Finally giving it (another) go

Stop moved to lock in 15 points, the 1:1 I look for as a minimum.
Will leave the trade open.....a good morning so far!
 
30 points now locked in, from an initial 15 risked.
For the time being I'm going to have just one position open at a time, so not really at anything else.
 
Edinburgh Trader said:
30 points now locked in, from an initial 15 risked.
For the time being I'm going to have just one position open at a time, so not really at anything else.
Click to expand...

Well done ET

Step by step with your risks controlled - check out my intra day thread - I got in before 7am on the GU sell at 81 and being a scalper got my scalp buy in at end of 9 00 am time window from 6306 onwards

One day you will do the same - it takes loads of time and commitment and its all in the charts - but not the way 90% of traders read them:)
 
First up, well done for posting it up there.
Second up. Please dont take this as a knock as thats not the intention, its just another view, but heres a quick look through my eyes at what you did with gbpusd.

During the time you were involved, the market offered +70 of which you booked +30.
(Only looking through this particular window) Your entry, although superb in the time you were involved, seemed taken below average price, as your exit (via stop) was taken above average price.
As far as i can tell, you measure your risk as the distance between your entry to your stop.

This imo is how most break evenish to hard earned winners like to trade.

Did you manage to do any reading up on the physiological stuff btw?
 

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Hi, i have to agree with Mr Darktone, you locked your stop at +30, and that was it, ie, you should have had an exit plan prior to your stop being hit, stops are there if all hell breaks out and you don't want to be taken for a ride, not as an exit strategy even if the profit is greater than hoped / planned for.

I as DT am not being critical, just pointing out an opinion.

Regards Shane.
 
Thanks Darktone, your comments certainly aren't taken as a knock.
To be honest how I exit a trade is art more than science!
I look for a minimum of 1:1 and move stop to break even when I see around 10 points. In this case I moved my stop down to 2 times risk as the market moved down.
Managing winning positions is something I need to work at, possibly by using the same ma that gets me in?
I will work on this, and any suggestions are always gratefully received.
Bottom line: happy with the entry, it was a perfect setup according to my rules. Exit: could do better!
 
Edinburgh Trader said:
Glad I left the Dow alone!!!
Click to expand...

Can you believe ever since I started forex trading approx 13 yes ago - I have never traded the Dow or FTSE or even gold or silver - just kept to currencies and in hindsight probably a weakness as don't even have charts up on them - even though I am sure TA would probably work similar with my method :)
 
Forexmospherian said:
Can you believe ever since I started forex trading approx 13 yes ago - I have never traded the Dow or FTSE or even gold or silver - just kept to currencies and in hindsight probably a weakness as don't even have charts up on them - even though I am sure TA would probably work similar with my method :)
Click to expand...

I like the Dow, but I'm taking on board advice given on here and trying to cut down what's on my watch list :clap:
 
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