Third trade was all nice except that I didn't wait more. I did for that whole consolidation but than after it broke 400 it wasn't fast so as expected and I was than afraid off steep spike back so I took profit.
+27 pips today
Wednesday, September 3, 2008
Nice scalping
I was little greedy after my first trade and add one more position. Bad thing was that I didn't close that one when it didn't advance rapidly as expected. I was lucky because it was downtrend so there was push again after bounce. Those two trades were at point of braking previous low from the early morning.
Third trade was all nice except that I didn't wait more. I did for that whole consolidation but than after it broke 400 it wasn't fast so as expected and I was than afraid off steep spike back so I took profit.
+27 pips today
Third trade was all nice except that I didn't wait more. I did for that whole consolidation but than after it broke 400 it wasn't fast so as expected and I was than afraid off steep spike back so I took profit.
+27 pips today
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6 comments:
+27 pips! Great work!
:)
Fx, my pal, I am seriously wondering how you are ever going to be profitable taking such small profits in relation to how large of a loss you are willing to take?
Do you realize that given the fact that your stop is 20 pips and if you take 10 pip winners, you are going to have to be right 66.7% of the time just to BREAK EVEN? That means out of 100 trades you would be up ZERO pips.
If you are looking to average just a measly 10R gain over a whopping 100 trades you are going to have to be right 73.5% of the time. Keep in mind that is assuming you can stick to your stop-loss indefinitely and are not averaging losers. Can you do that?
I don't know for sure, but I am guessing your risk tolerance per trade is between the .01% and .05% that you suggested to me the other day. If that is the case, are you willing to work THAT hard, to be THAT accurate and still only be up .1% - .5% after (((100))) trades? Something needs to change, either your stop-loss needs to get smaller, or you have to take a lot more than ten pips. Consider this deeply.
Fair enough orion, but again my stop is -20 for max amount. I judge from trade to trade and in the trade based on what's happening. So let's say on my last trade I probably would not give it 10 pip room.
It was all the same in last few months when I was scalping. OK than I was doing some averaging, but for me this is working with some discipline on.
I was back than nicely profitable with small scalps.
Now I got to see can I do it without averaging also.
It's not so much different than when you were targeting 10 pips a day before I belive.
My risk per 10 pips is 0.5%, for 20 - 1%. Also if I can get some consistency it will be 1% per 10 pips.
I want first to get past averaging and moving stops. If I can get that and not get angry days with emotional trades we can speak about other improvements.
Every trade today had potential to be bigger fast move, because they were at exact important b/o levels. They didn't so I had to take what was offered on the table.
That's fair enough for me, didn't mean to sound too assholish, I was just concerned you know?
I know, I know. You invest time, energy, friendship so you get concerned, I understand that. That's normal and I can only thank you for that.
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