I am sorry to be amateur, but I am not aware the market you're trading ("My Trading Plan Markets: Euro FX (CME), Mini Russell 2000 (CME), Mini DOW (CBOT)") Where on the internet I can see and follow your trade(charts)? For example I can easily follow stock market on : www.stockcharts.com or www.prophet.net Where I can see yours and what tick numbers are they? Sorry again.
A timestop works like this: You enter a trade with the background of a clear vision what should happen after your entry. "what" means: a certain move of ticks in a certain time. The timestop is a liquidation of the trade if the picture has changed and the market hasn't fulfilled your expectations. The timestop is an order that you must do by hand (it's not an automised kinda programmed stop). The more time goes by the less is the chance that your setup is THE setup which brings you money. I personally enter only trades that go pretty soon into my expected direction after entry. If market is lingering around I get out as soon as possible. If it costs me 1 or 2 ticks that doesn't matter. Better this than 5 or 6 ticks loss. Be merciless. Be disloyal. Don't stick to an idea. Maybe within 2 Minutes the picture has changed and your setup isn't your expected setup anymore. A timestop can be an exit after 1 minute or 1 hour. TS has to be flexible and must be adjusted to the specific situation. I hope that helped you, Geoffrey... Good luck
Hi ADLE, for free charts try http://www.futuresource.com Unfortunately I do not know the symbols. Please check on there web site. Regards, Andy
Mini Russell 30 minutes: 9:40am â Short TTE (RH) at 5814, initial stop at 5824 â covered first lot at 5808 (time stop), second at b/e. Mini Russell 60 minutes: 1.00am â Short TTE (RH) at 5796 â all out at 5790 (scalp trade). Result for today: +18 ticks (+$180) Euro FX 10 minutes: 8:20am â Long TTE (RH) at 12394, initial stop at 12381 â covered first lot at 12400 (time stop), second at 12397. Result for today: +9 ticks (+$112.50) Mini Dow 10 minutes: 8:10am â Long TTE (RH) at 10142, initial stop at 10124 â all out at 10134. Result for today: -16 ticks (-$80) To be consistent with my recordings I add my monthly summary (hypothetical result due to 2 contracts): July: Euro FX: +39 ticks (+$487.50) Mini Dow: +195 (+$975) Mini Russell: +183 (+$1830) August: Euro FX: +24 ticks (+$300) Mini Dow: +212 (+$1,060) Mini Russell: +19 (+$190) September (till now): Mini Dow: -25 ticks (-$125) Mini Russell: +57 ticks (+$570) October (till now): Euro FX: +13 ticks (+$162.50) Mini Dow: -25 ticks (-$125) Mini Russell: +23 ticks (+$230)
WIZARDTRADER Thanks for explanation, i had an idea it might be that bit wasnt sure, you just confirmed it fo me Many thanks Geoff
Mini Russell 60 minutes: 8:50am â Short TTE (RH) at 5726, initial stop at 5749 â all out at b/e (time stop). Mini Russell 30 minutes: 12.10am â Long TTE (1-2-3) at 5756, initial stop at 5747 â all out at b/e (time stop). Result for today: +0 ticks (+$0) Mini Dow 10 minutes: 9:40am â Short TTE (RH) at 10024, initial stop at 10034 â covered first lot at 10018 (time stop), second at b/e. Result for today: +6 ticks (+$30) To be consistent with my recordings I add my monthly summary (hypothetical result due to 2 contracts): July: Euro FX: +39 ticks (+$487.50) Mini Dow: +195 (+$975) Mini Russell: +183 (+$1830) August: Euro FX: +24 ticks (+$300) Mini Dow: +212 (+$1,060) Mini Russell: +19 (+$190) September (till now): Mini Dow: -25 ticks (-$125) Mini Russell: +57 ticks (+$570) October (till now): Euro FX: +13 ticks (+$162.50) Mini Dow: -19 ticks (-$95) Mini Russell: +23 ticks (+$230)
Andy, Do you have you targets when you plan you trade? If so how do you determine when you hit you target, stay with a trend for more profit or take your money and exit? Thank you.