As long as I am in long mode, definitely I'll made profit today
I admit, the entry was not fully by the rules. Not confirmed yet by Anchor Bar, though the Anchor Bar already shown up. There's however a long signal @100. At first I wanted to scaling up but canceled it. I didn't want to mess things on Friday. By the time Anchor Bar confirmed long, I was already in the trade. Not a good example, but actually I was ready to face the consequences. If I was stopped out, I would wait for confirmation. Luckily there's only strong bull. So I just raised the SL, raised again below the last pullback. I almost stopped out at the third pullback but lucky again I canceled it. It's the exact tick trap before price moved further to north. The reason I canceled it because price liked to faked a little to the pullback. By the time it made new high, I raised my SL back to last pullback. Worst can happened, I'll be nett more than $500. Who knows price jumped little further and took my 100 ticks target. Any reason I resumed trading? No! It's "Thank God It's Friday"
I trade on my best interest zone. The real target actually at $101.06 spot, but I'll be happy with the current result.
For Nett of this week, -$354
Lesson Learnt:
1. Not good for breaking the rules, this is only luck. Just remember I had $360 spared from breaking the rule. (from 99.64 to 100.00)lol.
2. Dynamic Stop Profit, better instead of fix Stop Profit. I can't afford dynamic Stop Losses yet so that'll be fine.
3. Trade with the best interest in mind. I could easily profit taking at $200,$300,$500, and that's pretty good result. But I thought bout this: If I was down -$1000, I always waiting the price at least breakeven. And why the hell I took profit early when I was not in red? So I just waiting the free trade do their stuffs and it worked! Next time probably not.
De'
ReplyDeleteglad you made out with a profit. Some times it can be dangerous when making a profit that wasnt apart of your trading plan. Profits should be consistent within your method so it can be repeatable. I have made hundreds of trades that were not part of my plan and made profit, the danger comes when the trade doesnt work and we continue to ignore the plan, I've done that also hundreds of time and it gets costly.
Duane,
ReplyDeleteI 101% agree with you. Takin profit recklessly just for the sake to feel good is almost as bad as loosening the stop loss.
This is actually hidden trap even for quite experience trader. You can have lot of profit but in the long run, you'll doom.
Thanks for the write DUane, appreciate it :)
I wrote a blog entry quite a while ago that could probably help you or at least make you think a bit on your continuing trials to become a successful trader. copy the following link.
ReplyDeletehttp://bankrobbertrades.blogspot.com/2010/06/so-you-want-to-be-trader-eh.html
Thanks Scott,
ReplyDeleteI've read it and the things that really ticked me is separating the money and the trades. Easier to say than done.