Stopped. They were kinda risky continuation postions, however like before, there probably will be continuation, just too much drawdown. I like tight stops when staring at the screen or working on something with the chart in the background but if I am away the stop should be placed with a lot of leeway or perhaps a tight stop but then a re-entry calculating getting back in after a reverse move.
The snowball swing strategy I was using earlier I would like to employ with these larger positions with the 1000:1 leverage, but again, this strategy works best while looking at charts. I have time to look when I trade the morning bell of the NYSE until momentum slows then I am on with my day. I'll keep weekly candle analysis at minimum Sunday and Wednesday. Sunday spikes are quite reliable, perhaps it good to get a jump on it with a news feed. However, the spike has to be anticipated with a market order Friday afternoon for the SPX. Lost this week experimenting. All losses are tuition.
This one doesn't trade after hours for some reason. Just have to plan on the gap. It does follow fibs quite well though. I think markets that are more macro economic do. This one is 80% of the US economy they say, almost like a currency.
The edge I am going for is kind of like sports. I have to be in the mindset of winning the game. If I have a good quality news feed, pay attention to tweets from major movers like Trump, see the scheduled events like on the front page here at forexfactory, and have the charts eyeballed at least in the background at all times, then I can develop a good overall intuition of the market. In Trump's book, Think Big, which I have only seen at the book store on the shelf, but as I thumbed through it he talked about developing your gut. Get all your systems in place, then work on emotional intelligence. It's the smarts you have that are not reason per se, but is the sum or at least the intelligence of all past experiences accessible not by thought but by the gut. Subconscious intelligence, it increases with experience he says. The deal is right or something feels queezy about it type of thing. It hurts to loose I think, the emotions are part of the thought process that ultimately results in a decision. Emotional intelligence. It feels right or wrong.
What is holding me back from keeping a runner? I keep getting stopped out. If I can have a runner, and a scalp, that is the best way. The runner should be a long term swing position, and the scalp I exit trailing price after a momentum move, such as a 423.6 extension.
These longer term positions I have to be ok with a little drawdown to catch the monthly moves. Pinpointing reversal can be quite lucrative, but it could still break support.
Looking for a top, could this be it? I'll risk $1 to find out. Again, I know based on price action that it will go in my favor, the problem is, how much to risk. I have a high likely hood of stopout with this size risk. however, I can get back in tomorrow.
So far keeping the losses small but they add up. On Monday I was up to $160 now down half. That's how it is with this 1000:1 leverage. I need to size up so I can have better stop placement. Got back in this one.
Stopped, got back in at the open. Right at resistance. Metals stopped, again not enough fundage in the account to handle drawdown so I stop out early then it goes my direction.
Are we going into the red zone? First red candle? Preparing for next week. It's just not quite at the fib level yet, it seems like it will make a surge up again before dropping, but it may be done.
Still trading this resistance point on silver. Some more leeway on the stop but still it's not placed above the last high, just the retrace, so it may stop out.
Just in sight and unobtainable. That is how it's been lately. I do the analysis, and the majority of the time I stop out, then it goes in favor of my analysis. Pinning down the problem is the first part to fixing it. With my 100 pip stop losses on Oanda I didn't have much of a problem making money. Precision entry became my goal and tight stops, so I can enter with large positions. I will master it eventually. How tight of a stop, how large of a position, and is it good to add to and at what point.
I figured momentum would break the high on the SPX so I moved my stop to breakeven, only to have it trigger and reverse. It was placed a safe distance above originally. The stop outs on the Tradersway account again are from tight entries. I'm going to try having a stop and a re-entry preset to minimize drawdown.
I have to organize different strategies better. Set and forget, but then alert at stopout would be nice, because I can re-enter if its just a fake. Set and forget entirely is best, until the next weekly candle analysis.
Account swung around. Moved some stops up mostly, set some entries.
Market gold order and limit silver at the 423.6
Taking profit on the Oanda account so I can close it out and transfer funds to 1000:1 leverage, some to Primexbt too so I can day trade the SP500 and metals for cheaper. I have to watch the crypto market more and be sure to hedge against BTC volatility.
Gremlins again, this time it is mobile internet not working, that well anyway. Closed my metal positions because it's difficult to analyze with super slow internet. Recouped losses somewhat.
