gilligullu
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I think it does affect the market, but only for a short period of time, like a few hours and then the market corrects itself to carry on whatever it has been doing.
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I think it does affect the market, but only for a short period of time, like a few hours and then the market corrects itself to carry on whatever it has been doing.
well if that is the case it has done me a favour as ive got in short at a great level here and staight into profit
just listening to cnbc at the mo and everything is bad news
fw, do u think a 1.5 atr14 stop is too high on a hourly chart?, i think it is but recently its been keeping me in trades that turn around and i end up with profits but at more of a 1/2 ratio, will my luck run out in the end? and am i better to keep tighter stops or just be discretional with it? keep in mind that i only short as we are bear at the mo
what do u guys think, sorry for the questions, as i said im keen to learn all the time
what do u guys think, sorry for the questions, as i said im keen to learn all the time
firewalker99
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Nobody can tell you whether or not your stops are too close jayjay, only you know that based on the testing you did of your strategy. If you can make decent entries with a close stop, perfect! But if you have a late entry, of instead of skipping the trade you still take it after price has moved away from your entry point, you'll need be aware that a wider stop may be required.
Also, luck has nothing to do with it. Being discretional about stops can be dangerous, it depends on what you mean by discretion. If it's based on the chart and price behaviour than fine, but if it's based on what you feel like you can afford to lose at that moment, it's wrong. Either you place your stops at the same absolute level each time, or you place them at a particular price level for the same reason each time. Anything else is just acting random and yes, that will in the long run, make you lose money. Keep in mind that the market doesn't care about your entry nor your stop...
thanks fw, to be totally honest, i have never even got close to my stop yet as every short has gone my way almost straight away, ive been abit lucky here i'll be honest, and im now up over $4000 in two weeks, the thing is im kind of on a run which of course will soon come to an end very soon, when it reaches my stop for the first time then we will see if i have what it takes emotionally and mentally to stay in this game, i hope so cos i love it. I have rules and i must force myself to stick to them i know
Just give you an example right now of my mindset right now, im currently up $400 today on a short at the open, my stop is 53, im in two minds on what to do, take profits or sit it out........been paper trading for 1 year, but only in the last couple of months have i been doing it for real,
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firewalker99
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Glad to hear. Keep in mind that it's not only part about the profits you make, what's often more important are the losses you avoid.
firewalker99
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If you papertraded for a whole year, than I must say: respect! Most people I know of (including me) were stupid enough to put real money on the line first, than lose it, than start papertrading and so on...
btw, where are you short from? your stop (53) is actually me entry (55).
im short at 12363 on ym futures, should have taken profits at 12313, but i didn't, hope i get another chance at it........see what greed does. damn
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gilligullu
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Agree.... I only papertraded about 1/2 day..... Lucky the market was only moving one way for the first week..... Otherwise I would be broke by now..... HAHAHAHAHA
firewalker99
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firewalker99
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fwiw, I'm still short, looking to close at 12295.... or at breakeven
ok I'm out... 60 points, but it took some nailbiting
I'm leaving the other half open, with stop moved to 12317
gilligullu
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Missed the short entry, looking to long if it gets down to 275 and ponder for a bit.
the market stopped its downward cycle right bang on my support line and this is where i closed, now its going up meaning time for another short very soon i feel.............it is not gonna be a bear market forever, and grey1 feels we could be bear for another year yet , so i gotta make the most of this at the moment
with house prices heading down here and the credit crunch, right now would be a great time to get out of the housing market for a while i feel, im very tempted on renting for a year or so and selling my house................not sure my wife would like it though, just a thought
sorry but i just love to waffle
sorry but i just love to waffle
firewalker99
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I think if you were to sell your house you'd already get much less money than two years ago...
yeah your probably right there, but i think they have further to go yet, then maybe the run up to the olympics here in 2012 we could see them rise again, just my take on it anyway................................anyone else waiting for the intel earnings?
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