I agree with you.
The graph above shows the futures market in my country. The market only works 9 hours a day and then is closed. Therefore, the gaps are open.
When the market is closed nothing can happen to the positions in the night. And then it is time to prepare a plan for the next day.
There is another plus, the market in one session may be moved within + / - 10%, it protects investors, which can not be said for forex:)
PP2 trading journal
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In at 69, out at 81
I had a choice, go for AU, EU or GU long --- I chose wrong doh!
EDIT 1 hour later: I was travelling home and on the way I ran through all the trades in my head. I was wondering why the AU I took was so sluggish compared with the GU which shot 70+. Well the answer --- the H4 direction!
GOING WITH THE HTF MAKES SENSE DOH!
I had a choice, go for AU, EU or GU long --- I chose wrong doh!
EDIT 1 hour later: I was travelling home and on the way I ran through all the trades in my head. I was wondering why the AU I took was so sluggish compared with the GU which shot 70+. Well the answer --- the H4 direction!
GOING WITH THE HTF MAKES SENSE DOH!
Last edited by pp2 on Wed Jan 18, 2012 4:40 pm, edited 1 time in total.
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Last chart for the day.
I wanted to show this loser from yesterday, my almost pride and joy but I did my job and got out with a small loss
I wanted to show this loser from yesterday, my almost pride and joy but I did my job and got out with a small loss
Last edited by pp2 on Wed Jan 18, 2012 5:15 pm, edited 1 time in total.
I was also thinking about my present progress on the bus going home.
Is this natural in this job? ---
Mostly I consider myself a very patient person.
That was BEFORE I started to become a 'retail trader'.
After being annoyed at waiting and waiting for a trade long term then losing or earning xxx piddly amount (it wasn't the amount of losing trades that got to me but the waiting) I just got into scalping 10+ pips per day and compounding the account.
At first I read and listened to all the threads which say scalping, swing etc... depends on your personality ... find which style suits you etc ....
Does personality really play a big part of finding your own personal style?
I'm a 'scalper' now (though I know it is just a label) but when I was a longer termer I thought I couldn't do scalping.
On the flip side, now I'm a scalper, I yearn to trade longer termer swing trades. Would I be able to do it?
Honestly speaking personal perception is a key to trading well in this game. Changing from scalp to mid long term (or vice versa) is just changing perception ... I think.
Just jotting down some notes and rambling. I guess I'm writing it all down because I can mostly see the entries quite clearly, but when I look in hindsight I can see why it 'made' sense to hold for longer (the AU trade I took earlier if I held would have yielded me another +30 pips)
Oh boy, I guess I still second guessing myself in my trading so far, one hand I wan to take profits, on the other I want to hold. Dangerous.
Something to think more about.
Is this natural in this job? ---
Mostly I consider myself a very patient person.
That was BEFORE I started to become a 'retail trader'.
After being annoyed at waiting and waiting for a trade long term then losing or earning xxx piddly amount (it wasn't the amount of losing trades that got to me but the waiting) I just got into scalping 10+ pips per day and compounding the account.
At first I read and listened to all the threads which say scalping, swing etc... depends on your personality ... find which style suits you etc ....
Does personality really play a big part of finding your own personal style?
I'm a 'scalper' now (though I know it is just a label) but when I was a longer termer I thought I couldn't do scalping.
On the flip side, now I'm a scalper, I yearn to trade longer termer swing trades. Would I be able to do it?
Honestly speaking personal perception is a key to trading well in this game. Changing from scalp to mid long term (or vice versa) is just changing perception ... I think.
Just jotting down some notes and rambling. I guess I'm writing it all down because I can mostly see the entries quite clearly, but when I look in hindsight I can see why it 'made' sense to hold for longer (the AU trade I took earlier if I held would have yielded me another +30 pips)
Oh boy, I guess I still second guessing myself in my trading so far, one hand I wan to take profits, on the other I want to hold. Dangerous.
Something to think more about.
My motto is: overreact when you are winning & underreact when you are losing.
Unless there is no possible way that price could be moving in the direction of profit I will only exit part of my position <---underreaction
When price is moving in the direction of profit then my only concern is what I can get away with <---overreaction
I want to add lots faster than I take them off.
Unless there is no possible way that price could be moving in the direction of profit I will only exit part of my position <---underreaction
When price is moving in the direction of profit then my only concern is what I can get away with <---overreaction
I want to add lots faster than I take them off.
Hi PP2
i came up this idea, i found that when i take my entries price always seems to go 10 odd pips and stall and drifts back so natural instinct is to take the profit and then price would take off again.
I realised that i hardly every have price immediately turn against me as long as i did my higher time frame analysis correctly.
So i thought as tool to get you over psychology barrier, why not buy out your S/L and leave some remaining position in the trade. It frees your mind to focus on picking your exit. If screw up your out @ B/E. I did picture. I just started using it . I have confidence im picking my entries correctly just need to lock down my exits. Hope it makes sense.
BB
i came up this idea, i found that when i take my entries price always seems to go 10 odd pips and stall and drifts back so natural instinct is to take the profit and then price would take off again.
I realised that i hardly every have price immediately turn against me as long as i did my higher time frame analysis correctly.
So i thought as tool to get you over psychology barrier, why not buy out your S/L and leave some remaining position in the trade. It frees your mind to focus on picking your exit. If screw up your out @ B/E. I did picture. I just started using it . I have confidence im picking my entries correctly just need to lock down my exits. Hope it makes sense.
BB
pp2 wrote:I was also thinking about my present progress on the bus going home.
Is this natural in this job? ---
Mostly I consider myself a very patient person.
That was BEFORE I started to become a 'retail trader'.
After being annoyed at waiting and waiting for a trade long term then losing or earning xxx piddly amount (it wasn't the amount of losing trades that got to me but the waiting) I just got into scalping 10+ pips per day and compounding the account.
At first I read and listened to all the threads which say scalping, swing etc... depends on your personality ... find which style suits you etc ....
Does personality really play a big part of finding your own personal style?
I'm a 'scalper' now (though I know it is just a label) but when I was a longer termer I thought I couldn't do scalping.
On the flip side, now I'm a scalper, I yearn to trade longer termer swing trades. Would I be able to do it?
Honestly speaking personal perception is a key to trading well in this game. Changing from scalp to mid long term (or vice versa) is just changing perception ... I think.
Just jotting down some notes and rambling. I guess I'm writing it all down because I can mostly see the entries quite clearly, but when I look in hindsight I can see why it 'made' sense to hold for longer (the AU trade I took earlier if I held would have yielded me another +30 pips)
Oh boy, I guess I still second guessing myself in my trading so far, one hand I wan to take profits, on the other I want to hold. Dangerous.
Something to think more about.
There are two forces acting upon us: Suffering pushes us forward from behind and pleasures entice us and pull us forward.
MightyOne wrote:My motto is: overreact when you are winning & underreact when you are losing.
Unless there is no possible way that price could be moving in the direction of profit I will only exit part of my position <---underreaction
When price is moving in the direction of profit then my only concern is what I can get away with <---overreaction
I want to add lots faster than I take them off.
"overact when you are winning" yes, I see that. If HTF is moving in the direction I want, entering on the 5 minute at a swing then exit (or not) then add or enter again ... makes good sense, common sense.
underaction --- to me at the moment even though I know what you are saying is against all I know because I'm thinking cut my losses fast!
I sure there's lot of technical ways to manage trades, simple in theory, need time to explore this and also myself.
Nice words of wisdom Mightyone, thank you
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