Covered this 1 lot long @ 12924 +69 pips +$690 Account balance $3418.50 This IS for me. Practically had to step on my hands to keep from covering in 80's with $300 profit. Closing too soon is almost as painful for me as being down. Decided to hold out for more and it paid off.
I was asked to post my comments so I'm doing so. I know my comments are mostly BS, I've said those same words on first page of the thread. Just posting what I see and going thru my head at the time. Has no validity to what is really happening behind the scenes..very much aware of this. Thanks for your replies and any help you may be trying to convey but I can't understand a word of your message. Your style of posting is very comedic
Adding another 1/4 lot long @06 That's a total 3/4 lot long. Have another (2) 1/4 lots left to use if needed because account is larger.
Concerning stops. I do not trade discretionary any more, instead its all 100% automated. However, from years of developing systems, there are very few systems which perform better when stops are added. Not just in the P/L column, but even max draw down, sharp, profit factor, etc. They all generally deteriorate when stops are added to the equation. I am not advocating not to close out a losing position. Just a stop doesn't generally help. I have found getting out when you have a valid signal or reason to is more effective. I think if college can stick to his instincts and is willing to get out of a position if "something"is telling him he needs to, then he doesn't need a hard stop. I do use a hard stop in my automated systems, generally a worse case stop where I am trying to preserve cash as I know my reason for being in must have been invalidated. It didn't help any noticeable performance metrics,but its there only for my sanity. Since this thing runs 24 hours a day,I am not there to watch what its doing. Therefore, gives me some level of comfort to know I can not do worse than x. College's insane leverage on the other hand likely can blow him out. If he scaled back his leverage some,would greatly increase his chances of surviving.. my 2 cents
it's half of what your trading ,that area ,the nip, wide spot on market profile, is where the most trades took place at one price,logic is that the shorts who were stuck down there will cover at breakeven creating support, watch the reaction to see if there is enough volume in that support to create a bounce,reversal,the other way to use it is to just hold the position til that spot is reached and flatten out..using the correlating instruments and there supp/res along with the traded vehicle gives you a larger landscape to make your trading decisions