A yachting term I believe
I feel thats what I’m doing. and that the skill in tacking
is at least 90% of my methodology
simply put, a lot of trades win but some don’t
I watch them closely and usually there is an opportunity
to re enter at x3 the scout size
Some of these triple size bets win for a very modest TP
but reasonable profit.
some don’t seem to go exactly according to plan
and this is the only sticking point in the equation.
Once you’ve entered at x3 you can’t just let it run in
the wrong direction.
That could be hundreds of pips which is simply not viable
So if it doesn’t seem to be going according to plan, I have
been getting out for either small profit or breakeven.
BUT, and here’s the thing, I STILL leave the original scout trade open
So the original scout trade is still scouting, it suggested go in bigger,
I did, but it didn’t work out. so quickly get out of the second trade
with no harm done, and even possibly a little good done
Then patiently wait for another setup. This situation is unlikely to
ie scout trades usually win, and if they don’t the second x3 trade
probably will. If that fizzles out and gives no compelling reason
to stay in the trade … get out quick!
Now the scout trade might give another setup for yet another
x3 position. At a modest TP that should win
If it fizzles out again, what to do?
I’m undecided, either close everything as no big loss on scout trades,
or just keep waiting for another setup until you either breakeven
on the campaign or even make some profit.
This last scenario is the only sticking point now
The skill in knowing when to retire the campaign, or when to keep
hanging on ( in quiet desperation? )
Of course, desperate money will always lose
so I think there is no system rule that can be stipulated here
On a good day I can close the x3 trade for perhaps the third time
and, in a very buoyant mood , look forward optimistically to the
next opportunity to hopefully profit from the campaign
but on a bad day, I might just feel doom laden, that this is a
mug’s game, the odds are stacked against me. If that is the
prevailing psychology it is very likely to prove to be a self fulfilling
prophecy and I will always find a way to not end in profit.
The accounts above are a little misleading
7.25 profit since May 1st, not three months
but the breakdown is encouraging!
Profit for May =1.71
June = 2.27
July ( first week only) = 3.27
In other words, I made almost as much over the last week
as I did during all of May and June combined.
That would indicate progress
I’m doing something right
but here is a screenshot which is my only real problem trade.
I can’t see any obvious solution
I’ve opened a long and short position.
I know that doesn’t seem logical but it forces me to focus on
which one to close. I could just close the x3 trade for a 0.31 loss
but then I would be too frightened to re enter
so I am in effect forcing the issue. the scout trade at the moment
is the biggest DD
This is precisely the kind of situation that is really holding me
I must relax. I am trading at a very comfortable level
I suppose what I am saying is that I don’t have a clearly defined
I think such a strategy will evolve, but it isn’t clear at the moment.
Ee see in the screenshot that ADX has signalled the exhaustion
of the downtrend
so an uptrend is now quite likely in progress, but price action
and Stochastics are indicating consolidation
so I am probably waiting for a breakout of consolidation
If the D- cuts above D+ ADX that might strongly indicate
a Sell signal and close the long position