Hi Pat, I've been trading for years on and off. Same old routine, plodding on. I watch my bottom line, I've never worked out stats. In the early days I used to tinker a bit trying to find the perfect exit but I don't bother anymore, just set the targets and meddle around but basically sticking to set rules. It ain't broke, I ain't fixing anything, just having some fun here posting my trades in real time.
Well not strictly true, I worked stats out in the early days back in 1998 or thereabouts, but I don't do them anymore. They wouldn't be relevant today even if I could find them lol
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dunitatlsatrodney
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Quick question. Have you ever lived in the Playboy mansion?
Quick answer: Never, but one can always dream
dunitatlsatrodney
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Daily......and nightly!:cheesy:Quick answer: Never, but one can always dream
Pat494
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I used to go to the Bunny Club in London in the 70s.
http://playboyclublondon.com/club/events
Not that I am advertising
http://playboyclublondon.com/club/events
Not that I am advertising
tokyojoe
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Hey Pat I was there last Wednesday night (random night I know, it was after the traders meet up in Leadenhall market New moon) it's still as tacky as hell mate, can't believe they still make the girls wear bunny ears.
tokyojoe
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My 3 pip / 20 second rule for anyone wondering: you know when you drop your pizza on the floor you can eat it if you pick it up within 3 seconds? Well I have the same rule, if I place my stop in a meaningful place and it gets hit by no more than 3 pips, hits a wall and retraces within 20 seconds, then I can re-enter with original targets but tighter stops and take some profit if it stalls at the original entry level.
This happens a lot near the end of each 30 mins...you'll get used to it
Sometimes it's my fault for not adding the spread on a short stop.
Hi BG, like the pizza analogy, but do you not find this to be revenge territory ?
I do have a similar style, but the conditions have to be just right, i.e fairly rapid pace. If it hits my stop by a few points & retraces I am very mindful of the potential chop.
I only trade 2 or 3 hours in the afternoon so my focus is on the 5 min rollover, but I do take alot of notice of the 30 min.
I thought one of the keys is to only trade during times of high volume? Isnt trading sunday night risky in that regard?
Thanks in advance!
You're right, this isn't normal trading with normal targets. This is a one off trade aiming for Friday's final target that didn't quite hit. Normal service will resume in the morning
I wouldnt say it was revenge. Looking back over this thread you'll see me treat trades in different ways. Some I've rentered under the 3 pip rule and has been successful every time I think. A couple that came near to the stop I actually added to the trade and averaged down. Both ways were successful at first attempt and as mentioned at the time I brought stops in fairly tight to limit the possible loss. Had a trade gone against me then I would have been out until there's a new signal.
It really depends how confident you are in your trading as to how willing you are to risk it for a biscuit. I'm more gutted to miss a trade that turned out to be correct for the sake of a couple of pips than to risk it just once for another 10-15 pips.
My 3 pip / 20 second rule for anyone wondering: you know when you drop your pizza on the floor you can eat it if you pick it up within 3 seconds? Well I have the same rule, if I place my stop in a meaningful place and it gets hit by no more than 3 pips, hits a wall and retraces within 20 seconds, then I can re-enter with original targets but tighter stops and take some profit if it stalls at the original entry level.
This happens a lot near the end of each 30 mins...you'll get used to it
Sometimes it's my fault for not adding the spread on a short stop.
This is it Pat
