Who Gives a

About live trades or not.

Only my own

Live or not live? - doesn't matter.

But I would rather have to respect the trader who declares a plan today for what he/she will do tomorrow - irrespective of whether they actually they do it or not and there could be very valid reasons why they don't.

tomorton said:

Live or not live? - doesn't matter.

But I would rather have to respect the trader who declares a plan today for what he/she will do tomorrow - irrespective of whether they actually they do it or not and there could be very valid reasons why they don't.

Click to expand...

Speaking of plans, this was pulled up from the bottom of the lake the other day and I thought this and the first post in the thread were unusually good:

A Plan that doesnt include contingency for the market going against you isnt a plan, its a disaster waiting to happen. It is worse than no plan.

A plan isnt "I will review my positions at 6pm each evening" or "I will only risk 1% of my account on each trade" or "I will follow my trade rules"
Those things are mental masturbation.
Things like that get in the way of planning a trade, and give a false sense of security.

A plan goes a lot more like
I am long if price gets down to 1.0000
If price closes below 0.99 I will reduce lots and normalize risk, while i wait for price to close back above 1.00 or show that it is unlikely to close back above 1.00
If price closes above 1.05 I will add lots, normalize risk, and lock in some profit by doing so.
If price gets to 1.10 the trade is over. I will reallocate profit as either more leverage or less risk.

there are, of course, reasons for choosing those numbers, they arent just plucked out of the air.

The thread, and first post, may be found here (*click*).

Oscar Reed said:

About live trades or not.

Click to expand...

Obviously you do not. You never did take a screenshot from your iPad.

Remember, you press the lock button and the home button simultaneously.

I am responding to this post because 1) I need enough posts before I am eligible to start a thread and 2) when I have enough posts I will be starting a thread in the Journal section of a live verifiable Myfxbook account (not that this post is either important, relative or of any interest but rather just a number...).

tomorton said:

Live or not live? - doesn't matter.

But I would rather have to respect the trader who declares a plan today for what he/she will do tomorrow - irrespective of whether they actually they do it or not and there could be very valid reasons why they don't.

Click to expand...

I agree.

a live trade is transient, and loses value quickly.
but, a preview, or an analysis of the market landscape, is more educative for new traders.

Such as DbPs SLA thread, a newbie can look forward to a price where action can be expected, and the reasons why.

I am also getting quite fond of Forexmospherians thread with his "line in the sand". He states these at the start of the day. and you can follow them as the day progresses.