This is my trade for the day. I just went short eur/usd @5611 with a tight stop @5640 with target price @5495. If stopped out, i'll reset the trade @5660. If price hit 5685 i'll reformulate the plan and look for long opportunites.
Snap! I've got a short entry at 1.5660 and 1.5680 if we see a spike on GDP, stop 1.5720, target 1 1.5643, target 2 who knows (1.5450?) as long as stop on the balance is break-even! Slow today isn't it?
Yes it is slow today Cabletrader, but a good thing so not to be to distracted to plan a good strategy to be profitable today. Not suprising our thoughts are similar on the eur/usd as great minds think alike.
I don't know how to describe my trading style to you. I don't really have an average anything - I just go with what my gut tells me in terms of position size. Monthly returns are usually between the 2-4% range. Sometimes lower, sometimes higher. I'm not saying it's better or worse than your style. You gotta go with what you feel comfy with.
True, and now with this new ADP number it's even more confusing! So what would you do if your trade is marginally in profit and it's 30 mins before NFP? Widen your stop? Close it and re-enter after the number? Do nothing and keep the trade as it is?
Question for Ivanovich & Cable trader. Do you two use daily, weekly or monthly goals? And if so, if you hit the goal early do you stop trading or continue to try to pile on more profits. Reason I ask, I usually hit my goals early then give about 20-30 percent of the profits back. I am still trying to control the greed virus in my viens. Is there a vaccine for greed?
I think there's a vaccine against excessive profits, I'm sure I must have been given it if there is! No, no goals here. If there's a trade then I take it, if not then the market isn't going to oblige to help me meet a goal. What happens if a goal isn't met, is that failure? Do you carry the shortfall over to the next day/week/month and have a bigger goal? Goals can lead to overtrading in my opinion, and subsequently loss, which leads to more overtrading which leads to more loss etc etc Your end-of-month 'problem' could be down to not wanting to give back any profit, it's similar to trading scared money in a way. If your strategy works then it should work equally well at the end of the month, but having said that there can be quite a bit of M&A activity towards the end of the month/quarter which might affect your plan...or maybe not If you're happy with what you've made then there's nothing wrong with ending that period and starting the next one fresh and in good spirits Just my 2c, others may disagree