Dow 2007

firewalker - hard stop at 30 (tradindex restriction) - mental stop at 5.

Going to be switching over to my better funded CMC account after this last trade is closed, so will be able to set arbritary stops there.
 
lurkerlurker said:
Short from 13291 (fut) - target 13281.
Click to expand...

Don't mind me saying, but if I were to have so many signals in such a short notice of time, I'd be getting pretty stressed! Not to mention I wouldn't dare to walk away from the screen for a p***....

I think you're making it pretty difficult for yourself this way.

PS: It's meant as constructive criticism, nothing else :)
 
lurkerlurker said:
firewalker - hard stop at 30 (tradindex restriction) - mental stop at 5.

Going to be switching over to my better funded CMC account after this last trade is closed, so will be able to set arbritary stops there.
Click to expand...

So you risk 30 to gain 5 or 10?
 
The stoploss thing is picking up pennies in front of a steamroller, but TI calculate margin based on stops (don't know why, it seems more efficient to do this other ways). My discipline for small stops seems okay though.

I do trade frequently when I feel I can. Sometimes I watch the market for hours without taking a trade, and sometimes I trade 5 times in an hour. I'm not an adrenaline junky, but I have been known to hold it longer than is comfortable during a £5pp or £7pp trade in a fast moving market.

This isn't a boast (and damn well shouldn't read like it since I've been pretty open about my dismal performance and poor discipline on these boards when necessary), but I have had days (and weeks) where I've been able to grow my account 10% a day pretty consistently, usually by trading quite quickly in and out of the market.

As I improve, I am looking to trade less frequently, holding positions longer to get exposure to the main trends as opposed to intraday swings.

My SB bookies must love me - I pay 40% of my profits in spread. I admit it can be stressful sometimes, but I am working on controlling my emotions more.

Speaking of which, I'm flat now after getting out of my last trade +1. (Narrow range, and I do have a 5 point spread to cover).


PS - I missed a long entry from 13287 future (trendline support) while typing this.
 
I think I'm doing pretty well today, in spite of being restricted to a tiny stake size. I've just had the crushing realisation that I would need to perform like this for another 7 trading days to cover yesterdays losses. This sometimes feels like working 5 weeks to be paid for one...
 
Long from 13286 (fut).
Was wanting to enter at 13284, but panicked I may miss the move north, so entered 2 pips worse off (still on a limit order though) Target 13294.
 
Still as flat as a ???
They will be off for lunch soon.
BoE expected to raise rates tomorrow
Fed may raise rates tomorrow
Can I stay awake that is the question ?
 
Covered at 13291. (future), for +5 tics. I'm getting pretty tired of doing this for a fiver a trade.
 
lurkerlurker said:
This isn't a boast (and damn well shouldn't read like it since I've been pretty open about my dismal performance and poor discipline on these boards when necessary), but I have had days (and weeks) where I've been able to grow my account 10% a day pretty consistently, usually by trading quite quickly in and out of the market.
Click to expand...

If you are able to grow your account by 10% a day, then you must be taking rather big risks... which also explains the 30% drawdown you mentioned...

How much of your account are you risking on a single trade?
 
I'm taking the rest of the day off. Pat, I don't think much is going to happen.

Firewalker, thanks for the advice.

After a terrible day yesterday, here is my record for today:

+15 pips in the FTSE (3 trades, no losses)
+18 pips in the DJIA (4 trades, no losses)

Total Pips = 33
Total Profit = £63 #I know, I know.
Loss yesterday = £333 #I know I shouldn't post actual figures for P/L, but just to get things in proportion. And it can't be called bragging when it is a loss.

The figures above are posted to illustrate how my trading performance is at the moment. Poor discipline and money management have caused this. I don't intend to make a habit of posting figures, but in this case I think its justified. Even as a "what not to do when trading".

Still not feeling too good about my trading, despite good pip results today. I feel a little more confident about returning to normal stake sizing now though.

Perhaps it has taught me a valuable lesson...

Hopefully you will all have some success beating up this Dow monster.
 
Well done LL - nothing like getting in a few wins to restore a bit of self confidence.
I am getting in a long soon for the rebound - could be wrong though
 
Anyone care to enlighten me as to what happened after 16:45 as was driving, get home and the DOW has halved its losses. Can't see anything on the news feeds.
 
firewalker99 said:
If you are able to grow your account by 10% a day, then you must be taking rather big risks... which also explains the 30% drawdown you mentioned...

How much of your account are you risking on a single trade?
Click to expand...

Maximum I usually allow myself is 5%. I know, its high, but I am trading with a very very small account. I made an exception for the Dow thing this week, and upped my maximum risk to 10%. I then managed to take 3 consecutive appallingly high risk losing trades. It was silly, and I don't know what got into me.

I'm back to risking 5% max on a single trade, with a limit of 10% (I know, too high) per day. I've also resolved to half my stake size after each losing trade. My backup plan after a large loss (after time off) is to "scalp" a few points at a time, paying more spread in total but taking smaller risks.

Will check in later.

Hope you all have a good close!
 
daytradingUK said:
Anyone care to enlighten me as to what happened after 16:45 as was driving, get home and the DOW has halved its losses. Can't see anything on the news feeds.
Click to expand...

It bottomed out on support of about 13250
Its likely Cisco are going to announce good results
And I was in for a long LOL
:p
 
just the one trade for me today, had a perfect long sig at 13260. cash but out of office again... never mind thats the way it go's. hope some of you are profiting from the move. im throwing i the towel for the day. really want to work out the screen shot thing so i can post charts, hope to soon...cheers
 
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