WOW!!! I go off to play some baseball with my son and come back to find that you guys have been busy. I guess it shows what I have said all along, each individual should manage their own trades their own way. I am not going to get into this really on either side but I would like to say. I know it is hard to believe but I know Romik has his plan in mind and I know that he has a risk tolerance when he enters a trade. He has not discussed this particular trade with me or anything but I know the method in which he trades and Romik is very comfortable trading this manner and has made money doing so. That is also what makes this journal work so well so far. We all do our own trading and share with each other along the way. I do agree that the way Franz at Traders International and other traders average into a losing trade is deadly to a trading career. But he was averaging into a losing trade without any thought of how far he could afford to go. The next thing he knew he was down 300K. I know I was in the Alert room the day he did it. I was one of the first days that he was trading real money and you could hear the pain he was going through. That is about all I have to say about this. See you guys in the morning.
4re........whatever happened to the good old days.....when all were such great friends trading day in and day out, secretly trying to dig good stuff from real traders.....all the while, getting more and more angry, as they blew out accts., with nothing handed to them on a silver platter.......then the discontent surfaced, with the good friends, starting to bicker.....then they started getting nasty, hurling abusive insults, about whose daddy could whip whose daddy, so to speak.......and who made for
This tends to happen when the markets slow down and get choppy. Everyone gets bored and cranky. We used to do this anytime we were not in the field when I was in the Army. Arguements are not all together bad things. Believe it or not everybody can learn from this. That is why I don't really go out of my way to stop an arguement. We are all big boys and girls and when we have had enough of it we just stop. IMO, this or any other journal would be totally fake if everybody agreed all the time.
Look, forget it. I am not going to convince you and you are not going to convince me. Good luck in your trading.
Volente, Why do you say that the trade at 1330.75 is a risky trade? Is it because its near to the 'closing time of 4pm'. IMHO, other than the time, it looks to be a good place to enter a long position. Your thoughts pls. Thanks.
patricio i've been trading full time since 1989. i started with the old rabbit ears with esignal using radio fm quotes and calling in the broker at $50-$100 per trade. i was referring to see if other psoters are around in 5 years. i wish all success.this is my last note on this. i've also seen 1000 coem and go. and yes averaging down in general with no stops is suicide .i've seen many a trader gone from doing it
I would just like to clarify and add to what I said here. I am far from perfect and there have been many occasions in the past that I did average a losing position to get out. But I did learn from it and thats why my discipline and emotional control are so much better now, once you have been burned bad your pain threshold is extended, so to speak, so your emotional control and ability to make decisions under fire should have improved. I also have a set plan for most situations, and a Damage control plan :eek: When your emotions have been compromised its best to get out at break even, if possible or take yor loss, as you cannot judge what is unfolding. One good way to judge is like I said see what you are saying at the time and also your INTERNAL DIALOGUE, this is very important. What I keep repeating is "what are you telling me.." You have to keep it positive and rule out fear and hope. If you are saying come onnnn then how can you see what is unfolding, see what the market is telling you. Where I want to be is similar to Mel Gibson in We were soldiers. In the middle of battle a Viet Cong does a suicidal charge the Lt. Colonel Hal Moore (Mel Gibson) is on the phone lifts is rifle, fires a single burst and carries on the conversation without missing a heart beat. Its a very powerful image to me. Good Trading.
Romik, How did you get your PT of 1340. Is it from the top of the upward channel? Also, why not take profit at 1336? 1336 seems a safer bet than 1340. You could take 50% off at 1336 with the rest at PT of 1340. Thanks.
I read the whole arguement on whether to average down and although some of you were getting frustrated, I think it's good that both sides (supporters and opposers of averaging down) were willing to voice their opinions. Why? 'Coz this will stir some thoughts in both newbies and experienced which will better help in their trading (maybe now/ maybe in the future). Although I do not average down currently, I'll file these arguements in a corner of my brain to be used when time the appropriate time arrives.
Gentlemen, great volleying of opinions here...Stick to your guns, make your trades and let your opinions be read.. Good job to all who take the time to make their work public. You stand apart from those with out the will to stand for the place they have achieved. Carry on....profitable trades to you. Alan.