Probably a stupid thought, but here goes.... why not place a few somewhat large trades (large in relation to your available capital) and just let them sit until they become favorable even if it means a couple of weeks. In the mean time trade as usual but closely watch your margin and be sure to keep enough money in your trade account to cover. I know there are fees for letting trades sit but it isn't much is it?
I am new to this and I am certain I am going about it all wrong. Staying up half the night for a 5 - 10% return is getting old.
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drlmg wrote:Probably a stupid thought, but here goes.... why not place a few somewhat large trades (large in relation to your available capital) and just let them sit until they become favorable even if it means a couple of weeks. In the mean time trade as usual but closely watch your margin and be sure to keep enough money in your trade account to cover. I know there are fees for letting trades sit but it isn't much is it?
I am new to this and I am certain I am going about it all wrong. Staying up half the night for a 5 - 10% return is getting old.
Placing large orders right off the bat is never a good idea for a long(er) term trader.
It often takes a lot of time and energy to get a position rolling on its own so I can spend the next several months watching profit roll in.
Nothing in life is free
H4 Flying Buddha.
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Thanks TRO, thanks MO, your perspective is growing on me.
Rules of engagement:
Look for price trading above/below the 5 ema, in particular look for a pin, a hammer, long wick/small bodied, bullish/bearish engulfing candles closing at S/R and not touching the 5ema when it closes. Price has a higher than not percentage, not sure of exact percentage, of pulling back to the 5 ema. This is your edge. Pay particular attention to large round #'s. i.e 1.29, 1.28, etc. Trade 2 lots, take one off at 1:1 target, take the profits from the lot taken off and apply to your stop for a break even trade, with some wiggle room, for your remaining position. Stack positions at pullbacks into previous candle. Exit is discretionary. I like holding until ma's cross. Works on all time frames. I like the H4.
Uploaded with PostImage.org
Thanks TRO, thanks MO, your perspective is growing on me.
Rules of engagement:
Look for price trading above/below the 5 ema, in particular look for a pin, a hammer, long wick/small bodied, bullish/bearish engulfing candles closing at S/R and not touching the 5ema when it closes. Price has a higher than not percentage, not sure of exact percentage, of pulling back to the 5 ema. This is your edge. Pay particular attention to large round #'s. i.e 1.29, 1.28, etc. Trade 2 lots, take one off at 1:1 target, take the profits from the lot taken off and apply to your stop for a break even trade, with some wiggle room, for your remaining position. Stack positions at pullbacks into previous candle. Exit is discretionary. I like holding until ma's cross. Works on all time frames. I like the H4.
Last edited by tmanbone on Fri Sep 10, 2010 3:32 am, edited 2 times in total.
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tmanbone wrote:H4 Flying Buddha.
Uploaded with PostImage.org
Thanks TRO, thanks MO, your perspective is growing on me.
Rules of engagement:
Look for price trading above/below the 5 ema, in particular look for a pin, a hammer, long wick/small bodied, bullish/bearish engulfing candles closing at S/R and not touching the 5ema when it closes. Price has a higher than not percentage, not sure of exact percentage, of pulling back to the 5 ema. This is your edge. Pay particular attention to large round #'s. i.e 1.29, 1.28, etc. Trade 2 lots, take one off at 1:1 target, take the profits from the lot taken off and apply to your stop for a break even trade, with some wiggle room, for your remaining position.
tman,
For some reason, the way you post your image links doesn't show up for me:
(I don't even know why it's not showing, the text entered looks correct to me.
--------------------------------------
LOL, and I just figured out why, my job's internet filter, considers the site postimage.org as 'pornography', so I won't be able to see your images from this site until I leave work.
All I see is the word "Image" and it is in blue, hyperlinked to take me to http://www.postimage.org/ (which I CAN access)
**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!
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