Trading time is limited
December 14, 2005 by Trader Rich
I’m disappointed with the amount of time I’ve been able to dedicate to trading the last couple of weeks. It’s been real busy here. It has also been stressful seeing it is bonus week . Working at a big financial and waiting for the bonus number can be stressful for a lot of people. I’ll find out later today what my numbers are. Depending on what they are, I’ll allocate a portion for my continued Forex Project.
On another note, the Yen is up over 300 pips versus the Dollar today. I exited my short trade last night at 1.1868 so I’ve given up over 100 pips. I was trading using my favorite time period (240 minute) so I exited when I thought the time was right.
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Did you give up 100 pips or did you make 111 pips?
When you start to employ multiple targets you will be able to unload some at target one and head for tartet two etc. Unfortunately, with only one unit you can’t realistically expect to not fill at target one. Like in golf, you must fill at the 1st hole before proceeding to the 2nd. Your profits at the 1st target buy you the priveledge of trying for the 2nd target. Greedy traders that forget this basic rule invariably let target 1 slip away as well…
(been there done that.)
Did you give up 100 pips or did you make 111 pips?
When you start to employ multiple targets you will be able to unload some at target one and head for tartet two etc. Unfortunately, with only one unit you can’t realistically expect to not fill at target one. Like in golf, you must fill at the 1st hole before proceeding to the 2nd. Your profits at the 1st target buy you the priveledge of trying for the 2nd target. Greedy traders that forget this basic rule invariably let target 1 slip away as well…
(been there done that.)
I guess i worded it wrond. I actually made 111 pips but gave up the additional 100 pips as Yen declined futhur.
I guess that is the best way to do it, with multiple units. Thanks for the tip. How many units do you trade any given time or is it different per situation?
I guess i worded it wrond. I actually made 111 pips but gave up the additional 100 pips as Yen declined futhur.
I guess that is the best way to do it, with multiple units. Thanks for the tip. How many units do you trade any given time or is it different per situation?
Sam Seiden made an interesting comment on his CBOT seminar: when trading with the trend, as many as 5 targets, when trading against the trend, no more than 2 targets. For example I am newly long the CHF with 2 upside targets only. The fun really begins when buying multiple units; normally you would move the stop to breakeven on remaining units after filling the hole at target 1.
Sam Seiden made an interesting comment on his CBOT seminar: when trading with the trend, as many as 5 targets, when trading against the trend, no more than 2 targets. For example I am newly long the CHF with 2 upside targets only. The fun really begins when buying multiple units; normally you would move the stop to breakeven on remaining units after filling the hole at target 1.
That actually sounds like a pretty good method, 2 targets against trend, 5 with trend.
That actually sounds like a pretty good method, 2 targets against trend, 5 with trend.