Wicked_Daddy
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F:
Yes, at the moment all trades are closed. I just closed my 48th winner a couple hours ago. I had opened it today at 1315 EST and closed it at 1440 for +23 pips. It closed while I met my wife for lunch. (I'm on central time).
And yes, I use preset take profit limits so that trades will close profitably in my absence.
Right now I am observing the Sydney open and determining my entry for an overnight trade. Today's candle has wicks on both sides, closed positive and is in a 5 day positive cycle in an otherwise down trend, although arguably ranging and possibly on a short term direction change. Either way, entering now for a 15 pip profit could be had either short or long. But I'll probably go short just because I like the near term retracement properties of the EU in these conditions. I wait for Asia to creep the price a bit before placing the trade and then shutting my system down for the evening.
The longest I've held a trade open waiting for a positive outcome is 6 working days. Bad timing on my part but that was all it was. My analysis was correct, just had to wait for it to complete the cycle and it took longer than I anticipated. My average hold time is 1 to 2 hours. My average pips is 14. (23 was rare for me but the conditions were perfect) I am VERY conservative in my trades and only take small bites of what I deem to optimal conditions. I take between 2 and maybe 4 trades in a day but 4 is very rare. My average is 2.
14 may not be a lot to some. But I don't lose pips. So I don't need to subtract from 50 pip winners to end up at the same or less average. I am averaging 2% per day growth of my account. At any dollar amount, 2% per day compounds into a very healthy annual return percentage. You can do the math. As my account compounds, so do the quantity of lots traded to maintain a margin usage that is consistent with the balance. Thus, my trades will get larger but my pip extraction will remain the same. Conservative, precise, controlled.
Thank you for the well wishes. With all due respect, luck has nothing to do with this. I used to wish for luck, get sweaty palms, heart thumping, curse at God then say I'm sorry, etc, etc. I did not have a system. Luck was my system. Then I developed my method and rules and I made sure luck was not part of any of that. Now I calmly place my trade, go to lunch, walk the dog read a book at my desk, whatever. I enjoy trading. I am lucky to have been blessed with the patience and commitment to have worked this thing out. Truly lucky.
I understand why traders swear by the use of stops. I'm just not in that group. I was but I like what I'm doing better now. And really, isn't that all that matters?
Yes, at the moment all trades are closed. I just closed my 48th winner a couple hours ago. I had opened it today at 1315 EST and closed it at 1440 for +23 pips. It closed while I met my wife for lunch. (I'm on central time).
And yes, I use preset take profit limits so that trades will close profitably in my absence.
Right now I am observing the Sydney open and determining my entry for an overnight trade. Today's candle has wicks on both sides, closed positive and is in a 5 day positive cycle in an otherwise down trend, although arguably ranging and possibly on a short term direction change. Either way, entering now for a 15 pip profit could be had either short or long. But I'll probably go short just because I like the near term retracement properties of the EU in these conditions. I wait for Asia to creep the price a bit before placing the trade and then shutting my system down for the evening.
The longest I've held a trade open waiting for a positive outcome is 6 working days. Bad timing on my part but that was all it was. My analysis was correct, just had to wait for it to complete the cycle and it took longer than I anticipated. My average hold time is 1 to 2 hours. My average pips is 14. (23 was rare for me but the conditions were perfect) I am VERY conservative in my trades and only take small bites of what I deem to optimal conditions. I take between 2 and maybe 4 trades in a day but 4 is very rare. My average is 2.
14 may not be a lot to some. But I don't lose pips. So I don't need to subtract from 50 pip winners to end up at the same or less average. I am averaging 2% per day growth of my account. At any dollar amount, 2% per day compounds into a very healthy annual return percentage. You can do the math. As my account compounds, so do the quantity of lots traded to maintain a margin usage that is consistent with the balance. Thus, my trades will get larger but my pip extraction will remain the same. Conservative, precise, controlled.
Thank you for the well wishes. With all due respect, luck has nothing to do with this. I used to wish for luck, get sweaty palms, heart thumping, curse at God then say I'm sorry, etc, etc. I did not have a system. Luck was my system. Then I developed my method and rules and I made sure luck was not part of any of that. Now I calmly place my trade, go to lunch, walk the dog read a book at my desk, whatever. I enjoy trading. I am lucky to have been blessed with the patience and commitment to have worked this thing out. Truly lucky.
I understand why traders swear by the use of stops. I'm just not in that group. I was but I like what I'm doing better now. And really, isn't that all that matters?