DionysusToast
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Get your Speedos on & go for a dunk...
This is my effort for today. The parallel trendlines are something that I use for potential breakouts. Instead of waiting for a higher high, it gets me in a bit earlier. I did not need it today, though, except to keep me in the trade.
When I went for a walk, I locked my profit in with a stop at 1401.5. It's about to blow but, FI! I've had enough! As far as I am concerned, the 1 point profit is a flat trade.
I will show you in a chart in a minute...
Annotated picture:
I will show you in a chart in a minute...
Annotated picture:
There's no correct answer. The best management technique for any given trade is only known in retrospect.
I like to cut trades, I give myself a pat on the back when I do that - even if they come good afterwards. So - for me, it comes down to the fact that I'd rather be in a situation where I pat myself on the back for exiting than kick myself for being mechanical.
@Rob Systematic v Tinkering a bit (lol). If you are working off the market ie liquid prices, flow and volume then you shouldn't tinker (lol) just let the trade play out. How price reacts on the chart during the trade should be of no consequence, especially if u are using such tight parameters. imho, of course.
I think a person should decide one or the other and not both.
8am on ES isn't really liquid though. So I traded it like I would in RTH - there was a base building and there was no real signs of absorption either, so I came out.
However because it is illiquid, it would make more sense to just leave it a systematic....
I dunno......
I like this but i'm going to qualify it a bit....
I have a couple of systems i trade - one i gave up tinkering with and is now entirely systematic. The other is tinkerable-withable and I'm perfectly happy trading them as such. Its important to be comfortable with the level of interactiveness (interactivity?) for the strategy or it's next stop the looney bin.
With the tinkerable one, i keep a log of how much i would have made had i stuck to the strategy. Sometimes weeks i might lose out and sometimes i gain but there is a steady net gain. Toward the end of the week, if i find i'm 20-30 pips up on the projected figure, i'll treat myself to a silly trade (the kind we used to think were good ideas until our cash statements told us otherwise). If it comes off, i know its gonna be a good weekend. arty:
(Well, maybe not 'silly' but one i may not usually take...)
I like this but i'm going to qualify it a bit....
I have a couple of systems i trade - one i gave up tinkering with and is now entirely systematic. The other is tinkerable-withable and I'm perfectly happy trading them as such. Its important to be comfortable with the level of interactiveness (interactivity?) for the strategy or it's next stop the looney bin.
With the tinkerable one, i keep a log of how much i would have made had i stuck to the strategy. Sometimes weeks i might lose out and sometimes i gain but there is a steady net gain. Toward the end of the week, if i find i'm 20-30 pips up on the projected figure, i'll treat myself to a silly trade (the kind we used to think were good ideas until our cash statements told us otherwise). If it comes off, i know its gonna be a good weekend. arty:
(Well, maybe not 'silly' but one i may not usually take...)
b) My reason for getting into the trade was also no longer valid.
So in order to preserve risk, I decided to cover for a small loss rather than wait for a full clip of 4 ticks to get blown.
Now had I waited using a more systematic approach, this trade would have hit the 4 tick profit target at 1404.50 about an hour later.
So out of interest, what are your views on this? Is it better to use discretion to manage your risk more carefully or is it more important to behave in a systematic way regardless of whether trade entry conditions are no longer valid?
Just curious
There's no correct answer. The best management technique for any given trade is only known in retrospect.
I like to cut trades, I give myself a pat on the back when I do that - even if they come good afterwards. So - for me, it comes down to the fact that I'd rather be in a situation where I pat myself on the back for exiting than kick myself for being mechanical.