5% - 10% profit per day trading
- Thread starter spanish89
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ALoha mate, sorry to hear about that.
Um it all depends on how muhc you are at per point?
And how much capital you have to back yourself urself up with??
Although on dow you cant use that giant stoplosses thing cos the low follows no path or range or anything.
You can on ftse cos the low volatility, sinc eyou can do my ''taking off the top 2/6s and buying up the bottom 2/6s'' each day.
Would have been beautiful doing that for the last 2years on ftse back when ftse was ranging the 6000 t 6500 range.
Although you need higher £ per point.
With oil you can do it if you know exactly what your doing with the oil,
but its extremely dangerous, esecially on days like today when it falls out of its ranges or starts new trends, and it does that every few days to weeks now.
I do think dow can get to the 9300 level tomorrow or wednesday though.
Sorry bud its not my market and I would never want to give anyone any advice anyway.
The way I trade, I stick to my position if i'm convinced I'm right. However any adverse move must still fall within my risk limitations. If you are really unsure then look at the situation as if you were out of the market. Would you go long from the current price?
yeah i feel the dow will have no problem making it back to 9300 level as i believe its at its lows, i have enough capital to hang in there but get annoying just watching it, as for oil i believe it will bounce up from here anyone agree?
seem ye all had a great day i look forward to a day like that sometime soon
seem ye all had a great day i look forward to a day like that sometime soon
I traded in units working out to be from £4-6 per pt. I scale in and out of positions so up to about £16 pt at times though only once the position is in profit and looking strong. I bring my stop loss to B/E and take parts of the profit at various price patterns.
It's hard to dscribe as some of it is purely instinct.
note: All prices based on ABN Amro quotes.
I wont go through each and every trade but a few:
Firstly I had a buy order @57.06 last night which I closed out at 59.66 at £6.39/pip for a profit of £1600 minus the spread.
My other main profitable trade was to buy @ 56.23 again at £6.39/pip which I closed at 59.36 for a profit of about £2000 minus spread.
Both of those exits were predetirmined limit sells.
I'm just trading the range (I also went short for the rest of my profits for today) with an eye on a breakout.
I trade from the 30min, 5min and 1min charts with a few smas and that is it. I dont listen to anyone else's opinions, I just put a trade on when it looks too obvious not to.
If I can see it is not going as planned then I get out quick even if its just not moving much at all.
How do you use a tight stoploss, yet avoid getting it taken out in the vibration ranges or stray spikes and ticks??
And 2ndly how do you resist the urge to look at the scren and cahs in trades too early when you have preset cash-in orders??
Especially when its big £ per tick orders??
cos whe i put in the target levelorders i do it just below levels that i think will be the strong resistance level,
however in the back of my mind i keep always worrying that market will stop a few cents or few dozen ticks short of my target even, and then i will miss so somuch money, all for just a few quid.
And 2ndly how do you resist the urge to look at the scren and cahs in trades too early when you have preset cash-in orders??
Especially when its big £ per tick orders??
cos whe i put in the target levelorders i do it just below levels that i think will be the strong resistance level,
however in the back of my mind i keep always worrying that market will stop a few cents or few dozen ticks short of my target even, and then i will miss so somuch money, all for just a few quid.
It's very tough and I lost money previously for all of the above reasons. I think that is one aspect that is aided by the fact that I have my job to do too so I dont sit there watching the charts.
With regards to stops, I dont use v tight stops. It depends on the prior price pattern and how volatile it is and also what time of day it is. Sometimes I let a trade go $2-3 dollars offside if i feel that my reasons for the trade are still valid and nothing fundamental has changed.
With regards to taking larger positions I monitor it more and place limit orders along the way to 'bank' some of the profits at certain key levels.
I think ABN's platform helps in that you dont place orders at a set £/pt. With crude you place it in units which equates to a certain level of the underlying. Thinking of it in terms of units helps me detach the monetary value and relevance.
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