My Live trades

This is a discussion on My Live trades within the Trading Journals forums, part of the Reception category; Originally Posted by Lord Flasheart How do you plan to explain to your traders how you keep moving your stop ...

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Old Sep 23, 2010, 3:41pm   #196
Joined May 2010
Re: My Live trades

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Quote:
Originally Posted by Lord Flasheart View Post
How do you plan to explain to your traders how you keep moving your stop and targets?
Hi Thats quite simple. Use a series of local s&r tests to determine whether a trade should be cut early for both profit or loss. If it is in profit for instance, you will notice that I have given a running commentary on these local s&r areas and indeed refered to them frequently as "tests" which the trade needs to pass to remain valid. Providing these areas are dealt with, then you will also have seen that it allows you to justify letting your profits run. It also gets you out of trades that are not going to fly or go any further.

Just to give you an example. cable has just retested the 15700 area 3 times before breaking through off an ascending triangle shape on the 4hr view. The triangle plus a previous consolidation pattern was the clue to the likely break through this time, as opposed to previous occasions, but allowing the market to retest the resistance area allows you to see it through and let your profits run.

Unfortunately, I am not trading today since earlier on due to a bad headache - and may have to sign off for a while to get rid of it, so I'll check back in when the nurofen has got on top of it...

Had cable not been able to break this figure at third time of trying, then it would have become clear that the trade was not going to work and better take some profit.
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Old Sep 23, 2010, 3:51pm   #197
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Re: My Live trades

wirraltraders started this thread
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Originally Posted by wirraltraders View Post
Hi Thats quite simple. Use a series of local s&r tests to determine whether a trade should be cut early for both profit or loss. If it is in profit for instance, you will notice that I have given a running commentary on these local s&r areas and indeed refered to them frequently as "tests" which the trade needs to pass to remain valid. Providing these areas are dealt with, then you will also have seen that it allows you to justify letting your profits run. It also gets you out of trades that are not going to fly or go any further.

Just to give you an example. cable has just retested the 15700 area 3 times before breaking through off an ascending triangle shape on the 4hr view. The triangle plus a previous consolidation pattern was the clue to the likely break through this time, as opposed to previous occasions, but allowing the market to retest the resistance area allows you to see it through and let your profits run.

Unfortunately, I am not trading today since earlier on due to a bad headache - and may have to sign off for a while to get rid of it, so I'll check back in when the nurofen has got on top of it...

Had cable not been able to break this figure at third time of trying, then it would have become clear that the trade was not going to work and better take some profit.
Just one other thing before I lie down in a darkened room for a while, as I have mentioned before, I use the Stop Loss a a profit tool also. So as soon as is possible I move to break even stop, then a series of positive stops until I am able to take a good profit very close to hopefully the best price I can get within reason. Aagin this is a technique that can easily be learned and will guarantee you a lot more pips on your trades. Strangely though I do not like or use trailing stops, I like to make the judegment calls myself.
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Old Sep 23, 2010, 4:01pm   #198
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Re: My Live trades

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Originally Posted by wirraltraders View Post
So as soon as is possible I move to break even stop .

Epic fail...
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Old Sep 23, 2010, 5:00pm   #199
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Re: My Live trades

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Epic fail...
nurofen are kicking in so feeler a bit more human now.

Black, not everybody swing trades the day like you and sets an immovable SL and lives by it. As you know because I have told you before, I trade only 2 ways: 1) Intraday posted here and on Twitter. Fast moving ever changing decisions based on market sentiment. And 2) long term trades (smaller position size) with a disaster "in case a plane hits the pentagon only, stop" These trades last for days and weeks sometimes - and I can't post them here.

Just to reiterate on a the current example of an intrday trade on cable that I mentioned before. It broke up after trying 3 times at 15700 from a consolidation pattern with an ascending triangle in the 4 hr view. If you took this trade from support ( ie 15670 - put up a 4 hr view a drop a simple 10 MA on it) then by now you would be +50 pips up. More importantly you would have seen that the price has consolidated above 15700 and this is a very good time to move your stop to break even so as not to turn a winning trade into a losing one.

It is now testing the first resistance test of 15725/30 ish a couple of time so far. If it gets through that and consolidates higher then I would move my stop into positive territory while it tests the next resistance level (which is at 15780ish) and so on.

So the question is - how can covering your back and guaranteeing at least a break even and then an increasingly improving profit on a trade be a bad thing? - or "an epic fail" - please explain for all who are reading this?
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Old Sep 23, 2010, 5:13pm   #200
 
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Re: My Live trades

There is nothing wrong with that. You are a winner. Nothing else matters. Trading is not a one-mold fits all. Swan trades the way he wants, and if he is wonning, then that's all that counts. You trade your style, and that's what counts. It is evident you are a winner, because of the trades live you post. I might have the strangest method of all, but mine has also made me a winner.
Keep posting your trades. You're doing good.


Quote:
Originally Posted by wirraltraders View Post
nurofen are kicking in so feeler a bit more human now.

Black, not everybody swing trades the day like you and sets an immovable SL and lives by it. As you know because I have told you before, I trade only 2 ways: 1) Intraday posted here and on Twitter. Fast moving ever changing decisions based on market sentiment. And 2) long term trades (smaller position size) with a disaster "in case a plane hits the pentagon only, stop" These trades last for days and weeks sometimes - and I can't post them here.

