A place for my thoughts about trading
A good start to the week here with +45 pips to start. Happy Monday? Isn't that a contradiction in terms?LT
LT,Monday's supposed to be happy!!! :-)It's day 1 and you've hit half your weekly target. Nice work! :-)Too bad that you'll have to start tmrw pretending that you've lost your shirt today...Baffling...
Jules,Yep. I'm down 50 pips and gotta make it back. Staying focused and not taking anything for granted.LT
Nice to see bigger pips profits, but I want to mention that you didn't average down so much before. I know that you know that it can be costly and dangerous but I'm just wondering in those situation how come that you didn't get stopped especially in that second 50k trade. Average in was 20 pips lower. Is that your new plan or is it on the fly situation dependent discretionary decisions like in my trading?
FX,Good questions.Yes this is a different style than my momentum scalping; however, I shift styles based on what the market is doing. Momentum scalping worked really well during high volatility markets seen last year. It is much less profitable this year since volatility has decreased substantially.As such, I've adapted and am going back to my roots, which is fading extreme market emotions. This is working well in the current market conditions. When/if it stops working as well I will adapt.As to the averaging down thing. Uncontrolled averaging down is a losers proposition. However, in this case I am not taking on my full size with my initial position. I am working my way into it. And yes my full size is larger than for the momentum scalping (but so are my targets). My initial stop for the first 50k was 65 pips below the market based on volatility. So no, my stop never came close.LT
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