Cornix's Forex Trading Journal

Discussion in 'Journals' started by cornix, Jan 5, 2011.

  1. cornix

    cornix

    Closed short for a profit of 6 pips.
     
    #591     Mar 16, 2011
  2. cornix

    cornix

    EURUSD long @ 1.3959.
     
    #592     Mar 16, 2011
  3. cornix

    cornix

    Long stopped out b/e.
     
    #593     Mar 16, 2011
  4. Joman

    Joman

    Nice triangle break out.

    How is based your exit strategy ?

    It seems you often take 6-8 pts when the market can give you much more.

    Obviously it works for you but have you tried to adjust your exit on price action as you do with your very precise entries :) ?
     
    #594     Mar 16, 2011
  5. cornix

    cornix

    Exits are very simple: as price starts to stall when trade is ITM enough, I bail.

    Often market indeed offers much more than I take, but quick scalps make equity curve much smoother and emotionally that's more comfortable.

    Statistically I know for sure that holding for more would make more pips fall in my pocket, did the corresponding homework.

    But currently preffered the least stressful way to trade vs. the most profitable. :)
     
    #595     Mar 16, 2011
  6. cornix

    cornix

    So runners occur mostly when market really breaks out and doesn't look back. Then I can take 20 or even more pips on a single trade.
     
    #596     Mar 16, 2011
  7. Joman

    Joman

    Ok I understand you're not willing to accept any retracement for the psychological comfort it brings.

    I must admit this is very difficult to hold a winner (especially when you're in the middle a trend) and your strategy is absolutely fine as long as your R:R is good.

    Was also wondering, your losses are usually very small: are you able to cut these manually or do you have a fixed stop loss when you enter your position ?
     
    #597     Mar 16, 2011
  8. cornix

    cornix

    Always have fixed stop-loss attached to the entry order even before I enter a trade. Amount of that hard stop-loss is 6 pips. But I tend to make it even smaller according to price action after the entry, so actual losses are often smaller, like 3 pips etc.
     
    #598     Mar 16, 2011
  9. soonhwei

    soonhwei

    am surprised, you're not trading spot forex but fx futures right?
     
    #599     Mar 17, 2011
  10. cornix

    cornix

    Trade both, but mostly spot. Spreads these days allow for very tight stops.
     
    #600     Mar 17, 2011