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  • #54,581
  • Oct 23, 2012 10:47pm Oct 23, 2012 10:47pm
Rz 6-9 Swapped OF-I non-gapped Orderflow
compressed possible short trigger with ird
Attached Image (click to enlarge)
Click to Enlarge Name: ea short.jpg Size: 171 KB
  • #54,582
  • Oct 23, 2012 10:57pm Oct 23, 2012 10:57pm
Well going through things like this really test your patience. Not to mention I dont trade too often I try to pick macro moves if I can and from time to time special situations arise in EQUTIES to warrant an option play. There are times when position trading can really take its toll, before I started posting here seriously I was short EUR futures in the middle of Feb and if those who remember how stubborn 1.30 was FOR SO LONNNNG i almost cut out not because I did not believe the move but because there was money being made in other markets and I was tie ing up capital but I stuck with it netting a nice position getting out a bit early though.


The worst things about Position trading for several months in one or two markets are in my experience
* Capital is tied up in a position that you may be in too early causing you too stress about other markets that are moving (exp EUR 1.30 BARRIER)
* There are Days were you get seriously bored because your in a nice spot and trading a position does not materialize overnight.
* Watching others take a small profit here and there makes you want to join the party but sticking to your trade plan can be challenging at times
* And most of all the emotional attachment to the trade as if it is your baby. Cultivating an extensive argument/position over a span of a month or more than watching it grow can be amazing but sometimes you lose track of the ORIGINAL reasons for the framework and start to look for other reasons to be long or short the original market and that can be deadly.

Shorter tf traders can detach much easier than position traders in my experience and from watch others in the industry have shown me and through first person observance, if you are wrong for a position that you built up over a half of a year or less and have it not work out it can really make you question yourself.
  • #54,583
  • Oct 23, 2012 11:00pm Oct 23, 2012 11:00pm
Quoting Ken A
Might be a good idea to watch the calendar in the morning will be full of events especially EURO. So far for AUD is all good other than the risk-off continuation.


Attachment

Yeah, I'll bring it to B.E before the news in 3 hours.
FF journal: Peaks and Troffs
  • #54,584
  • Oct 23, 2012 11:01pm Oct 23, 2012 11:01pm
Quoting 100PipsADay
Hey Bogus,

I've also got the H4 TL drawn on my E/A chart. It has been respecting it very nicely.

What is your target for your E/A short?
I'm going to scale into this one. No TP, I'll just follow it down (Hopefully).
FF journal: Peaks and Troffs
  • #54,585
  • Oct 23, 2012 11:03pm Oct 23, 2012 11:03pm
Quoting domino
Rz 6-9 Swapped OF-I non-gapped Orderflow
compressed possible short trigger with ird
Isn't she beautiful? Looks like the supertanker could be turning around.
FF journal: Peaks and Troffs
  • #54,586
  • Oct 23, 2012 11:05pm Oct 23, 2012 11:05pm
Quoting bogus
I'm going to scale into this one. No TP, I'll just follow it down (Hopefully).
I'll be right there with you!
  • #54,587
  • Oct 23, 2012 11:06pm Oct 23, 2012 11:06pm
Quoting jplazard
Well going through things like this really test your patience. Not to mention I dont trade too often I try to pick macro moves if I can and from time to time special situations arise in EQUTIES to warrant an option play. There are times when position trading can really take its toll, before I started posting here seriously I was short EUR futures in the middle of Feb and if those who remember how stubborn 1.30 was FOR SO LONNNNG i almost cut out not because I did not believe the move but because there was money being made in other markets and I...

Those are certainly the struggles associated with position trading....

I have found what helps is to let the move start a bit to ensure that it is what you are looking for... then scale in heavily

For example... I have been building a long position on the AUD/NZD... I gave up about 100 pips off the bottom to ensure the breakout.... but it has been smooth sailing since

http://clip2net.com/s/2qwRh
  • #54,588
  • Oct 23, 2012 11:11pm Oct 23, 2012 11:11pm
Quoting jplazard
from the group of trades. When I first shorted at the initial rate cut I was in profit almost instantly, then as you remember I added a small amount near the bottom range before we headed back to pre Oct cut levels. Then I added heavily at 1.04 1.0410 than the lower move back to 1.0350. There was no risk of 5% on the intal entry because the selloff came through then we barely traded above pre cut levels before selling again. and the same goes for 1.04-1.0410 for obvious reasons





Looking for RBA nov cut if it does not come Im out and...
I don't know how much impact of the rate cut and by how much this coming November. But I think money will still park in AUD and NZD rather than US Bonds or in EURO. I could be wrong though.
  • #54,589
  • Oct 23, 2012 11:14pm Oct 23, 2012 11:14pm
The only thing I can say if you want to position trade is be willing to desensitize yourself from the PnL swings in fact place your dynamic stop losses at the appropriate areas and don't look at the Account balance page every day it will tempt you when your first begin to position trade.


