New Year New Plan

This is a discussion on New Year New Plan within the Trading Journals forums, part of the Reception category; Originally Posted by Futures Hunter why dun u risk X% of your account? woo u trade gas also I should ...

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Old Jan 4, 2013, 2:20am   #9
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread
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Originally Posted by Futures Hunter View Post
why dun u risk X% of your account?

woo u trade gas also
I should risk a percentage of my account, but I'm happy to risk a set amount of somewhere in the region of £100 per trade. That's what I'm comfortable with, and to be honest, I'm only starting off with a very small amount this time, where 2, 3 or even 5% would be negligible, the first few trades have to be winners. I am trading very conservatively so I have confidence. We shall see though.
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Old Jan 9, 2013, 9:26am   #10
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Re: New Year New Plan

robertdaley started this thread I went long off the long silver bullish daily pin bar 3 days back (29.90, stop 29.15). I exited with 26 pips profit (£26) after reconsidering the set-up. I realised I wasn't trading with the trend.

I also went long on crude oil based on the bullish daily pin bar 3 days back. But price false broke at resistance at 93.80 and I decided to exit with an 80 pips (£80) loss. If price closes at or above 93.80, I will look to go long again.

I lost 40 pips (£40) on my gasoline trade when in hindsight I realised the medium term trend was down and I was likely buying at a swing high.

So that's two trades I changed my mind on, because I didn't trade witht the medium term trend. This shows a lack of discipline. I must work on this.

Last edited by robertdaley; Jan 9, 2013 at 5:17pm.
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Old Jan 9, 2013, 5:22pm   #11
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread My Profit/Loss record to date

4 trades taken at a loss of - £4
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Old Jan 10, 2013, 5:47am   #12
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread I went long on AUDCAD on close of the daily candle, there was an inside pin. I entered at market, risked 109 pips and am targeting 190 pips. I am currently up 66 pips (£). I have changed my plan to target near to 1:2 RR. I have to believe my set-ups are good enough to move significantly in the desired direction and 1:1 RR requires a win rate of more than 50%, which is difficult if you are lacking that extra bit of discipline.
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Old Jan 10, 2013, 9:54am   #13
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread Looking to go long on crude oil today, based on a daily pin a few days back. First it must break through resistance at 93.80 on my metatrader chart.
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Old Jan 10, 2013, 11:40am   #14
Joined Feb 2002
Re: New Year New Plan

Good luck with this robertdaley.

As a free tip (which I have not seen elsewhere) I would suggest entering a limit order to close your trade which is initially way beyond your normal R:R - occasionally price moves dramatically in your direction if you really have identified a good entry signal and it's good to let it have the opportunity to run immediately after entry: later you can pull the limit order back to normal parameters.

e.g. If your R:R is intended to be 1:2, put your stop at -100, but initially put your limit order at +800. Occasionally you will find the market is moving on a similar entry signal to yourself and price goes briefly way beyond your target. Later in the session, pull back to +200 as normal.

If you leave entry orders in the market whilst away from the screen, you might do likewise. I have occasionally caught price spikes on unexpected good news affecting individual stocks this way.
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Old Jan 11, 2013, 9:27pm   #15
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread AUDCAD was up to 1:1RR at one stage, but I made a loss of £26.

5 trades -£30.

Crude oil is looking promising with another daily pin bar today. Price came close to my stop, but my set and forget strategy came good.

I have sold a daily pin bar on heating oil, aiming to make £120.
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Old Jan 13, 2013, 7:28pm   #16
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Re: New Year New Plan

robertdaley started this thread Here's my crude oil trade.

CR HO 6 - 52
Attached Thumbnails
crudeoildaily.png  

Last edited by robertdaley; Jan 14, 2013 at 10:54am.
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