{quote} Thank you very muchTalking about the inputs, what period do you use and which method? I have "type 3" as default
Empty your mind and let the market guide you
Billytt Die happy trading e/j daily breakout
- #48,662
- Edited 9:26pm Apr 30, 2020 9:13pm | Edited 9:26pm
- Joined Feb 2019 | Status: Trader | 1,285 Posts
SOUTHERN COMFORT
STEP 6:
TRADE EXITS
Now, using the STEP 5 trades as an example and ignoring all the other potential trades I just want to mention what I do in regards looking for TRADE EXITS and RISK MANAGEMENT. This is in NO WAY telling anyone else what they SHOULD do, I don't like to use the S H word.
ALL TRADES are CLOSED before the END OF THE TRADING WEEK. So the above trades, which were taken on a FRIDAY, were closed early Saturday morning my time.
I NEVER hold trades over the weekend. Why? I love to finish my week on a Friday, or earlier, and not think about live trades in the market. Weekends are family time, relax time and even research time.
OTHER TRADE EXITS:
The SDL CHANGES COLOUR (Wait 6 HOURLY BARS)
TODAY's ADR HAS BEEN HIT. (GREAT PLACE TO BANK SOME WEEKLY PROFITS)
RISK MANAGEMENT
My main GOAL in trading is to become a CONSISTENTLY PROFITABLE TRADER who can PROFITABLY TRADE a LARGE ENOUGH ACCOUNT THAT I can REPLACE my CURRENT MONTHLY INCOME.
Currently I'm working on the FIRST PART of this GOAL.
I have a YEARLY/MONTHLY/WEEKLY PROFIT TARGET.
In order to achieve this WEEKLY TARGET I have broken down my RISK so that each NEW POSITION is just risking 0.25% of my account. This makes it very easy for me to PUSH THE BUTTON on ALL NEW TRADE SETUPS as I have NO IDEA which one will last a MINUTE or PERHAPS the ENTIRE WEEK!!!
To use a simple analogy here, think of buying seedlings from a nursery. If those seedlings were worth 2% of your account each, you might be fearful of buying them in the first place. Then if you did, you might just be so worried about them you could find yourself at 2AM IN THE MORNING standing in the dark trying to protect them from the wind and the rain.
However, if they were only worth 0.25% of your account, well you might be more willing to plant them in some good soil and let nature take its course.....
So using the SOUTHERN COMFORT method, yes I will have a few 0.25% losses during the week, but quite often, one, two or more setups will run for 8 to 10 times the risk.
These trades are also supplemented with BILLY's 00:00 which has a bigger risk percentage allocated to it, so I can get to my weekly target even quicker.
Using this week as an example, I hit my weekly target in just 4 minutes on Monday via the SWISS BAR (My version of Billy's Bar) and that has been it for the entire week. It doesn't always play out like that but happy when it does.
STEP 6:
TRADE EXITS
Now, using the STEP 5 trades as an example and ignoring all the other potential trades I just want to mention what I do in regards looking for TRADE EXITS and RISK MANAGEMENT. This is in NO WAY telling anyone else what they SHOULD do, I don't like to use the S H word.
ALL TRADES are CLOSED before the END OF THE TRADING WEEK. So the above trades, which were taken on a FRIDAY, were closed early Saturday morning my time.
I NEVER hold trades over the weekend. Why? I love to finish my week on a Friday, or earlier, and not think about live trades in the market. Weekends are family time, relax time and even research time.
OTHER TRADE EXITS:
The SDL CHANGES COLOUR (Wait 6 HOURLY BARS)
TODAY's ADR HAS BEEN HIT. (GREAT PLACE TO BANK SOME WEEKLY PROFITS)
RISK MANAGEMENT
My main GOAL in trading is to become a CONSISTENTLY PROFITABLE TRADER who can PROFITABLY TRADE a LARGE ENOUGH ACCOUNT THAT I can REPLACE my CURRENT MONTHLY INCOME.
Currently I'm working on the FIRST PART of this GOAL.
I have a YEARLY/MONTHLY/WEEKLY PROFIT TARGET.
In order to achieve this WEEKLY TARGET I have broken down my RISK so that each NEW POSITION is just risking 0.25% of my account. This makes it very easy for me to PUSH THE BUTTON on ALL NEW TRADE SETUPS as I have NO IDEA which one will last a MINUTE or PERHAPS the ENTIRE WEEK!!!
To use a simple analogy here, think of buying seedlings from a nursery. If those seedlings were worth 2% of your account each, you might be fearful of buying them in the first place. Then if you did, you might just be so worried about them you could find yourself at 2AM IN THE MORNING standing in the dark trying to protect them from the wind and the rain.
However, if they were only worth 0.25% of your account, well you might be more willing to plant them in some good soil and let nature take its course.....
So using the SOUTHERN COMFORT method, yes I will have a few 0.25% losses during the week, but quite often, one, two or more setups will run for 8 to 10 times the risk.
