if friday indeed is profit taking , we may see renew bulls come next week
- #153,384
- Oct 18, 2009 6:46am Oct 18, 2009 6:46am
- Joined Feb 2006 | Status: Spartan Attitude | 1,500 Posts
In Charts We Trust!
- #153,385
- Oct 18, 2009 7:00am Oct 18, 2009 7:00am
- Joined Feb 2006 | Status: Spartan Attitude | 1,500 Posts
In Charts We Trust!
- #153,386
- Oct 18, 2009 7:04am Oct 18, 2009 7:04am
- Joined Aug 2009 | Status: Sir Richard Culus | 3,099 Posts
- #153,387
- Edited 7:15am Oct 18, 2009 7:10am | Edited 7:15am
- Joined Sep 2008 | Status: Married - 5 Wives | 14,713 Posts
The Thief of Wall Street
- #153,388
- Oct 18, 2009 7:19am Oct 18, 2009 7:19am
- Joined Feb 2006 | Status: Spartan Attitude | 1,500 Posts
In Charts We Trust!
- #153,389
- Edited 7:43am Oct 18, 2009 7:20am | Edited 7:43am
Is anyone here trading with goals?
As in "If I reach 1000 bucks, I will stop trading for this week" ?
It's an interesting approach and I think I am one of the "over traders" even though I am using backtested results with set & forget....
Meaning I won't be over traded and put on horrible trades...
Would be good if anyone could come with some "better ideas" or reason for not to do this
, i know i know i donlt like losing well yes i don't like losing money). Each profit position i withdraw 50% of it. After reaching $100 withdrawal and of course +$100 equity. I will gamble the other 50% profit not being withdrawn for bigger lot 1 pip = $5 with 20 pips SL usually and hence the initial $1000 will never be compromised. If the gambling is not success then I'll started trading as above. This month has been lucky
. I already booked $220 actually.
- #153,390
- Oct 18, 2009 8:38am Oct 18, 2009 8:38am
- Joined Sep 2008 | Status: Are you sure this is how its done? | 2,331 Posts
You just nailed what I personally think is the key....
I've seen people execute great trades on all kinds of time frames. The trick is picking the time frame you can do it on. There's nothing special about being able to read a chart or push a button marked sell/buy...... Sometimes it helps if you know what you want to do next though.
Everyone does it their own way. I like to feel comfortable with the entry in the sense that I have at least a short term target to take profit. What I do is likely not going to work for others that need the feel of always being in the market. I can live without that feeling........and all the emotion of constantly trying to guess what to do next.
I'm not going to knock anyone that trades short term charts or anything else they want to trade. I can't really understand how some put up with the stress---------
I've tried it and it doesn't suit me. I do still scalp; I'm referring to strictly trying to trade off five minute and one hour charts as a sole trade plan. Just because it doesn't suit me doesn't make it wrong------anymore than four hour and one hour charts not suiting others would make them wrong. Flying by the seat of your pants on any time frame would be wrong.
Well good luck. It should be interesting this week. No sense guessing-- if it goes down I have buy targets in mind-- and if it goes up I have take profits in mind. Its just a waiting game.
- #153,392
- Oct 18, 2009 9:14am Oct 18, 2009 9:14am
- Joined Sep 2008 | Status: Are you sure this is how its done? | 2,331 Posts
- #153,395
- Oct 18, 2009 9:26am Oct 18, 2009 9:26am
- Joined Sep 2008 | Status: Are you sure this is how its done? | 2,331 Posts
- #153,396
- Oct 18, 2009 10:10am Oct 18, 2009 10:10am
- Joined Sep 2008 | Status: Married - 5 Wives | 14,713 Posts
The Thief of Wall Street
- #153,400
- Oct 18, 2009 10:39am Oct 18, 2009 10:39am
- Joined Mar 2008 | Status: Name real with real own way | 23,413 Posts
Not understand?better not follow my analyses!doubt clearer first, risks ++