me neither...I like to catch a trend....this has been painful to watch this PM
me neither...I like to catch a trend....this has been painful to watch this PM
firewalker99
Legendary member
- Messages
- 6,655
- Likes
- 612
yeah I know, I have been flat since after the first hour.
But I made my daily target so can't complain. Today, I'm most of all surprised by the DAX fall. I'd be really surprised if we reach that gap you mentioned earlier on. I'd prefer to see some more distribution before really taking us lower.
firewalker99
Legendary member
- Messages
- 6,655
- Likes
- 612
If that can be of any help, don't try to put limit orders at round numbers.
firewalker99
Legendary member
- Messages
- 6,655
- Likes
- 612
Best thing is not to focus on a daily target. It can cause overtrading.
If you got your target, fine. But if you don't and the market doesn't give you an opportunity, you'll have to be prepared to walk away with whatever the market has to offer, even if that's less than what you had hoped for.
I had a sell signal based on y'days Dax close......currently shorter than a short bloke in short shorts with Dax,ES and $/yen......heaven's above,I've lost the plot
firewalker99
Legendary member
- Messages
- 6,655
- Likes
- 612
Best to focus on getting the entries first, then the exits. Try to determine how far on average most of your trades go, than be prepared to take profits there. Whichever method you employ, you'll need to test it and papertrade it. A trailing stop might have been good in this particular case, but is it always the best? When were you going to take profits? If you are away from the screen are unable to follow your trade you should have imo definitely a stop, and preferable a target limit price set.
free4440273
Active member
- Messages
- 200
- Likes
- 2
...*hoping* for a really strong rally tomorrow (Wednesday) - and then short this market again
lurkerlurker
Senior member
- Messages
- 2,482
- Likes
- 150
I don't like trailing stops. I don't think they are appropriate in a lot of cases. My plan is to move a stop to breakeven when it has moved far enough, but I think a market signalled exit will always be superior. Furthermore, I was away from the screen and I can't use a trailing stop when spreadbetting, so I don't when papertrading either.
My earlier post stated quite clearly where I would have taken the profits on that trade. My first post on that trade also stated limit sell 90 buy stop 95. So I did have a stop in place. I would never leave a trade paper or otherwise without a stop. I would have checked back on a real trade more frequently than 40 minutes - this was a paper trade, and I had pressing stuff to do.
Perhaps a target limit would have been sensible to place, but I'd never manage a real trade anyways. Be that as it may.....
The limit order so close to a round number - I'll bear that in mind in the future, although the market did trade there in sufficient volumes. I'm counting that trade as a trade, because if I wasn't using a simulator I would have looked at the time and sales and written down my entry as there was volume at that price - why the simulator decided not to fill me I don't know.
What do you think of my overall trading performance today? Do you think my summing up in #2816 was accurate and fair? Aside from the limits at round numbers, do you think there is anything I have missed or should be aware of?
I agree with your comments on target setting. I set myself a daily limit of 30 points on the Dow last month, and lost most of my trading pot chasing it. Also, see my amusing little anecdote about the most expensive £12 ever!
lurkerlurker
Senior member
- Messages
- 2,482
- Likes
- 150
...*hoping* for a really strong rally tomorrow (Wednesday) - and then short this market again
Think carefully about shorting a strong rally before signs of weakness are apparent. Remember we are still in a bull market - this may be the only correction for quite a while. Keep an eye on the key 600 and 700 levels. If you predict a strong rally tomorrow, why not consider a long if the charts support your instincts? Then short it on the way down after confirmation of weakness.
Saying that, below 550 I'm a grizzly bear.
free4440273
Active member
- Messages
- 200
- Likes
- 2
I had a sell signal based on y'days Dax close......currently shorter than a short bloke in short shorts with Dax,ES and $/yen......heaven's above,I've lost the plot
luvvly jubbly.....Dax hit my target 7790,closed for +180....SPX closed for +110...$/Yen closed for +105......Happy days....now flat... looking for longs maybe now
firewalker99
Legendary member
- Messages
- 6,655
- Likes
- 612
luvvly jubbly.....Dax hit my target 7790,closed for +180....SPX closed for +110...$/Yen closed for +105......Happy days....now flat... looking for longs maybe now
fantastic trade, well done steve!
you really nailed it, and letting those profits run...
how did you determine your target?
Dax sell signal came in for me Monday nite,after it got over Fridays 8001.63 high,rejected 8010 and then closed below Fridays high on lighter volume.....target was uptrend off March low which tied in nicely with gap I mentioned...
cheers
