If I am wrong I have a plan.
If I am right I have a plan.
If I am right but then the market does something somewhere I have noticed, I have a plan.
What is YOUR plan?
Hold and hope?
The magical mystery tour of the divine markets
The fantasy of putting on many positions 
, moving a stop to breakeven and then holding forever with no idea of when to exit
With a 20% win rate and trading multiple markets at the same time
How many positions do you think you're going to get on before you run out of margin?
I could explain but most of it is in the thread anyway
Then you say it is reckless for doing the safest thing possible and looking for safety of capital before profit. And to do so would mean blowing up, when in fact, when you lose....you lose 1R
I suggest reading some more Elder and Van Tharp
Those who have ears
The rest become gurus
, moving a stop to breakeven and then holding forever with no idea of when to exit With a 20% win rate and trading multiple markets at the same time
How many positions do you think you're going to get on before you run out of margin?
I could explain but most of it is in the thread anyway
Then you say it is reckless for doing the safest thing possible and looking for safety of capital before profit. And to do so would mean blowing up, when in fact, when you lose....you lose 1R
I suggest reading some more Elder and Van Tharp
Those who have ears
The rest become gurus
Inserted Video
Do you often take a position and move to another pair if u see something u like? Gain 2R on GU but see something u like on UCAD so transfer to that pair with new hypothesis?
{quote} So this week are u going to stay away from watching the tiddler charts? Did u exit with a close above that line or was a stop in place? I believe your stop was well away, so you simply closed because price disrespected your hypothesis short. Do you often take a position and move to another pair if u see something u like? Gain 2R on GU but see something u like on UCAD so transfer to that pair with new hypothesis?
Correct. I'm not going to be watching 5 minute charts next week.
I had enough money in the risk pot to have the stop away, and I mean WELL away, it was Friday and every trade in the week had profited well enough to do that. Going into NFP is madness isn't it?
The entry chart is NOT the trade chart.
Exit was when the 5 minute candle closed above the line.
Price may well have reversed and gone down but you do not think about profiting when you are not in profit.
I could have profited from the trade but didn't. I'm not a scalper
If the spike had not come back down and closed higher, that is where I would have exited.
My stop was not hit and risk funds would remain and be re-sized for the next trade.
In this case, on small charts, on NFP Friday, realising profit weekly, that was the end of the sequence, remaining profit going back into capital. If earlier in the week you would re-sizing &/or or moving to a smaller chart: Trading H1/M5 gives no real option but to re-size.
Yes you can transfer to another pair if you wish, mid sequence: as long as you have money in the risk fund to do so.
YOU build YOUR plan around how much profit you want, or time period over which you trade and then realise profits, if you indeed DID profit back into capital.
If trading larger charts it is more reasonable to do it monthly.
By definition if realising weekly, you are day trading.
If your timeframe is larger can can start with one or two day trades to add to your risk pot then move to the larger charts.
Can you 'lose the lot'? Yes, of course. You can trade 'well' for 3 weeks, be over optimistic while increasing lotsize and position too close too the market and lose. In which case, you lose 1R
Protect capital, lose small, win big.
- #518
- Mar 9, 2014 10:14am Mar 9, 2014 10:14am
- | Membership Revoked | Joined May 2011 | 2,976 Posts
{quote} Michael hi! There are a couple of questions for you, where you can specify the native language))
alf909, I'm ready to answer ANY question, English or Russian!
But when you talk to people like 60minuteman, you'd better talk Russian! I'm very proud of my native Russian language! The Americans have only seven so called "four-letter words", and I feel sorry for them, because it is NOTHING comparing to the wealth and power of Russian language! Gentlemen always play by the rules. If they can't, they change the rules.
{quote} Correct. I'm not going to be watching 5 minute charts next week. I had enough money in the risk pot to have the stop away, and I mean WELL away, it was Friday and every trade in the week had profited well enough to do that. Going into NFP is madness isn't it?
Actually, what am I saying??? I get it right when in the present but wrong in hindsight
. Classic. It was Crazy Thursday wasn't it. Freaky Friday was the day afterwards , but both are insane days for 7 pipping.