David Knight -Journal

This is a discussion on David Knight -Journal within the Trading Journals forums, part of the Reception category; Originally Posted by darktone Have you ever tried scaling size to mange your your position David? Short 44 / 51 ...

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Old Sep 5, 2017, 4:36pm   #57
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Quote:
Originally Posted by darktone View Post
Have you ever tried scaling size to mange your your position David? Short 44 / 51 / 62, offer one or two back. Short 64 / 70 / 75 etc etc. Need to be playing more than 3 units to go that way tho really tbh. Whats the max number of contracts youd swing?

Good thread btw
Cheers D

Thanks

The best way to answer this is-

I'm Ok to add in the way I've shown so far in the journal but that I don't want to be managing a losing position If I no longer have belief that the trading idea was correct.

Once I think I'm wrong I will only delay getting out if I think I can limit the damage otherwise I'd rather get out and start again.

What you're suggesting, (and I don't want to be rude or critical of someone else's approach) is down the road of refusing to accept loss/being wrong.

You may get out of it, particularly on the long side, rather than short as per your example. but it' a bad habit that will really hurt you in the long run imo.
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Old Sep 5, 2017, 5:42pm   #58
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David Knight started this thread LONG 2452

I'm basing this on Dow poss low at 21,727.18
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Old Sep 5, 2017, 6:00pm   #59
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David Knight started this thread The spx low has now dropped 0.6 ticks to
2,449.81

And Dow low is still 21,727.18


So , as long as neither one of these prices gets takn out, I will hold all day if I can
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Old Sep 5, 2017, 6:12pm   #60
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Originally Posted by David Knight View Post
The spx low has now dropped 0.6 ticks to
2,449.81

And Dow low is still 21,727.18


So , as long as neither one of these prices gets takn out, I will hold all day if I can

Covered @ 48 -4
Running 2.5

Not high prob trades once you get outside the 1st 60-90 minutes But considering the open gap above and gap close below it was worth a try.
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Old Sep 5, 2017, 6:46pm   #61
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David Knight started this thread Long 2452.5

Got a migraine now so that isn't helping
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Old Sep 5, 2017, 8:58pm   #62
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David Knight started this thread Sometimes trading is like shooting fish in a barrel and sometimes it is like pulling teeth...

out at 2458 +5.5

Running +8
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Old Sep 5, 2017, 9:25pm   #63
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David Knight started this thread I don't want to hold overnight.

The reason is because I'm looking for some follow through on this weakness. The chart shows the technical reasoning.

There are other reasons which combine to form a trading idea-

After a relatively heavy down day, other indicies will often follow The US down. So an early low on Weds would be a more ideal 'buy the dip' opportunity than the one I was attempting today.

Time is often just as an important factor as price in identifying potentially good trades...
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Old Sep 6, 2017, 3:12pm   #64
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David Knight started this thread SHORT 2466

Possible high here at 2467.47

EDit:21,849.24 Possible Dow High

Last edited by David Knight; Sep 6, 2017 at 3:16pm. Reason: Adding dow price
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