Basically yes, but don't have a hard stop. If I get a bad daily close will close it manually. If I wasnt trading tiny size I would have a hard stop.
I'm going to post some figures here so I don't lose them. If you are curious they are the amounts in pips that contain the listed % of big and small moves from the open in each period. Monthly: Small 50% 80 pips 80% 150 90% 220 Big 50% 314 80% 646 90% 812 Weekly: Small 50% 44 80% 78 90% 105 Big 50% 158 80% 250 90% 320 Daily: Small 50% 19 80% 37 90% 52 Big Small 50% 73 80% 120 90% 160
In retrospect I am not happy with my entry. I misunderstood the statistics I was running. I placed too much weight on the average when in reality the average doesn't mean much. It is the distribution that counts. I should have gotten in at a much better price. But there is nothing to indicate closing this position for now. That is why I am trading small because quite frankly don't really care what this trade does. I am much more interested in the math and theory.
Out at 1.0110. Again botched the entry, but feel this is the right exit. Will post full analysis tonight.
Good, haven't done any trades since that one I closed. Kind of busy at work, trying to get promoted next month and doing some prep for the sf course. Hoping to run some more stats tomorrow if I have time.
I don't understand why one needs 100k + expenses. I have a college degree, went to work in the computer field and have had to get by as a single person on $40k salary for years. I get by with no cable, living close to work and sometimes riding a bike, and getting food and cleaning supplies from walmart and 99c store. I did not start trading or learning to trade until my mid-thirties. I've always rented and have stayed out of debt. I use the same clothes year after year. I put together a working MAC osx clone out of older pc computer parts and an OSX disk. Unless one has a specific lifestyle needing 100k. Or has a family and house to pay off. Gaining profits from trading has only added to my income sometimes exceeding it by a monthly basis. Keeping a savings pool along with a trading account I don't see what the problem is making a living on trading if one is able to. My dreams of a robust career in my field are pretty much gone with all the outsourcing and betrayal of the middle class by the 1% wealth controlled government. Trading is still a possible means to make it big to accumulate capital to start a business in the future instead of working for someone else for peanuts in today's employer's market.