I am just becoming somewhat profitable. Take my advise with a big, big grain of salt. Basically what I am saying is most likely BS. But here it is...
Get out of a static mind set. Do not think in terms of setups. Like if X and Y and Z etc... I go long and I go for 1:3 etc.. etc.. This is BS...
(please ignore any question that you find inappropriate)
When you take a position based on a overall market sentiment or profile (assuming you do), and the price goes against you but the original situation remains the same, do you add to your position?
Do you use a general $ amount of risk...
So here it is at 115 16ish but I still have not received my brass balls. Will monitor and see how this goes. If it hangs here with good volume I will take a long. If it breaks a short will be in order but I am not sure I will take it.
This has been known for weeks:
http://www.briefing.com/Investor/Public/MarketSnapshot/BondMarketUpdate.htm
http://www.newyorkfed.org/markets/operation_schedule.html
"The Bank of England surprised everyone today by announcing an expansion of its bond purchase program by $50 Bln pounds due to mounting concerns that the recession is deeper than it expected."