Been looking at my risk profile in general and been considering I should be more flexible when I start ramping up size. My thinking is when the opportunity is clearly big then I should be taking on more size and adjusting it based on the opportunity. Its not like technical trading where you can basically fit any narrative to a chart making it nothing more than a guess as to which trade has big potential.
Trading news is a very different animal. Not all of my trades hit profit taking levels but I am right on direction most of the time. I can't really do it justice by explaining it. I can tell you that when the news comes out, nearly instantly and without much thought, I know what to trade and if I should just sit on my hands. You just don't get that level of conviction with technical trading.
As my experience grows I am getting a lot better at identifying opportunity scope. Take today for example (one of many) where I basically nailed a good proportion of what the move had left in it. Understanding how to measure this is what I need to work on and refine further (amongst other things). I remember about 6 months ago I was struggling with this somewhat but have definitely been getting much better. I am putting it down to having a greater understanding of the importance of data and the context in which it is delivered.
So here is a list of the most important areas that need work
1) trade size according to opportunity
2) figure out a strategy that allows me to cast a wider net over news without impacting my time
3) start storyboarding ideas for the day based on weekly sentiment themes. I want to be in a position whereby I am expecting several outcomes and looking for confirmation
4) start tracking my trade statistics around specific news releases that occur regularly. This is going to be very time consuming but if I manage it should show me where my strengths and weakness are
5) get to know the central bank members better. I have a doves and hawks cheat sheet but I want that knowledge to be internalised so I don't have to reference it. The greater information and understanding I can achieve the better the outcome will be. This is fact and I can vouch there is substance to this as I have been growing as a trader.
As of next month I am going to be injecting cash into the account and trade sizes will be increased and flexibility of the sizing according to opportunity.
Trading news is a very different animal. Not all of my trades hit profit taking levels but I am right on direction most of the time. I can't really do it justice by explaining it. I can tell you that when the news comes out, nearly instantly and without much thought, I know what to trade and if I should just sit on my hands. You just don't get that level of conviction with technical trading.
As my experience grows I am getting a lot better at identifying opportunity scope. Take today for example (one of many) where I basically nailed a good proportion of what the move had left in it. Understanding how to measure this is what I need to work on and refine further (amongst other things). I remember about 6 months ago I was struggling with this somewhat but have definitely been getting much better. I am putting it down to having a greater understanding of the importance of data and the context in which it is delivered.
So here is a list of the most important areas that need work
1) trade size according to opportunity
2) figure out a strategy that allows me to cast a wider net over news without impacting my time
3) start storyboarding ideas for the day based on weekly sentiment themes. I want to be in a position whereby I am expecting several outcomes and looking for confirmation
4) start tracking my trade statistics around specific news releases that occur regularly. This is going to be very time consuming but if I manage it should show me where my strengths and weakness are
5) get to know the central bank members better. I have a doves and hawks cheat sheet but I want that knowledge to be internalised so I don't have to reference it. The greater information and understanding I can achieve the better the outcome will be. This is fact and I can vouch there is substance to this as I have been growing as a trader.
As of next month I am going to be injecting cash into the account and trade sizes will be increased and flexibility of the sizing according to opportunity.
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tokyojoe
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Not me mate, I promise to be good... doing some time in the forum dungeon has really made me think !!
Must be nice to walters
Must be nice to walters
must........resist......
There you go Shane, see I'm a new man !
tokyojoe
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Only at Ben & Jerry mate.
F2calv is a bit of fan of options, spoke with him about it at the beers meet ups, he had some good results with it, but options, calls, puts etc involve exposure, I got into this game to trade a certain time period of hours (2 to 3 hours max) within a day, this way I don't even think about markets when I'm not in, it can black swan, fat finger, I don't care if I'm not exposed.
I became very disciplined sticking to my daily time frames, but the turnover was crazy.
I am looking to do the polar opposite of what I should do, which as we know is longer term buy & hold, but if I'm to do this I want to do it in a way that totally frees my mind to concentrate on other things.
For me, life's too short to waste on stock-markets full time.
So, gotta back in the saddle & start doing my conkers again on roulette..I mean the Dax !
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tokyojoe
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Does this bring back memories of being down there
AHHHHHHHHHHHHHH NOOOOOOOOOOO please I'll be good......I swears I will !!
Honest to b'jesus himself I saw Forexmosphopian & trader Robertson down there....to be fair to Fomo all his mad ramblings & drawings have definitely helped him, his cell looks like a Michelangelo art studio !
Month end flows should make today a flat day for me unless there is some really good unscheduled news.
by the way i have started using twitter as an additional news feed. still looking at good sources to follow but have a few already that i am evaluating.
by the way i have started using twitter as an additional news feed. still looking at good sources to follow but have a few already that i am evaluating.
preparing to trade cad
High-level Canada-U.S. trade deal likely to be announced Friday, with details to come later: sources https://nationalpost.com
High-level Canada-U.S. trade deal likely to be announced Friday, with details to come later: sources https://nationalpost.com
Looking to short eurgbp - brexit questions seemed optimistic. The tone has changed remarkably from EU hardlines to an unprecedented deal with free trade + security + aviation etc
EU’s Barnier: Possible To Reach Deal On Brexit Orderly Withdrawal By Oct
EU’s Barnier: Possible To Reach Deal On Brexit Orderly Withdrawal By Oct
So I took a trade on EURCAD this afternoon after the news release that no deal had been made yet with nafta but after there was additional news of possibility of a deal still and that no negative headlines out of the discussions
Closed for 15 pips
I am officially closing off this month up 10.2%
Closed for 15 pips
I am officially closing off this month up 10.2%
He's a prissy little thing, dont argue with him or he'll put you on ignore.
Not pricy, priceless. Thanks!
not pricy , prissy , look it up.
I found something on fx factory i wanted to share. how this account hasn't blown up by now is a conundrum. The account has grown tremendously with a 90+% win rate but there is a catch. the trader seems to target a few pips but will ride out hundreds of pips draw down sometimes over months and eventually close for a few pips profit. the account seems to have grown from 2k to 160k doing this but is currently sitting with -50k in unrealised loss. i think the flaw in the system is finally coming to light. it is very interesting how the account has grown so much though.
https://www.forexfactory.com/lmoney#acct.38
https://www.forexfactory.com/lmoney#acct.38