Just two trades this morning. I had also looked closely at EURUSD and EURJPY. No wildcard instrument today. I did a lot of prep work as planned and then watched carefully. Couldn’t turn out much more nicely I guess (although I did miss out on the DAX hitting the initially intended target).
P.S. I have just noticed that the large red candle was the start of a drop from 11,980 to 11,810 – a move of 180 points in twenty minutes!
- Scalping on winning positions. If my DAX position is in profit and it looks like it will keep yo-yo-ing why not close after a push-down, wait for a retrace and then re-open the position. I had moved my stop to 12,005. At 11,965 I thus had 30 pips to my stop. I could close out there, if price plummets then yes I miss out on the difference between 11,965 and my target of 11,948. But if price rallies back to 11,980 and I sell again (with the stop of 12,005) then I have reduced my risk by 15 pips, or will end up making an additional 15 pips if price eventually goes to the target.
- When I am winning I notice that I tighten up and am reluctant to take more trades so as to not turn a winning session into a losing one. When I am losing I get looser in the hope/plan to turn a losing session into a winning one. Maybe it would be right to suggest that when I am winning I should push myself a little harder (without loosening setup quality), and when I am losing then i should tighten up and be more reluctant to enter into trades. As it is I am/have been doing the opposite.
Am just off to lunch before doing a futures trading session. So this was just a quick update – catch you again on Monday.