'drawdown' ..... its so good to share this and learn. thanks i trade both but find down directions to be faster to exit with less chance of weakening positions during a trade although ultimately both succeed. as long as the trend is definate. i NEVER enter when i'm unsure because i've learned there are soooo many opportunities in a day that i dont need to risk it. ultimately i only need to make 4 points per day to compound my profits into my target. are these TINY gains? i dont know any other traders to compare to but i guess there are many many other traders doing so much better. i must be getting old ..... i never used to have this really sensible head but i'm enjoying my small successes. Merry Christmas Cable ...... lol
That was the answer I was looking for. Good traders trade both ways. I like down as well. No problem saying it. Like the saying...... "Take the stairs up and the elevator down." Best of trading to you. What you have works so just keep plugging away. There's nothing wrong with starting off from the ground floor. Going for the home-run puts too much emotion in the way. Just read Cable's feelings toward drawdowns....lol. "trackstar, tough day and it happens to us all, but I guess you already know that. When I have a bad day/week/month I look at it as just a short-term loan to the market, the money's coming back to me soon.....with interest " (Couldn't have said it better myself)
TO: SuperTuber... 1-are you just trading the GBP/USD? 2-how many lots per trade? 3-how many trades per day? 4-average time per trade? BEST trading to you!!!
Hi. 1. Just GBP/USD exclusively 2. Between 2 and 6 per trade 3. anywhere from 1 to 6 trades per day 4. difficult to decide on an average, it's between 20 secs to 5 full mins sometimes, but generally no more than a minute ot two max. My strategy and targets only require me to make 4 points per day, but there are lots of opportunities and sometimes up to 20 are made therefore speeding up my target goal. Very best trading to you too
Well done supertuber. Your style sounds similar to mine - I trade EURUSD and look for around a 10 pip target. Leaving money on the table without regret is key to this style. Picking off the first few pips of a much bigger move is the safest trade of all. Where do you set your stops?
this is awesome...really where I want to be...question: why do you prefer the GBP/USD over say, the EUR/USD?...keep going strong!
thanks i prefer GBP/USD for two reasons: 1. I am very comfortable with it and kind of 'feel the pulse' for want of a better expression. perhaps because i have always traded it since i started. my system apply to the Eur/USD but i prefer to stick with what i know. 2. I find that the GBP/USD moves faster when starting the next 5 min period and entering a trade, but i haven't really qualified this! I'm so reluctant to change what i'm doing until it doesn't work anymore. that said, i have studied LOTS of GBP/USD historical charts and find it works throughout. I wish i could dedicate ALL my time to this ..... ah one day! thanks and hope you're doing well
Thanks Magic, that is sound advice. rarely have i made 10 pips on a trade so bravo to you, but its more fear more than the opportunities not presenting themselves. I just enjoy 'scalping' my small profits daily and consistantly. sometimes i just take 1 or 2 but doing that a couple of times and i'm pleased. isn't the saying....... 'you'll never go bust making a profit' i dont normally use stops because i'm in and out so fast. i haven't been burned yet so that could change. perhaps i should cover myself with this. I would let the trade go to 15 pips against me before exiting but i have only had that a couple of times believe it or not. good day today ....... 22 so well pleased
thanks...I really appreciate your focus on the GBP/USD...I am very close to narrowing it down to "just one"