congrats on your 100th trade stevie!
for the next 3 months i'm sticking to the rules you laid out as per this thread, so the 1000 stop loss stays! it is really tempting to tweak a stop here and a take profit there but i want to see if i could replicate some of your success, so i'll just wait and see!
i hope i can repay the confidence you have in me with some good results this week.
so far it's been pretty easy. i'm still waiting for things to get difficult.LOL
for the next 3 months i'm sticking to the rules you laid out as per this thread, so the 1000 stop loss stays! it is really tempting to tweak a stop here and a take profit there but i want to see if i could replicate some of your success, so i'll just wait and see!
i hope i can repay the confidence you have in me with some good results this week.
so far it's been pretty easy. i'm still waiting for things to get difficult.LOL
DislikedHey Iso!
I've spent the weekend reading 'Bird Watching in Lion Country' and it's spooky how closely the good doctor's view of the market and trading in general correlate with mine. A few obvious differences but you were right lol.
OK, onto your post....
This is how I came up with the 1000 stop loss figure - unless we have extreme moves over a short period of time, these 1000 or so ranges on the daily charts keep cropping up and generally stay within that range for long enough for a good profit to be made. It's never going to be perfect but nothing ever is.
Very quiet day today - so far banked 100 pips and have one position just in profit as I write this. One thing you will begin to see Iso is that virtually every day you'll have at least one position get into the +40's and then reverse. Don't get hung up about it - it's all part of the method and stuff happens.
Just closed my 100th trade today on the managed account and am now at a point where I have 5 stop losses 'in hand'. Of course I'll make more winning trades before one or more stop losses are hit so things are looking very good at the moment. You'll notice that preservation of capital is more important to me than the actual profits. Take care of the first part and the second follows automatically .
Like anything worthwhile it requires discpline & perseverance & if there's anyone on these boards that can do this it's you .
Keep me post & keep asking.
Kind Regards
SteveIgnored