A fresh start! Doji's Trading Journal

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FXfreak
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Postby FXfreak » Fri Jul 26, 2013 6:54 am

anybody trading? i'm currently short, entry 77

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FXfreak
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Postby FXfreak » Fri Jul 26, 2013 7:01 am

took +3

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newscalper
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Postby newscalper » Fri Jul 26, 2013 10:07 am

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 :lol:

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MightyOne
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Postby MightyOne » Fri Jul 26, 2013 2:43 pm

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.

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Last edited by MightyOne on Fri Jul 26, 2013 2:47 pm, edited 1 time in total.

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MightyOne
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Postby MightyOne » Fri Jul 26, 2013 2:46 pm

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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MightyOne
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Postby MightyOne » Fri Jul 26, 2013 3:37 pm

You increase your size on confirmation or when you believe S/R to be false.


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If the period is small then go with a 50% increase.

If the period is small but very trendy then double.

It is probably not a good idea to triple your size unless 00 is being moved to a lower daily high.

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newscalper
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Postby newscalper » Fri Jul 26, 2013 4:12 pm

And finish on a win but down on the day overall, got chopped to bits in the sideways crap earlier

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Captain Pugwash
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Postby Captain Pugwash » Fri Jul 26, 2013 4:33 pm

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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dojirock
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Postby dojirock » Fri Jul 26, 2013 8:24 pm

Not at all pug, post away...this is how we all learn.
:smt024
It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
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newscalper
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Postby newscalper » Fri Jul 26, 2013 9:23 pm

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.

Image


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 :lol:
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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