I sure wish I had a crystal ball that wasn’t broken, but I have managed to capture a decent portion of these big moves down in the morning (US Open). Boy oh boy, talk about taking it all back.
How have you all done on the moves?
I sure wish I had a crystal ball that wasn’t broken, but I have managed to capture a decent portion of these big moves down in the morning (US Open). Boy oh boy, talk about taking it all back.
How have you all done on the moves?
Haha it was fun. I was short yesterday just before 1.30 GMT news, panicked when price blipped up and was long when it dropped of the cliff, lost about 50 pips. Regained about half of that yesterday with a slightly over leveraged, under confluenced lucky cable trade.
Broke my money management rules again today but was short for the NFP so made back yesterdays losses and a bit besides.
Only my second week trading live, I need to calm dowm or there maybe trouble ahead…
Oh, I know the feeling! I stuck to my guns though on how big a position I would take. I wanted to increase it so bad, but I didn’t. Then, I wanted to increase my limits… so I did… Broke my rules… Got lucky. Now I have a position with a trailing stop in, but its looking like its going to capture profits (small 5 pips maybe). All in all the bears were due.
My positions are like 1-2k hehe… 10-20 cents a pip at 50:1 not much at risk. I still broke a rule though, so, I still cant let myself go live.
I hear ya. I was a consistant break even demo trader but I know I was over trading and thought real money would help to tighten me up, which it did for all of three days lol.
Psychologically I’m not finding the difference between demoing and live to be as big as I expected. I’m keeping my discipline regarding my journal but still over trading and still breaking even. I’m trying to stick with my initial trading plan but as I’m still learning, the plan keeps getting modified. Like this week I’ve been studying Volume and so ,inevitably I’ve started incorporating it into my plan so it’s quite hard to establish what’s working and what’s not.
You know what they say, You will never know if you have something that works unless you give it enough time to see if its worthy. I believe someone said, give your system at least a full month of trading before you change anything. Only way to know. Sure you will have some losers, but I don’t think that constitutes modifying your system till you’ve given it a chance.
Thats what I have heard anyway.
But kudo’s on the breaking even thus far. heh, I lost half my account in three weeks on my first go around with a live account. So, you are ahead of me.
You make a valid point. To be fair incorporating the volume analysis hasn’t really changed my entry requirements but I’m adjusting my position size. If volume is low around my swing point entry I may reduce my anticipated position size and visa versa. Like a stacked deck in blackjack, your stragegy remains the same but you increase you wager.
Hope my gambling background isn’t showing lol.
hehe, I used to play a regressive strategy in Blackjack, I lose, i double my wager on the next hand, lose again double it again… Easy way to lose money, but you can gain alot to. Then of course, there is the occasional 21 or a nice double down hand. Little off topic, but I follow ya.
lost 21 pips twice.
won 150 pips twice.
good week.
Around 250 points from the 02/02 high… two trades (out for NFP) then back in 20 or so minutes later when bond traders started buying again. Sunday? … a slight further dip. Then Monday Frankfurt/London open? I’m guessing a retace north.
EDIT: Well we got the dip but its decided to break north early. Long from 1.3583… TP 1.3670 but could go higher? Buy the next pull back… SL my entry.