True story:

When I first played poker (underage lol) I was a kid working at a Golf course and got paid around $700 every two weeks. I took a cab (-35-$40 dollars so I was already under pressure to make money ) to a place where live cash games were played and I lost ALL OF MY MONEY. Do you know what I did, I cried because I knew I really screwed up and my dad was going to tell me how had I been older with a family I would of had no regard for my house payments, bills, kids ect. Now when I lose some money like 700$ it does not affect me or when I have a 70K profit swing back to $0 than to a slight negative it does not affect me because working for a bank and trading for this long I have become desensitized to money swings. Only when I feel the pressure or stress do I know I am pushing the envelope or the thesis has changed do I go flat or cut half. I only risk money I can afford to lose and that is 5% per trade


Also From that day I learned another thing never gamble money you can't afford to lose. If your trading for fun or as a side income or main income I applaud all of you taking the initiative in taking control of your future, But don't ever risk bill money or, immediate income unless you have savings to cushion the falls
  • #54,590
  • Oct 23, 2012 11:16pm Oct 23, 2012 11:16pm
Wulfgar very nice and liking the levels.

PS check your inbox it has been sent
  • #54,591
  • Oct 23, 2012 11:27pm Oct 23, 2012 11:27pm
Quoting jplazard
Wulfgar very nice and liking the levels.

PS check your inbox it has been sent
jp thanks my friend


  • #54,592
  • Oct 23, 2012 11:29pm Oct 23, 2012 11:29pm
sorry it took forever I have ADD on certain days and loose focus on what i was supposed to do the day prior
  • #54,593
  • Oct 23, 2012 11:30pm Oct 23, 2012 11:30pm
Quoting jplazard
sorry it took forever I have ADD on certain days and loose focus on what i was supposed to do the day prior

lol bro thats OK... I forget what im supposed to do every 5 min.... thank god for my phone having a note pad!

Ill let you know when it shows up
  • #54,594
  • Oct 23, 2012 11:32pm Oct 23, 2012 11:32pm
ok yes I just sent it a few hours ago I assume the CC is still pending approval but it will be there in a few hours if not let me know
  • #54,595
  • Oct 23, 2012 11:32pm Oct 23, 2012 11:32pm
Quoting Wulfgar
Those are certainly the struggles associated with position trading....

I have found what helps is to let the move start a bit to ensure that it is what you are looking for... then scale in heavily

For example... I have been building a long position on the AUD/NZD... I gave up about 100 pips off the bottom to ensure the breakout.... but it has been smooth sailing since

http://clip2net.com/s/2qwRh
Nice work Wulf!
  • #54,596
  • Oct 23, 2012 11:35pm Oct 23, 2012 11:35pm
Quoting 100PipsADay
Nice work Wulf!

thanks brother... just playin it one channel at a time.... lookin at the 2740 next.. really shows the strength of an engulfing weekly candle...
  • #54,597
  • Oct 23, 2012 11:35pm Oct 23, 2012 11:35pm
Speaking of Flash crash like I mentioned this happens day in day out on a mini scale in equities check it this is less of a mini flash crash but shows HFT and the liquidity(lack) they offer on certain times

http://www.nanex.net/aqck2/3636.html
  • #54,598
  • Oct 23, 2012 11:35pm Oct 23, 2012 11:35pm
Quoting jplazard
ok yes I just sent it a few hours ago I assume the CC is still pending approval but it will be there in a few hours if not let me know

Copy that... Ill for sure let you know....

bbl for LO guys...

Gl

Wulf
  • #54,599
  • Oct 23, 2012 11:46pm Oct 23, 2012 11:46pm
where will we go ? how about pending buy stop @1.0340.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH42012.10.24.jpg Size: 135 KB
A chart helps those who can read it.
  • #54,600
  • Oct 24, 2012 12:22am Oct 24, 2012 12:22am
Quoting jplazard
Well going through things like this really test your patience. Not to mention I dont trade too often I try to pick macro moves if I can and from time to time special situations arise in EQUTIES to warrant an option play. There are times when position trading can really take its toll, before I started posting here seriously I was short EUR futures in the middle of Feb and if those who remember how stubborn 1.30 was FOR SO LONNNNG i almost cut out not because I did not believe the move but because there was money being made in other markets and I...
Can't pretend I've ever built up a position over 18 months but certainly have some around 5 months. As I'm just learning I've never had that much capital tied up but I learnt quickly not to worry about missed opportunities. Would have driven myself crazy if I dwelt on every missed opportunity or every missed pip. None of us are perfect, accept that and move on (general advice, not having a go in any shape or form).

Re boredom - I'm not full time trading as too early in my trading to justify leaving my job, however my trading plan is not based on ever being full time trader. When I am in a position to earn all my income from trading the plan is to be part time and fill the rest of my time with other activities. This is documented in my trading plan and should be in yours as to why you are doing what you are doing so that you can remind yourself whenever needed. To me it's the best advantage of trading positions is that it can be part time! If price moves against my first entry I'm happy to add positions as long as my original reason for entry still stands.

Re Original reasons for a trade - should be in your trading journal for easy reference. Again this is something I've learnt to stick to, also very helpful for looking back and working out how I can improve.
Hope for the best, prepare for the worst.
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