Best Thread Live Cable Trading
wasp
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Don't you just hate it when you take a profit (30 pips) thinking you did well and caught it near the bottom for your exit (8470) then after making a cuppa come back to see its dropped another 70! I felt like throwing the tea over the laptop! damn market!
It wasn't the markets fault at all really, it was mine for not following rules and I had no reason to move my stop so tight other than fear and greed.
It wasn't the markets fault at all really, it was mine for not following rules and I had no reason to move my stop so tight other than fear and greed.
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I think you have to find your own style and be happy with it.
If 20-30 pips is what you normally take out of a trade then be happy because you got another in the bag this afternoon. You'll get more winning trades during the week which is good psycologicly. It is impossible to get the maximum pips out of every swing and it is easy to beat yourself up over it.
It took me years to settle down and realise that I actually make my money out of two or three big winners (50+pips) each week. I do find though that I have to be more patient but on the upside it does prevent over trading.
This mornings 17pips along with this afternoons 95 means that I only need one more decent trade for the week and then I can stop looking at charts.
Find your own target levels and stick with them so when they are hit you can grin from ear to ear.
Congrats on that 30 pips, nice one, relax and enjoy the tea.
If 20-30 pips is what you normally take out of a trade then be happy because you got another in the bag this afternoon. You'll get more winning trades during the week which is good psycologicly. It is impossible to get the maximum pips out of every swing and it is easy to beat yourself up over it.
It took me years to settle down and realise that I actually make my money out of two or three big winners (50+pips) each week. I do find though that I have to be more patient but on the upside it does prevent over trading.
This mornings 17pips along with this afternoons 95 means that I only need one more decent trade for the week and then I can stop looking at charts.
Find your own target levels and stick with them so when they are hit you can grin from ear to ear.
Congrats on that 30 pips, nice one, relax and enjoy the tea.
wasp
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discipline
Cheers guys,
I have a system/method I have back and forward tested to buggery which I know works out when I stick to it. Thats just the problem, I tend not to work off profit/pip targets, I *should* use certain reasons (S/R and PIVOTS) to trail sesibly behind so I miss the 20 of the top and bottom and catch the middle 60%...
I made 2 trades this morning which both reveresed to breakeven or thereabouts and when it paused around the 470 level today, I just wanted to make a half decent profit, breaking my cardinal rules of trailing and put it in too tight, just because I was expecting/fearing a rise. Had I used my system and exercised discipline, I would have been happier.
I am pleased with the 30 and although I would have prefered the 100, I would have much prefered to have just followed my own rules
Cheers guys,
I have a system/method I have back and forward tested to buggery which I know works out when I stick to it. Thats just the problem, I tend not to work off profit/pip targets, I *should* use certain reasons (S/R and PIVOTS) to trail sesibly behind so I miss the 20 of the top and bottom and catch the middle 60%...
I made 2 trades this morning which both reveresed to breakeven or thereabouts and when it paused around the 470 level today, I just wanted to make a half decent profit, breaking my cardinal rules of trailing and put it in too tight, just because I was expecting/fearing a rise. Had I used my system and exercised discipline, I would have been happier.
I am pleased with the 30 and although I would have prefered the 100, I would have much prefered to have just followed my own rules
smbtnt said:
Mine was short at 8520 which was taken at 14.57 on a market order going into the news. I had a stop at 45 if things went pear shaped. Took my profit at 8425 which as a little early as I would normally hold until 17.00 and the close of UK markets but no complaints when you clear a trade like that.
dc2000
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LOL
I must of miss read I thought you were on the Dow from 11002 looking for 250+ which I thought was fair if a little optimistic, but can't forgive you for the FTSE though today was a no brainer as it will be for a pop n drop tomorrow
still waiting for 331 cable meself
dc2000
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The problem with trading news is that often the news will be priced in and may or may not move the market in the direction you think it should the best option IMO is to watch for news that is not expected or is outside what is forecast, interest rates would be an obvious one to watch for.
Priceman
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dc2000 said:
Hiya DC, so do you just buy/sell at certain price levels then and not worry too much about the news, unless of course big figs are expected ? I am still putting my stops too tight and getting wiped out only for it to turn as I thought, but as I can't watch all day I can't reset my levels during the day.
So once 331 is hit you fancy 650/660 ?
dc2000
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Hi Priceman
thats exactly what I do, most big news happens towards the end of the week at which point I will usually be in a position looking for profit but know where I would want to jump off if something went against me
good job you mentioned my next level there I hadn't worked my figs out for a few days, having done so this morning I have now turned the trade
thats exactly what I do, most big news happens towards the end of the week at which point I will usually be in a position looking for profit but know where I would want to jump off if something went against me
good job you mentioned my next level there I hadn't worked my figs out for a few days, having done so this morning I have now turned the trade
trendie
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hi CC: dont know if this is correct place for this, but....
your July-25th journal
VEBO
BUY: 8561.7
SL: 8469.6
TP: 8711.7
Close: 4pm for -15.6
my MT-4 charts show high for y-day was around 1.8535, so why have you deducted 15 pips, when the trade never triggered?
your July-25th journal
VEBO
BUY: 8561.7
SL: 8469.6
TP: 8711.7
Close: 4pm for -15.6
my MT-4 charts show high for y-day was around 1.8535, so why have you deducted 15 pips, when the trade never triggered?
