Congratulations on sticking to your plan. It's always tough to walk away from a losing day since you want to take just one more trade to see if you can reverse the tide. Have a nice weekend, come back to the markets refreshed on Monday.
Mr Sub, I'll probably sound like Homer Simpson asking this but what exactly is the SOMP indicator? Your humble servant....
If SOMP works well it should yield a high Trade Point accumulation over time IMO. But you have to know what you're dooing.
To allow myself more discretion setting stops according to prevailing market conditions, please note that rule 6 in Trading Rules is hereby altered to : 6. The maximum stop loss is 3 points and the minimum profit target is 1 point. Actual stop loss, l, and actual profit target, p, are predetermined, discretionary and dependent on prevailing market conditions. In any event, MCS*l should not be greater than Equity*3%.
Rule 6 of Trading Rules should read : 6. The maximum stop loss is 3 points and the minimum profit target is 0.5 points. Actual ... "
Today I wanted to focus on improved timing vis-a-vis my entries and exits, and after a shaky start I managed to find some rhythm. Once this is mastered, I intend moving on to the fusion of trendless scalping with a longer holding period of a trending market. I'm still debating whether a couple of minor breaches of my morning plan (first and last trade) are enough to warrant a bit of disciplining at the hands of Madame Carlotta, my good friend and dominatrix. +3.0 pts / 10 RT / 1 ct
Free man? I'm currently dragging a ball and chain from my left foot while being whipped and trampled on. (Enough Carlotta, I promise not to try fading a strong up move in the S&P's again )