These trades are also supplemented with BILLY's 00:00 which has a bigger risk percentage allocated to it, so I can get to my weekly target even quicker.
Using this week as an example, I hit my weekly target in just 4 minutes on Monday via the SWISS BAR (My version of Billy's Bar) and that has been it for the entire week. It doesn't always play out like that but happy when it does.
Empty your mind and let the market guide you
- #48,663
- Apr 30, 2020 11:06pm Apr 30, 2020 11:06pm
Hi all. Today was ridiculous with Cable, just could not go wrong. It does happen though. I thought the 2 hour bar trading would of gone to maybe 12. But wrongTrade well all. Stay Safe
Errr I got I got it totally wrong lol
I had it in my mind that it was going down even though everything that I was seeing was going up lol
Hope everyone has a good weekend
Regards
Kev
- #48,665
- Apr 30, 2020 11:58pm Apr 30, 2020 11:58pm
- Joined Feb 2019 | Status: Trader | 1,285 Posts
Empty your mind and let the market guide you
- #48,666
- May 1, 2020 12:58am May 1, 2020 12:58am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #48,667
- May 1, 2020 1:05am May 1, 2020 1:05am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
{quote} Morning Billy, and everyone Errr I got I got it totally wrong lol I had it in my mind that it was going down even though everything that I was seeing was going up lol Hope everyone has a good weekend Regards Kev
It is easy to speak after the event, it could of gone either way , I too thought down but I traded long most of the day because I had the trigger and actually smashed it. These days do happen sometimes. Look back at 2nd week+ of March. We were having big moves but not spike.
I don't think it will happen today OR WILL IT lol
Trade well. Stay Safe. Have a good weekend.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #48,669
- May 1, 2020 2:24am May 1, 2020 2:24am
{quote} Hi Kev, It is easy to speak after the event, it could of gone either way , I too thought down but I traded long most of the day because I had the trigger and actually smashed it. These days do happen sometimes. Look back at 2nd week+ of March. We were having big moves but not spike. I don't think it will happen today OR WILL IT lol
Thanks for the reply
Stay safe and have a good weekend yourself
Regards
Kev
- #48,671
- May 1, 2020 2:38am May 1, 2020 2:38am
- Joined Feb 2019 | Status: Trader | 1,285 Posts
Empty your mind and let the market guide you
- #48,672
- May 1, 2020 2:48am May 1, 2020 2:48am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
Thursday - so there I was selling the GBP down from 1.25 targeting DO/Piv. Spotted the spread widening to 4/5points, thought odd, no major news. Then thought this might test 1.25 again or ADR area so placed a couple of sell entries with good stops above - The only reason for the sell orders was that I was expecting a courier delivery any time - never usually use orders - so why I did this I'll never know....DUH!!!! Courier arrives and when I get back pounds gone north wiped out emergency stops and the weeks profit - hey ho! All the clues were there...
Regroup. Lesson learned.
Trade well , Stay Safe
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #48,673
- May 1, 2020 2:50am May 1, 2020 2:50am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #48,674
- May 1, 2020 2:55am May 1, 2020 2:55am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #48,675
- May 1, 2020 3:16am May 1, 2020 3:16am
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #48,676
- May 1, 2020 3:20am May 1, 2020 3:20am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Italian, French, Swiss and Chinese holidays today...though dunno' how much you'd notice the first two 
- #48,678
- May 1, 2020 3:29am May 1, 2020 3:29am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
SOUTHERN COMFORT STEP 6: {image} TRADE EXITS Now, using the STEP 5 trades as an example and ignoring all the other potential trades I just want to mention what I do in regards looking for TRADE EXITS and RISK MANAGEMENT. This is in NO WAY telling anyone else what they SHOULD do, I don't like to use the S H word. ALL TRADES are CLOSED before the END OF THE TRADING WEEK. So the above trades, which were taken on a FRIDAY, were closed early Saturday morning my time. I NEVER hold trades over the weekend. Why? I love to finish[/highlight]...
{quote} Hi Fxray I've no excuse at all. I ignored Billy,s oo.oo 4.00am box, and Claudia,s 3.00am to 7.00am box Never even gave it a thought it was the end of the month, one of the joy's of being furloughed, you lose track of days lol. I sat and watched the chart going up from around 8.30 am, no hint of it wanting to go down, but still kept trying to sell it lol. Lessons learnt for next week I hope Have a good weekend Regards Kev
I'm off to find some Arnica for the bruising on my forehead
At my age I can't remember what happened yesterday, senior moment seem to occur more frequently
Have a great weekend
Ray
- #48,680
- May 1, 2020 4:53am May 1, 2020 4:53am
{quote} Hi Kevin I'm off to find some Arnica for the bruising on my forehead
hope that does the trick lol
If you find anything for senior moments can you let me know lol
Have a great weekend yourself
Regards
Kev