in terms of price history). This has to be attenuated in some way based on transaction cost, clearly - can't be paying the spread over and over again to keep tweaking with bet sizes.
I'm thinking along the lines of having a range of bet sizes (say $n/pip through to $4n/pip), representing levels of confidence that the next move in my target timeframe will be in the direction I expect. Do you also factor in how far back your SL will be (if that varies, it does for me) in determining bet size?