Yet again the system worked- I took the trade but closed out for a small gain. I had decided some months ago that a 30 pip target is optimum and all this week -6 trades one break even, made 30, but 2 of them went on as runners to make another 150pips.
The way to trade this seems to be in 2 lots- take the initial 30, then leave the runner to be closed at ones discretion- and the chart should give a reason or 3 for closing out.
It's been a better week, a the gloom has lifted somewhat, now if only they'd put that silly debate of the big three in a desert island survival setting, I'd be interested.
Friday 23 April 2010
Thursday 22 April 2010
Forex-too big to fiddle?
I don't know the answer to that but I suspect there is a lot less of the cartel type manipulation that goes on in the stockmarket(allegedly).
I have been gifted a system that works very well based on a breakout at 08:00 a.m. and have been following it for many months-so this morning's short was taken and closed out early, as I am still trying to build confidence in my own trading, but it is a classic example of the chart saying one thing and the market doing another. It is a reminder that when testing any system, we have to be honest about the failures and if the system is based on chart patterns we tend to have a bias(endowment theory) and look for the winners when we should be looking for the losers, which should be far outweighed by winners. It's a bit like peeling potatoes, you look for the bad bits.
Anyway, if my thoughts are reaching anyone, have a great day and remember I can now offer real help with debt-especially if it is a combination of personal and business debt.
I have been gifted a system that works very well based on a breakout at 08:00 a.m. and have been following it for many months-so this morning's short was taken and closed out early, as I am still trying to build confidence in my own trading, but it is a classic example of the chart saying one thing and the market doing another. It is a reminder that when testing any system, we have to be honest about the failures and if the system is based on chart patterns we tend to have a bias(endowment theory) and look for the winners when we should be looking for the losers, which should be far outweighed by winners. It's a bit like peeling potatoes, you look for the bad bits.
Anyway, if my thoughts are reaching anyone, have a great day and remember I can now offer real help with debt-especially if it is a combination of personal and business debt.
Wednesday 21 April 2010
Resurrection
Not sure who if anyone will be reading this, but after a revolting 12 months of trading where nothing has worked, I am slowly grinding towards being out of a losing position carried on from Feb.
I have been isolated from other traders for a while now as I felt it was mutually beneficial to have a break as we all seemed to be going nowhere. I now know why I have been going nowhere- bad trading and poor management of losses. I'm almost in a position to address this, so watch this space.
My other life- the saintly part that balances out the ying and yang has led me on another journey, and I am now a representative for an Insolvency Consultancy. I have been giving free debt advice of 5 years and have become disillusioned with the whole finance sector, but it seems there are as many cowboys claiming to be good for helping with debt, as there are gangsters on Wall street.
I now know how much money is being made off the backs of the poor, and it sickens me, so if anyone wants decent, real debt advice, I can help.
I have been isolated from other traders for a while now as I felt it was mutually beneficial to have a break as we all seemed to be going nowhere. I now know why I have been going nowhere- bad trading and poor management of losses. I'm almost in a position to address this, so watch this space.
My other life- the saintly part that balances out the ying and yang has led me on another journey, and I am now a representative for an Insolvency Consultancy. I have been giving free debt advice of 5 years and have become disillusioned with the whole finance sector, but it seems there are as many cowboys claiming to be good for helping with debt, as there are gangsters on Wall street.
I now know how much money is being made off the backs of the poor, and it sickens me, so if anyone wants decent, real debt advice, I can help.
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