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What to do next?

  • #21
  • Nov 7, 2006 9:05am Nov 7, 2006 9:05am
Quoting fourexcellence
...Attached is a copy of my plan...it is intended as an example only...
Pretty impressive. You sure put some time into that.
  • #22
  • Nov 7, 2006 9:18am Nov 7, 2006 9:18am
Quoting twinchell
Pretty impressive. You sure put some time into that.
Guys, this is all great, great advice. Thankyou for all of it, i will try to take my trading to the nest level now

DD
  • #23
  • Nov 7, 2006 9:19am Nov 7, 2006 9:19am
Most initial stops were set at 30 pips but as one objective was identify the size of stop needed to stay in the trade, so I checked that afterwards.

You must also look at the famous risk/reward ratio, e.g. larger stop is ok for GBP and CHF v USD where you can expect large runs, but not pairs where you only make wins of 20 pips
Consistency and patience is everything
  • #24
  • Nov 7, 2006 9:25am Nov 7, 2006 9:25am
Quoting Geldmeister
You must also look at the famous risk/reward ratio, e.g. larger stop is ok for GBP and CHF v USD where you can expect large runs, but not pairs where you only make wins of 20 pips
20 pips profit,,, you are trading this on the 4H charts right?

Thanks DD
  • #25
  • Nov 7, 2006 9:48am Nov 7, 2006 9:48am
Well that trading plan does exactly what it says on the Tin... I like that becasue as you say it takes all EMOTIONS out, it simply leaves you with a simple set of rules to follow. There is no "this doesn't feel good... I better get out while I have profit"

YOu have clearly defined when you are in and out. This similar to what I do.... Only enter when the setup is there.... I never take a trade unless I am 100% confident as well because it is these situations where I find I get very close to ignoring my plan.
  • #26
  • Nov 7, 2006 9:58am Nov 7, 2006 9:58am
Yes, the plan defines my trade for me in specific, non-interpretive details. Until my trade shows up in the market...I sit on my hands, ie, do nothing.

Once my trade appears, I take it exactly as the plan dictates...by that time all feeling and thinking are out of the process. Any other way for me is pure insanity.

Once in, it either stops out (I know before the trade exactly what my level of risk is) or banks profit.
  • #27
  • Nov 7, 2006 10:02am Nov 7, 2006 10:02am
Just an aside, I have a trading buddy and we chat every morning while we trade. Whenever I start a sentence with..."I think the market will...," or "I hope the GBP...," or "I think we'll see a retraceof...," etc. , he stops me in mid sentence and says, "You think, you feel, you hope!? WTH are you doing!?"
  • #28
  • Nov 7, 2006 10:19am Nov 7, 2006 10:19am
Quoting fourexcellence
Just an aside, I have a trading buddy and we chat every morning while we trade. Whenever I start a sentence with..."I think the market will...," or "I hope the GBP...," or "I think we'll see a retraceof...," etc. , he stops me in mid sentence and says, "You think, you feel, you hope!? WTH are you doing!?"
I will look you plan example.
thanks for posting.

I absolutly agree with you, emotions are the HIGHEST PRICE we pay in trading.

When we put our 'ideas' :'mh, my systems tells me to sell, but...wait...no, I THINK It will go up...I buy..'...
and then you pay for that

I agree. Good call
looking pip by pip is something crazy, and not wise.. stop, limit and go out
  • #29
  • Last Post: Nov 7, 2006 5:25pm Nov 7, 2006 5:25pm
Quoting trucco
looking pip by pip is something crazy, and not wise.. stop, limit and go out
Then start waiting and looking for the next one!
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