SharePosts by Chikot
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To be frank, I would do same but say would risk half of my daily gain I made before. Unfortunately, I cannot take trade with less $0.01 per pip, so, I cannot do it. I was reading statistics. Many traders start day positive but then hunting for more lose their wins and then some. so, I prefer to bag profits and move on to the next day. To start taking further trades I need to improve my hit rate to say 70% at least.
The most important is consistency.
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My trading time is usually from 4:00 a.m. to about 6:00 a.m. when i work and then from 9:30 a.m. to 1:00 p.m. this is why I trade only oil. Perfect timing. I get up all alone, take coffee and start watching, no one bothers me at night.
But we are having baby coming within 3 weeks and wife is going to be at home for the whole year so I am bracing for some disturbances during trading hours [smiley]
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BTW, Oracle, if you made first trade and you won your daily goal. will you be looking for another trade or call it a day?
I usually stop trading after I made some good trade and up for a day. Now there was excellent short opportunity again when price failed to break yesterday's high. But I just watched it and did not take the trade. My thinking was, it is good probability and risk is ok, but still there is always a chance to loose and I am up today. so let it be. I think after that upper line of triangle was broken you could be 90% sure that price went to test that broken trend line. way more ......
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Oracle, are we related?
we both leave too much on the table , LOL.
Anyway, you are a scalper. so, it is ok to pick your goal. i know how dangerous it is to try and change one's nature. i tried to turn swing/ trend trader last fall/ winter. It was bad. It is not who I am, so , i am happy with less pips. although yesterday I should have picked more [confused]
what I want is to improve my hit rate. I can be right but get kicked out at first attempt like yesterday and today and make up and gain on second attempt. may be stop is too tight or first entry is too early.
it kind of hold me back.
my......
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I see. I noticed that not all foreign brokers accept Americans. I am not sure but US citizens cannot open account with FXPrimus.
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One of the reason I stopped trading currencies are these constant news. I have no understanding of fundamentals influence upon currencies and tended to trade at night London open as there is no news at the time. But now, due to my working schedule I cannot get up as early and leave earlier . No time for currencies as these trades can last a long time. Moved to oil due to all this.
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here is what I see. you are in triangle after trend line got broken so it is consolidation. it might work as there is support.
I used to take those trades in similar triangles but completely stopped doing it. very heart breaking and stressful. I like to wait when it breaks.
you also......
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Long or short?
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I think USA has made a lot of mistakes in the past few decades.
1. It was bad idea to move manufacturing and think that it is post industrial world and USA can keep her position by moving high tech and services. Manufacturing is a foundation of everything.
2. Constantly reducing taxes while increasing expenditures.
USA has dig pretty deep hole by now. I have no idea how this will play out especially with the kind of leadership USA has got and the governing system of check and balances which is fine in normal times but it is not normal times. Deciusions must be made quickly and enforced with......
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Yesterday got head ache just in time. I clearly saw what was going on and was ready to go short. suddenly got that head ache and I cannot think straight when it happens. price dropped 350 pips in a matter of 10 min and risk would have been absolutely minimal 30-40 pips.
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