Chinook's EUR/USD (E/$)Mumblings

coinz · Aug 22, 2004

Sulong has a good point, Chinook. While a trade does need to be monitored, TP adjusted at times, what Sulong said is a basic rule one should not stray too far from.

chinook · Aug 22, 2004

Quote from sulong:

Where you take your profits, ought to be determined before you hit the send button, when you enter.

If you take care of this little detail, all the rest of your post will not be a factor.

Sulong,

In my trading the protective stop loss is predetermined before opening the position. However, profit target is flexible. If it looks like a trend is developing, I want to be able to ride it. I agree that people have different styles--there's no one fits all solution here.

Chinook

ElectricSavant · Aug 22, 2004

Chinook,

This is where you are wrong, its one fits Coinzy or you are wrong...

Michael B.

Quote from chinook:

Sulong,

In my trading the protective stop loss is predetermined before opening the position. However, profit target is flexible. If it looks like a trend is developing, I want to be able to ride it. I agree that people have different styles--there's no one fits all solution here.

Chinook

sulong · Aug 23, 2004

Quote from chinook:

Sulong,

In my trading the protective stop loss is predetermined before opening the position.

However, profit target is flexible.

If it looks like a trend is developing, I want to be able to ride it. I agree that people have different styles--there's no one fits all solution here.

Chinook

I wasn't referring to a target exactly, but rather specific conditions that need to be present to exit.

For instance a "trend", ( if thats what your trading) how many exits have you identified?( Other than your protective stop)

A break of the trend line?
A reversal of the trend?
An exhaustion move of the trend?
A failure to make a higher/high, lower/low?

The point is, chose one that fits, and master it. In that way 90% of your exits will not be "mistakes".

chinook · Aug 23, 2004

Quote from sulong:

I wasn't referring to a target exactly, but rather specific conditions that need to be present to exit.

For instance a "trend", ( if thats what your trading) how many exits have you identified?( Other than your protective stop)

A break of the trend line?
A reversal of the trend?
An exhaustion move of the trend?
A failure to make a higher/high, lower/low?

The point is, chose one that fits, and master it. In that way 90% of your exits will not be "mistakes".

I see your point now. Initially, I thought you meant a single target price.

Chinook

coinz · Aug 23, 2004

Quote from chinook:

Coinz,

I would say so. Of course, there's greed too. But I think fear's #1 .

Chinook

Chinook,

Fear, greed, anger... are confusion or indecision emotions?

I was confused and couldn't decide about these last two.

chinook · Aug 23, 2004

OK gang. I'm betting that E/$ is going up after retesting (almost) the low of the day. I'm hoping for 1.2330. I'm long from 1.2298.

Chinook

ElectricSavant · Aug 23, 2004

Does trading involve hope?

Michael B.

Quote from chinook:

OK gang. I'm betting that E/$ is going up after retesting (almost) the low of the day. I'm hoping for 1.2330. I'm long from 1.2298.

Chinook

chinook · Aug 23, 2004

Quote from ElectricSavant:

Does trading involve hope?

Michael B.

It does since we can't predict the future. I bet a certain amount and if the position goes againts me I lose it. I'm not talking about holding to a losing position and hoping for a reversal.

Chinook

ElectricSavant · Aug 23, 2004

Well, in that case you could "add to" here at 97 and "hope" for less?

Quote from chinook:

It does since we can't predict the future. I bet a certain amount and if the position goes againts me I lose it. I'm not talking about holding to a losing position and hoping for a reversal.

Chinook