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"Just Oil"
Sep 17, 2011 at 20:18
Reasons of current loss were too much leverage increased size and no daily loss limit.
Hence since now on I introduce 3 iron clad rules that will prevent me from ever again haivng this kind of loss:
1. MAXIMUM DAILY LOSS 2% OF THE ORIGINAL BALANCE. ONCE 2% LIMIT PER DAY REACHED STOP TRADING TILL NEXT DAY.
2. ALWAYS TRADE SAME SIZE AND NEVER INCREASE IT WHEN SUFFER LOSS.
3. WHEN COMING TO COMPUTER AFTER WORK FOR BREAK DO NOT START TRADING RIGHT AWAY. TAKE 10-15 MIN BREAK, CHECK SITUATION, ANALYZE BEFORE TAKING A TRADE AND WAIT FOR ENTRY ONCE THERE IS A SIGNAL ACCORDING TO ABOVE RULES.
Hence since now on I introduce 3 iron clad rules that will prevent me from ever again haivng this kind of loss:
1. MAXIMUM DAILY LOSS 2% OF THE ORIGINAL BALANCE. ONCE 2% LIMIT PER DAY REACHED STOP TRADING TILL NEXT DAY.
2. ALWAYS TRADE SAME SIZE AND NEVER INCREASE IT WHEN SUFFER LOSS.
3. WHEN COMING TO COMPUTER AFTER WORK FOR BREAK DO NOT START TRADING RIGHT AWAY. TAKE 10-15 MIN BREAK, CHECK SITUATION, ANALYZE BEFORE TAKING A TRADE AND WAIT FOR ENTRY ONCE THERE IS A SIGNAL ACCORDING TO ABOVE RULES.
forex_trader_36599
會員從May 13, 2011開始
1329帖子
Sep 19, 2011 at 18:10
I am sure you will be adapted to the new environment very quickly😉
good luck
good luck
forex_trader_36599
會員從May 13, 2011開始
1329帖子
Sep 20, 2011 at 17:00
bigger bigger chicken dinner!!
>100 ticks great job😉
>100 ticks great job😉
Sep 20, 2011 at 21:18
I am not happy. Bad trading actually. must calm down and get patient again. The problem is that with schedule changes my plan has changed too. I need to come and wait for another development cause I am coming into middle of what was developing at night. But it is changing.
I will force myself to start being very patient to wait for trades with bigger pay out at least 1.5 for 1 risk.
I also think that 2% daily loss rule was premature, as I was pointed that i would not take my 102 pips trade had I followed the rule. But same size for all trades stays.
I will force myself to start being very patient to wait for trades with bigger pay out at least 1.5 for 1 risk.
I also think that 2% daily loss rule was premature, as I was pointed that i would not take my 102 pips trade had I followed the rule. But same size for all trades stays.
Sep 21, 2011 at 17:09
today was slightly better.
I think daily target of 40-60 pips is just fine. again the most important thing is patience. first long was good but news volatility took me out at break even, was a very good call. second was sloppy and I lost it and the last I think I entered too late. could have had better entry just under 87.80.
I think daily target of 40-60 pips is just fine. again the most important thing is patience. first long was good but news volatility took me out at break even, was a very good call. second was sloppy and I lost it and the last I think I entered too late. could have had better entry just under 87.80.
Sep 22, 2011 at 21:24
Today It might sound funny, but I kicked my ass again. Probably got in love with big winners and stopped taking smaller winners. all my BE trades which were 3-4 went 40-60 into profit and i got only $0. which made me very angry and I lost ability to see what market was doing and started making mistakes.
I think that I should set my trade/ daily goal and stop looking for big winners except for very strong s/r areas that hold before. so I think 30-50 pips per trade would be just fine.
I know why this is happening. changed schedule and plan that I used cannot work cause i start much later and whatever guys were cooking before 6:00-8:00 was done and I am coming to new reality. from what i see I started getting handle over this too but messed myslef with profits taking today. I am going to adjust.
