Woe is me...

[rog1111]

wasp

If you want to become more detached, try IB's bracket orders. Set executions on "Siren" & turn up the volume so you can hear them, put on the trade, then go away, watch Bloomberg, have a cup of tea, whatever. Try it !

rog1111

Hi Charlton,

I closed then manually as I didn't wish to see a profit become a loss. As for direction, I only view where I think the market will go by what It does at various pivot and support/resistance levels. I don't like to predict the future, only act on what I see.

I did think cable/euro would go north and the FTSE south but after watching two trades become nothing, I just didn't want to see the same happen again, and instead of allowing the trades to pan out as per plan, I panicked and jumped ship.

Fear is the key I think. I need to learn to detatch myself from my trades and let them produce what they produce. I know now that had I would have had a lovely day if only I'd just applied discipline.

Like IB, I'm not a fan of trailing stops. They would have worked out worse on cable today than my own results.

 

[crystalballs]

Wasp, 4 trades? You can't even handle one....can you? So why 4? Diversification is ok, if you know what you are doing, but scatter brain trades don't work. Take one trade at a time and apply solid basics to that particular trade. Don't put yourself on the spot.

 

[wasp]

Mr Balls,

It wasn't 4 simultaniously rather spread over the day.

I agree though, I do need to apply rules to each trade, same every trade, and stick to them whether its lose all 4, break even on all four or win 2 lose 2 etc.

 

[wasp]

Thanks rog1111 I shall look into it.

 

[crystalballs]

Appologies, i thought you was on about 4 at once. So you are only trading one at a time, but, 4 in a day with no result. I can reduce your losses by 75%.....just trade one a day.

 

[fxmarkets]

I just don't know how to do it....

Took 4 trades today on various markets, the 2 I closed out at a small profit zoomed away and away. The other 2, which I thought would go well, reversed and ended with small losses.

All 4 were precisely to plan yet whenever I stop a profit becoming a loss, it continues and then vica versa it pulls back to nothing.

The conflicting 'don't let a profit become a loss' and 'let your winners run...' are running just behind 'sods law' at the moment.

Is it just me or am I not alone in this annoying predicament?

get a copy of market wizards turn to "Mark Ritchie" not sure if its new market wizards read it and whats his answer which maybe of use to another?

 

[Charlton]

wasp

If you want to become more detached, try IB's bracket orders. Set executions on "Siren" & turn up the volume so you can hear them, put on the trade, then go away, watch Bloomberg, have a cup of tea, whatever. Try it !

rog1111

And also their conditional orders

http://www.interactivebrokers.com/php/webhelp/webhelp.htm

Charlton

 

[Splitlink]

Wasp, 4 trades? You can't even handle one....can you? So why 4? Diversification is ok, if you know what you are doing, but scatter brain trades don't work. Take one trade at a time and apply solid basics to that particular trade. Don't put yourself on the spot.

I think that you are right about that. A good running trade can be spoiled by a bad one. It is a kind of hedging and I find it difficult to see the point Don't think that I am bigheaded, I've only just arrived at that conclusion! You might as well select one trade and keep the stops manageable, rather than spread the capital over a group. Otherwise, like me over the last few days, whether it is a net gain or a net loss, the work is not worth the trouble.

Split

 

[wasp]

Cheers everyone,

After an exciting Saturday of looking back I've had a chance to analyze and decifer a way of going forwards logically and sensibly to ensure the problems don't happen again. (hopefully!)