Hey guys, Following yesterday's rough day, I decided to take the day off today and relax. Time to recuperate and enjoy myself with other things. I'll be back tonight to answer your posts. T
It depends on what you goal for the trend indicator is. For me is it all about the overnight hold. If I latch on to a good one, I'll hold if it's in the direction of the trend. I figure if nothing in the market changes, i'll make more money. Inertia to my advantage. Also, since I am a relatively inexperienced trader, it helps me concentrate on looking for opportunities on one side. It objectively points out a side to watch. I still don't know (need more completed trades) if it makes a winner more likely. I doubt it. If it does, i'm sure the effect will be small compared to the rest of the things the trader does. Also, many times the trend indicator is neutral. During these times I watch for both sides, usually means a big move is on the way.
Trader1234, From looking at your charts / trades I've noticed the following : Mostof of your positions start out going your way. They start moving against you AFTER you added to your position and than stop you out at B/E or worse at a loss.... Things you could consider : Start with multiple contracts, take partial profits at specific points (close part of your initial position) Start with multiple contracts and every time you ADD to a position, do it like a pyramide. For example : start with 5 contracts, first addition is 3 contracts , second addition is 1 contract. Hope this helps
Good Grief, are you suggesting that a new trader use 9 contracts in one trade????? I thought we are trying to try to help this person, not blow him/her out! With all due respect to the Journal's author, I have noticed a tendancy to sell the bottom/buy the top, resulting in a lot of losing trades. Perhaps focusing more on entries and forgetting about "pyramiding" until you get some winners under your belt? This way you can avoid the some of the tragic, EXPENSIVE blunders I made within my first year(s). Also, trying to find an intraday secondary trend on your time frames is tough - haven't you noticed that on the small minute charts you've used to post your trades? Respecfully, Paul