Post 478.
Quote:
Originally Posted by counter_violent View Post
OP missing in action. Or maybe the mrs dragged him off shopping !
Anyway, there's lots of stuff here to work with.
1) OP likes to be right.
2) OP hates the fact that his stop is never in the right place.
3) OP understands that the market can do anything at any time and frequently confirms his view.
4) OP accepts that there will be very few home runs.
5) OP trades all kinds of time of day, when the urge overcomes him.
6) OP doubles down frequently and sometimes gets away with it.
If there's anything else, add it to the list.
The challenge then, is to devise a way of trading that fits the OP's modus operandi .
1)damn right but realise it neednt be the case with trading
2)never had a stop.now i know where to place them,in the right place but just not accepting of them being hit.
3)market it cannot do anything it wants unless it rewrites the laws of physics.it behaves within those laws and our job is to strategise for it.
4)never know when a home run might occur but im happy to take one base at a time
5)i used to trade all times of day and night and all markets but now just focus on ftse during uk open hours but actually only putting in about 3 constructive hours at the moment.
6)used to more than double down.octupled once! and gotten away with it on nearly 80% of occasions.but now limit it to doubling or tripling down.
So nothing has changed and you are comfortable most of the time trading this way.
The only thing you need to get your head around is hedging the other side in another closely correlated instrument. You can do whatever you like in relation to One sided trading, but unless you have a plan to deal with the other side, (when it's a one way train). Then eventually, the market will catch up with you.
My golden rule: You can do whatever you like on One side, but only if you are prepared to do the same, or more, on the other side.
:arrowu:
This will allow you to trade whatever way you like, biasing either side of the equation. More importantly, it keeps you in the game !