pro........look at the market - it ranges up and down.........you know that. I know that........i suspect that like myself, you tend to get a bit wound up when you miss a move and then try to get it back.........a few winning days will do that to you i think.
I know, sometimes you have a limit order that never gets hit or when it does get hit, it should have been a market order going the other way. Or you use a market order that just gets stopped out.
Ya, I have missed a few huge moves these past few days - but now I am not trying to get them back all of the time. Before I took my son to school I was tempted to short the eurojpn as I just knew it was going down to zero out the last big bull bar - and that is when I caught my self..........i cant know...........and I didnt really have a set up.......
But the upside is that I have stopped wasting all the blinds
now lets see where they eurojpy goes........
MightyOne wrote:If I were you I would stick with scalping because it best fits your personality.
Instead of blasting the market with positions you would probably do
better to focus on reducing risk once in a trade.
An example of how you might do this is:
Start with Dynamic Fibs:
Enter a position that is divisible by 5 at the trigger.
Immediately exit 1/5 at a time until you have nothing left.
Find the nearest psych level and place and order there:
Once filled immediately exit 1/5 at a time until you have nothing left.
---If price stalls at the entry you loss is minimal.
---If price reverses you are already in the process of cutting your losses short.
---If price skyrockets upon entry you will liquidate at a large profit.
---If price moves up then you will exit at a small profit.
Try it for a day or two with 5 micro lots...you might like it.prochargedmopar wrote:Here is my faulty trading.
I was long for a breakout and lost 11.
I Immediately went short 2 orders.
After being in profit I added a third.
I was up 26-8ish at the 10 line.
That candle shot up and closed green and I closed all 3 positions for -7.xx each. it only went up to the 30 line and turned back short. Right when it shot up I bought 3 positions. You can see what happened after that as it hit my 15 pip stop on 2 and I closed the other at -13.
No more playing for me after that.
Here are the trades and a pic.
I see that it's rocketing up toward the line now.
Am I a scalper or a long term trader. Maybe I should decide.
11439715 EUR/JPY 20 B 133.295 133.158 -13.7 -28.79 0.00 5/26/2009 20:13 5/26/2009 20:25
11439714 EUR/JPY 20 B 133.307 133.155 -15.2 -31.95 0.00 5/26/2009 20:13 5/26/2009 20:25
11439712 EUR/JPY 20 B 133.305 133.153 -15.2 -31.95 0.00 5/26/2009 20:13 5/26/2009 20:25
11439431 EUR/JPY 20 S 133.286 133.310 -2.4 -5.04 0.00 5/26/2009 19:58 5/26/2009 20:13
11439443 EUR/JPY 20 S 133.237 133.310 -7.3 -15.33 0.00 5/26/2009 19:58 5/26/2009 20:13
11439201 EUR/JPY 20 S 133.288 133.366 -7.8 -16.37 0.00 5/26/2009 19:51 5/26/2009 19:52
11439199 EUR/JPY 20 S 133.290 133.366 -7.6 -15.95 0.00 5/26/2009 19:51 5/26/2009 19:52
11438835 EUR/JPY 20 B 133.400 133.288 -11.2 -23.52 0.00 5/26/2009 19:31 5/26/2009 19:51
11438378 EUR/JPY 20 B 133.262 133.293 3.1 6.51 0.00 5/26/2009 19:16 5/26/2009 19:23
11438249 EUR/JPY 20 B 133.250 133.293 4.3 9.03 0.00 5/26/2009 19:08 5/26/2009 19:23
11438155 EUR/JPY 20 B 133.228 133.184 -4.4 -9.25 0.00 5/26/2009 19:06 5/26/2009 19:07
11437787 EUR/JPY 20 B 133.021 133.043 2.2 4.63 0.00 5/26/2009 18:45 5/26/2009 18:55
11437673 EUR/JPY 20 B 132.960 133.043 8.3 17.46 0.00 5/26/2009 18:41 5/26/2009 18:55