I think that I should set my trade/ daily goal and stop looking for big winners except for very strong s/r areas that hold before. so I think 30-50 pips per trade would be just fine.
I know why this is happening. changed schedule and plan that I used cannot work cause i start much later and whatever guys were cooking before 6:00-8:00 was done and I am coming to new reality. from what i see I started getting handle over this too but messed myslef with profits taking today. I am going to adjust.
Sep 22, 2011 at 23:28
I understand very well what happens when you change certain the rules in the midle of the game. Going after big winners and forgetting about the smaller ones can have very nasty consequences. I tried to do the same and found out that it was a bad idea. I should stick to what was working for me before. 30- 50 pips is a very good target.
Sep 23, 2011 at 20:01
I am down today too, but started getting a footing as I feel it.
again, I was up 25-35 pips on my first trades but ended all BE, before Nymex opened than all hell broke lose. Incredible volatility. 5-15 min candles pretty much were useless, I started only getting what I wanted after moving to just 1 min which worked well this time. Nevertheless could not trade back losses incurred while getting i trades on 5 min.
I have started having idea of what it might be my new plan for new schedule. will be checking charts on weekend and put it down on paper.
First of all if I am looking for 40-50 pips daily I should not let trade go against my BE stop and I wonder how can I decide whether to close the trade or let itr run some more. I had trades 25-35 and they reversed and stopped me out. and some were trades that went a lot of pips. I wonder if 1 min chart can be used as one watching to close trade if price stops moving in my direction.
In any case I am cutting leverage down to $0.01 per pip and will bring it back to 0.02 after I have winning week.
Daily goal is 40-50 pips and I am going to close trades at profit whenever I feel they reverse. out of those 3 that got stopped at BE before Nymex non was actually a loser. price hit stop and went where I expected. may be I move stop too early. i usually move it after 15-20 pips in profit.
again, I was up 25-35 pips on my first trades but ended all BE, before Nymex opened than all hell broke lose. Incredible volatility. 5-15 min candles pretty much were useless, I started only getting what I wanted after moving to just 1 min which worked well this time. Nevertheless could not trade back losses incurred while getting i trades on 5 min.
I have started having idea of what it might be my new plan for new schedule. will be checking charts on weekend and put it down on paper.
First of all if I am looking for 40-50 pips daily I should not let trade go against my BE stop and I wonder how can I decide whether to close the trade or let itr run some more. I had trades 25-35 and they reversed and stopped me out. and some were trades that went a lot of pips. I wonder if 1 min chart can be used as one watching to close trade if price stops moving in my direction.
In any case I am cutting leverage down to $0.01 per pip and will bring it back to 0.02 after I have winning week.
Daily goal is 40-50 pips and I am going to close trades at profit whenever I feel they reverse. out of those 3 that got stopped at BE before Nymex non was actually a loser. price hit stop and went where I expected. may be I move stop too early. i usually move it after 15-20 pips in profit.
forex_trader_36599
會員從May 13, 2011開始
1329帖子
Sep 23, 2011 at 20:41
when I trade manually I create a shablon of future movement of the price until it reaches to my target. If this schablon fails then I try to exit as soon as possible with min loss or BE. I had it today on EURUSD. I was ecpecting a bumpy muve up. I entered the trade with pull back on 1 min chat but also monitoring 1HR for the schablon. it failed and I exit for a small profit.
ofcourse this is my stroy. I guess oil is much more volatil as far as I can see from Take/Loss pips and duration.
I guess new schedule will force you some but you will find the correct solution for that. Decreasing Lot size is a good idea.
good luck
walker
ofcourse this is my stroy. I guess oil is much more volatil as far as I can see from Take/Loss pips and duration.
I guess new schedule will force you some but you will find the correct solution for that. Decreasing Lot size is a good idea.
good luck
walker
