A fresh start! Doji's Trading Journal
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- newscalper
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Yeah, I think I draw my lines the same as you doji
TBH I don't think I'm going to get the hang of this
3 losses in the chop this morning and then this which actually was another loss as I'd added. Maybe should have just taken the pips on the spike but if you don't let things run...
Hindsight is VERY easy
TBH I don't think I'm going to get the hang of this
3 losses in the chop this morning and then this which actually was another loss as I'd added. Maybe should have just taken the pips on the spike but if you don't let things run...
Hindsight is VERY easy
Rule #1: Position is EVERYTHING.
It doesn't matter if you are a long term trader or a scalper.
If you place your stop within the daily range then you are just begging for people to take your money.
Rule #2: Get your lot size up
You should think of this as trailing a stop to keep risk the same and not as "adding".
You increase your size on confirmation or when you believe S/R to be false.
It doesn't matter if you are a long term trader or a scalper.
If you place your stop within the daily range then you are just begging for people to take your money.
Rule #2: Get your lot size up
You should think of this as trailing a stop to keep risk the same and not as "adding".
You increase your size on confirmation or when you believe S/R to be false.
Last edited by MightyOne on Fri Jul 26, 2013 2:47 pm, edited 1 time in total.
Maybe should have just taken the pips on the spike but if you don't let things run...
The decision to hold is based on longer term charts, not the 5 minute.
Remember that you need position at a longer term extreme if you are to hold for longer periods of time.
Last edited by MightyOne on Fri Jul 26, 2013 3:54 pm, edited 1 time in total.
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- newscalper
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- Captain Pugwash
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MightyOne wrote:
The decision to hold is based on longer term charts, not the 5 minute.
Remember that you need position at a longer term extreme if you are to hold for longer periods of time.
I hope you don't mind me posting here - also my use of fibs achieves the same end but is different to MO's ( please dont change from what you do already)
My initial trade i posted here
this is how using other peoples money to add in to the trade works
The "average" position now has effectively 55 lots riding from that line
The initial entry has gone - Why? So i could go flat to get a better use of OPM
The "average position" has EXACTLY the same risk (if hit) as when i first entered way down on my first entry
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"MOJO 1)Self-confidence, Self-assuredness. As in basis for belief in ones self in a situation. Esp/In context of contest or display of skill such as going into battle. 2)Ability to bounce back from a debilitating trauma and negative attitude YEH BABY
- newscalper
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MightyOne wrote:Rule #1: Position is EVERYTHING.
It doesn't matter if you are a long term trader or a scalper.
If you place your stop within the daily range then you are just begging for people to take your money.
Rule #2: Get your lot size up
You should think of this as trailing a stop to keep risk the same and not as "adding".
You increase your size on confirmation or when you believe S/R to be false.
Yeah, I get that perfectly. In that instance you're liquidating, then resizing on re-entry.
My problem is stringing any winning trades together to be able to actually do that
I wasn't stopped out once today btw, price just kept coming back and closing across my line so I got out.
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