It just gets better with time.
What skeered money looks like. Early start yesterday so missed pretty good move. Just couldn’t get a “feel” of the rhythm this morning. Lucky to get couple pips. When I can’t get the “feel” I shut the computer down and do not cut it on for at least 3 hours. I got a few silly rules but they there for a reason.
15 trades, average win 1.5 pips
That’s great Ex. When I trade high risk each pip increases my account by .404% Therefore, 22.5 pips would have increased my account by 9.09%. A medium risk pip is .261% Therefore, 22.5 pips would have increased my account by 5.87% – a good day either way.
I shoot for 6.3% per week which means I must produce 15.6 high risk pips a week. I think if one keeps a journal and breaks this down into manageable goals it greatly simplifies it.
Hi Jim, that is interesting. At the moment I am trading 1 pip = 0.1%, so that gives me 2.25% on the day. Buried in there are two losing trades, the biggest was 9-pips down, but overall I was up 22.5 pips. The thing which is still holding me back is that I don’t recognise a bad loser quickly enough and therefore don’t close it soon enough.
It is not easy, and I note from your ‘skeered money’ post just above that you took a 2 or 3 pip profit with at least a 15-pip draw-down in the middle.
In my past there are many instances where I have watched a trade go in my favour by a dozen or more pips, and then turn round and drive me negative. So these days I tend to take what is there. At least I am now in the situation where I can see what holes need plugging.
Yep. Why I post all trades I make on the weeks I post trades. When a trade is in trouble, I get out quickly as possible. I don’t post trades less than a pip but I have couple most weeks. Do what I call a safety. Soon as trade is 3 pips to the good, I will sometimes move sl to break even. As I trade mostly by “feel” every “established rule” of trading is violated. This week I have traded very little cause I just ain’t got the “mojo”. Hope it returns after the draggy conference. How I have it plotted at the moment:
Watched draggi conference while keeping eyeball on pa. Saw weakness. Shorted and covered. Medium risk. We C.
When spike slows, I’m out. Businessman, not a gambler. Bit over 7% profit in 20 minutes. Mojo back. Will now cut laptop off and wait at least 3 hours before looking for another opportunity.
Things are getting decidedly ugly on the 500… that bounce is retreating… That bear is still around
Think it’s probably gonna stay in crazy mode till after the libs get the shock of their lives Nov 6 and the military turns the mob around in mexico.
Order for EU. No time for sniper tactics. If it fills and gets a head of steam up TP isn’t fixed and may try and manage on the hoof or of course the other alternative take it in the shorts !
Good trading chaps !
It is interesting, my perception is that the crash has started, but if you put up some weekly charts
the DJI^ in January as in September it topped just under 27,000 and has not yet reached the lows of March
the SP500^ made a higher high in September, around 2930, and has not yet reached the lows of March ~2600
The FTSE^ has twice brushed 7800 this year, and is threatening the March low below 6870, which is down 12%
Some European indices are looking pretty sick, down around 15%
Far East is the tale of woe. Japan has mostly mirrored the SP500, but the Chinese and Hong Kong indices are down between 25% and 30% since their January peaks with no recovery over the summer months.
So it appears we are the point of finding out… and with Monday being 29th October I fear things are about to get worse.
I have a weekly close from apr 2016 at 1.13458 and golden ratio support at 1.13396 so I will be in with you if it gets down here
My stop is just below .13396 and I haven’t a clue for a target
…and after that expression of foreboding I went looking for crash-data
It seems that there are no particular favourites for days at the start of a crash
However October shows more often than most.
Had a take profit of 26.9 pips on this one. Woke up this AM and took what she had given. Done for the week. Medium risk.
What is a golden ratio ?
Since you are looking that far back…
15 August 2018 price touches 113.00
On the weekly I have 113.80, a level that has failed but today’s close could change that.
The next levels down are:
112.00 … bounced Jan 2015 and was magnetic in June 2017
111.00 … a lot of touch-points along here
all the round numbers down to 105.10, with low at 103.50 in December 2016
There could be something at 108.25, still a way off
Was nice hit and would have been a smash and grab had I been at the helm but alas I wasn’t so took it in the pants instead ! Shit happens.
@robgsxr Hope you nailed it mate.
What a bummer.sorry you missed this.
I am still in at around 30 pips +tve
From a couple of harmonic patterns I have run if there is daily confirmation, this has the potential to move back up to 1.15ish and some.
I might not stay in though as I want to stay focused on scalp opportunities