Hello All,
Started with a small loss on the pound (is this what y'all call the cable?????). Held to my guns for using the Parabolic SARS to trigger my exit.
Opened on the 7:40 candle (on the 5 min chart) EST. 1.7497
At 12:24 PM the position is still open with a stop right now at 1.7674 (a garaunteed 177 pips profit).
The thing I wanted to get feedback from y'all is this:
When we are in a tight range, and we get a 200 pip move like this, where would you have gotten out? What are some of your "legging out" methods. I used to leg out for profits, but what happened to me was similiar to the following hypothetical situation.
30 pip loss on four contracts = -120
30 pip gain
Two @ 10 pips = 20
One @ 30
One when it fell back to 15
Total win = 20 + 20 + 30 +15 = 85
How many of you "leg out" on your losses as well. See, if you don't leg out on your losses as well as your gains, the bias seems to be towards shrinking your account. Let me know what you think.
Regards,
Agent2005
Started with a small loss on the pound (is this what y'all call the cable?????). Held to my guns for using the Parabolic SARS to trigger my exit.
Opened on the 7:40 candle (on the 5 min chart) EST. 1.7497
At 12:24 PM the position is still open with a stop right now at 1.7674 (a garaunteed 177 pips profit).
The thing I wanted to get feedback from y'all is this:
When we are in a tight range, and we get a 200 pip move like this, where would you have gotten out? What are some of your "legging out" methods. I used to leg out for profits, but what happened to me was similiar to the following hypothetical situation.
30 pip loss on four contracts = -120
30 pip gain
Two @ 10 pips = 20
One @ 30
One when it fell back to 15
Total win = 20 + 20 + 30 +15 = 85
How many of you "leg out" on your losses as well. See, if you don't leg out on your losses as well as your gains, the bias seems to be towards shrinking your account. Let me know what you think.
Regards,
Agent2005
Be sure you're right. Then go ahead! -- Davey Crockett
