Hi "TheFool"
Thanks for your polite response.
You mentioned """"I imagined that you would go down one of the same roads I have been down: you would have trouble cutting short those losers and you would tend to not let your winners run. Now, tell me if I am mis-assuming about how it went for you. But the latter case is a natural tendency that the scalper develops, I believe."""""
Good point. I think it depends on how one defines oneself. My personality fits scalping as I intensely dislike turning a good profit into a miserable small win or a even a loss. The number of times I have done this is very high, so I think I need to stay with short term thinking and stuff the trend. When I start thinking trend, that is when I get into trouble.
As the majority thinking tends to be wrong ( 95% losers and 5% winners ), I think I will try the opposite.
The consensus is to let the profits run, so for the next few weeks I will NOT let the profits run and see what happens. I will let you know my results.
I mentioned in an earlier post of a 9 pip sl and a 15 pip tp. I am now going to change to a 5 pip tp. My daily goal is 20 pips and then quit.
You also asked me how my trading has been going recently. Not too well. I had more successful days than not but I would lose 60 pips or so by not adhering to my mental stop and turning a scalping trade into a medium term trade by being stubborn, so my 20 pip winning days were not sufficient to make up for the losses.
So my goal for the next few weeks is " Stuff the trend thinking and take very small profits instead".
Here is hoping.
My last comment is this thread has scalpers and medium term traders posting and hopefully the readers can distinguish between the two and if responders could provide constructive criticism ( how they trade ) rather than negative criticism ( pulling down someone elses' trading ideas in a sarcastic manner ), it would be much appreciated.
regards
emtee
Thanks for your polite response.
You mentioned """"I imagined that you would go down one of the same roads I have been down: you would have trouble cutting short those losers and you would tend to not let your winners run. Now, tell me if I am mis-assuming about how it went for you. But the latter case is a natural tendency that the scalper develops, I believe."""""
Good point. I think it depends on how one defines oneself. My personality fits scalping as I intensely dislike turning a good profit into a miserable small win or a even a loss. The number of times I have done this is very high, so I think I need to stay with short term thinking and stuff the trend. When I start thinking trend, that is when I get into trouble.
As the majority thinking tends to be wrong ( 95% losers and 5% winners ), I think I will try the opposite.
The consensus is to let the profits run, so for the next few weeks I will NOT let the profits run and see what happens. I will let you know my results.
I mentioned in an earlier post of a 9 pip sl and a 15 pip tp. I am now going to change to a 5 pip tp. My daily goal is 20 pips and then quit.
You also asked me how my trading has been going recently. Not too well. I had more successful days than not but I would lose 60 pips or so by not adhering to my mental stop and turning a scalping trade into a medium term trade by being stubborn, so my 20 pip winning days were not sufficient to make up for the losses.
So my goal for the next few weeks is " Stuff the trend thinking and take very small profits instead".
Here is hoping.
My last comment is this thread has scalpers and medium term traders posting and hopefully the readers can distinguish between the two and if responders could provide constructive criticism ( how they trade ) rather than negative criticism ( pulling down someone elses' trading ideas in a sarcastic manner ), it would be much appreciated.
regards
emtee