Dow 2007

[Dinos]

Lurker, s/l seems rather close imho

 

[lurkerlurker]

Stoploss moved to breakeven. (gutless, even on a simulator)

Stop filled. Dinos is right. Time to reevaluate my position.

Time to look for a better entry.

 

[firewalker99]

First trade with the new system (paper trade, on a simulator)

Short 1 YMM7 contract @ 13513. Stoploss 13518.

Hi lurker, good to see you back in action. Best to stick to papertrading for a while and evaluate yourself an your reactions. Do you have a fixed target set?

 

[lurkerlurker]

Good to be out before that happened! T&S gave a little clue there I think!

 

[Dinos]

Got to go pick up the cat from the cattery before the missus returns from her holidays, out, not bothering with s/l, taking profit closed short at 93 for + 5, will call back later and trade this pm.

Good Luck

 

[brutusdog]

hi all,

not trading today but would not want to be short intraday above 13485 cash. thinking another crack at 515...

 

[lurkerlurker]

Okay, who was long

 

[brutusdog]

not quite sure why that post took so long to appear weird, always a good move when you dont trade it...

 

[firewalker99]

Stoploss moved to breakeven. (gutless, even on a simulator)

Stop filled. Dinos is right. Time to reevaluate my position.

Time to look for a better entry.

There will always be reasons why a trader wouldn't go long or short on a particular price.
It's the basic that creates a market. You can never incorporate every single signal in your system though. If you changed your stop because of Dino's comment, you are not following your rules, right? Dino's comment was obviously right, taking shorts was always going to be risky...

 

[lurkerlurker]

Short 40 on futures. Sl 50.

 

[firewalker99]

Okay, who was long

I was ... see post #2357
took another +20 out of that

 

[firewalker99]

Short 40 on futures. Sl 50.

are your stops arbitrary? because this one is 10 points away and the previous one 5...

PS: let me know if my "nagging" starts to annoy you. You never know.

 

[lurkerlurker]

Hi lurker, good to see you back in action. Best to stick to papertrading for a while and evaluate yourself an your reactions. Do you have a fixed target set?

Thanks firewalker. I did have a target, but my BE stop got blown. I moved the stop to breakeven before I had planned because I felt a change in sentiment from reading the T&S.

 

[lurkerlurker]

are your stops arbitrary? because this one is 10 points away and the previous one 5...

PS: let me know if my "nagging" starts to annoy you. You never know.

I gave this one a little more room because it needed it. My last stop was 5 because I would know I was wrong on the short with 5 move against me. (tight range, a breakout to the wrong side would only be 5) This trade, a stop of 5 would be too close.

The "nagging" is fine. Useful actually. Expectation of accountability and everything.

 

[lurkerlurker]

Covered short at 36, +4. (I'm a scalper at heart. Time for Interactive Brokers!)

On a serious note, I gave that trade 10 points room for the stoploss, then later decided it was a scalp when I wanted to take profits. Inconsistent!

 

[lurkerlurker]

I'm working market prices at the moment using the OpenTick feed. I will find out how much IB charges for a YM roundtrip and factor that in on my P/L from papertrading.

 

[Dinos]

LL, PLEASE DO NOT ALTER YOUR STOPS BASED ON MY COMMENTS, I was merely passing an observation and in no way was I advising you to alter your stop, FW is right in his comment, you must trade your plan, which should be in place before yo place any trade.

 

[firewalker99]

Thanks firewalker. I did have a target, but my BE stop got blown. I moved the stop to breakeven before I had planned because I felt a change in sentiment from reading the T&S.

Okay, best to write this down and review it at the end of the day.
"you felt a change"... needless to say more; yes this time you were right, but other times you won't.

 

[firewalker99]

Covered short at 36, +4. (I'm a scalper at heart. Time for Interactive Brokers!)

On a serious note, I gave that trade 10 points room for the stoploss, then later decided it was a scalp when I wanted to take profits. Inconsistent!

Even if you go for a cheap broker, you'd be amazed how much goes up into commissions... In my early days I had days where I thought I'd made a nice profit! Deducting commissions however showed a loss.. these things can really eat you up! 1 point on DOW is 5USD and the commissions for 1 roundtrip are 4,26USD. So scalping 4 points means already >20% overhead costs!

 

[lurkerlurker]

Short 41, SL 46.