Just to reiterate on a the current example of an intrday trade on cable that I mentioned before. It broke up after trying 3 times at 15700 from a consolidation pattern with an ascending triangle in the 4 hr view. If you took this trade from support ( ie 15670 - put up a 4 hr view a drop a simple 10 MA on it) then by now you would be +50 pips up. More importantly you would have seen that the price has consolidated above 15700 and this is a very good time to move your stop to break even so as not to turn a winning trade into a losing one.

It is now testing the first resistance test of 15725/30 ish a couple of time so far. If it gets through that and consolidates higher then I would move my stop into positive territory while it tests the next resistance level (which is at 15780ish) and so on.

So the question is - how can covering your back and guaranteeing at least a break even and then an increasingly improving profit on a trade be a bad thing? - or "an epic fail" - please explain for all who are reading this?
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Old Sep 23, 2010, 5:40pm   #201
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Re: My Live trades

wirraltraders started this thread
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Originally Posted by 4xpipcounter View Post
There is nothing wrong with that. You are a winner. Nothing else matters. Trading is not a one-mold fits all. Swan trades the way he wants, and if he is wonning, then that's all that counts. You trade your style, and that's what counts. It is evident you are a winner, because of the trades live you post. I might have the strangest method of all, but mine has also made me a winner.
Keep posting your trades. You're doing good.
Thanks and I aware of your style and methods and know that they also work well over a period of time. For any new Traders out there I would like to reiterate that point "over a period of time". My methods allow me to take an average 700 pips or so per month on intraday trades - I know that you do better than this on average). I regard that level as a good steady average and would allow anyone to make a very good living trading with a postion size of 2 - 5 lots or even less. But that is the point, consistency. My use of the Stop Loss in this way allows consistency and consistency is difficult on intraday trading.
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Old Sep 23, 2010, 5:51pm   #202
 
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Re: My Live trades

Even at simple interest, that is 70% for the month at 10% margining. A lot of people do not believe that is possible.
You're right! Just 2-5 lots per trade is an excellnet living on 700 pips per month.


Quote:
Originally Posted by wirraltraders View Post
Thanks and I aware of your style and methods and know that they also work well over a period of time. For any new Traders out there I would like to reiterate that point "over a period of time". My methods allow me to take an average 700 pips or so per month on intraday trades - I know that you do better than this on average). I regard that level as a good steady average and would allow anyone to make a very good living trading with a postion size of 2 - 5 lots or even less. But that is the point, consistency. My use of the Stop Loss in this way allows consistency and consistency is difficult on intraday trading.
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Old Sep 23, 2010, 6:56pm   #203
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Re: My Live trades

wirraltraders started this thread
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Even at simple interest, that is 70% for the month at 10% margining. A lot of people do not believe that is possible.
You're right! Just 2-5 lots per trade is an excellnet living on 700 pips per month.
Just a quick comment. I would never advise anyone (see earlier post on money management) to risk more than 3% of your equity in any one trade or combination of trades. That simple rule also forces you to define your stop loss / postion size / margin equation and stick by it. Thats why moving your SL up behind the price can make such a big difference to your trading.

That said, I've had enough of forums and trading for today and I'm off to watch Emmerdale followed closely by East Enders with a nice cup of tea or two..
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Old Sep 23, 2010, 11:23pm   #204
 
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Re: My Live trades

That's good advice for newbies.
Your post reminded me I forgot my tea in the microwave. I was out most of the day, adn now it is time to unwind.


Quote:
Originally Posted by wirraltraders View Post
Just a quick comment. I would never advise anyone (see earlier post on money management) to risk more than 3% of your equity in any one trade or combination of trades. That simple rule also forces you to define your stop loss / postion size / margin equation and stick by it. Thats why moving your SL up behind the price can make such a big difference to your trading.

That said, I've had enough of forums and trading for today and I'm off to watch Emmerdale followed closely by East Enders with a nice cup of tea or two..
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Old Sep 24, 2010, 11:28am   #205
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Re: My Live trades

wirraltraders started this thread
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That's good advice for newbies.
Your post reminded me I forgot my tea in the microwave. I was out most of the day, adn now it is time to unwind.
Been out all morning and come in to find fiber and cable continuing their relentless move upwards..
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Old Sep 24, 2010, 12:34pm   #206
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Re: My Live trades

wirraltraders started this thread Set an buy order on fiber at 13400 and cable at 15700 with +100 PL and 100 SL on both initially if executed..
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Old Sep 24, 2010, 12:59pm   #207
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Re: My Live trades

wirraltraders started this thread both pairs hit slightly higher support for now at 13410 and 15709 so got in there instead
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Old Sep 24, 2010, 1:00pm   #208
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Re: My Live trades

wirraltraders started this thread sorry correction I got filled at 15711 on cable not 09
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Old Sep 24, 2010, 1:01pm   #209
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Re: My Live trades

wirraltraders started this thread so now in a buy on both pairs
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Old Sep 24, 2010, 1:05pm   #210
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Re: My Live trades

wirraltraders started this thread leaving SL at -100 on both for news volatility coming up at 1.30
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