College trys again
- Thread starter college ruled
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+1 and +1 to everyone else saying dont do it.. if you want in that bad wait till sunday at around 6-7pm est.. more or less the jist of it is that alot can happen, the banks can adjust the rate way past your stop and then you are fucked and have no way to get out of the trade because your broker isnt open yet but the main interbank is and gaps away from you.
An extreme example would be if say Israel decided to nuke Iran on a saturday.. you know damn well there will be a gap on opening but now your praying your on the right side of it before your squished like an ant.
Quote from college ruled:
Holding long into the weekend hoping for a gap up. Need to make back 116 pips gaps are nice way to grab a lot at one time.
Placing a stop at 12899 because I have been listening to the advice
If you want to stay in this game, you need to eliminate the thought processes that lead to phrases like "(I) need to make back x pips/dollars." And "hope" does not belong in a trading plan either.
I know you've said you're avoiding books, courses and other trading education materials for now; that you want to see where your intuition takes you. That's fine, but whether you're a completely discretionary trader or a completely mechanical one, risk management and mastering your emotions are critical to long term success. Pick up one of the Market Wizard books (there are four) and even if you don't read the main text, read the summaries at the end of each chapter. Thinking the market owes you something or that you're going to exact revenge is foolish and expensive.
You know I'm taking this advice, closing this trade. Your words, as well Eurotrasher, ammo, theMan, shopster, oldman and a few others may be getting thru to me.
Sim trade till I become consistent, get experience in proper money management and use of stops.
Thanks guys. Thanks for keeping the snide remark and heckling down to the bare minimum too
NoDoji, thanks for offer of mentor-ship, sent you a pm.
I don't attempt to predict what will happen, other than how I will limit risk on each and every trade.
Why is that such a difficult concept for you to understand?
Limiting risk may be as important to successful trading as the entry would you agree with this statement? How do you make this work?
Yes they are both very important.
You will find one of the great secrets, if you look for entry signals based on the lowest possible risk
That makes so much sense it's self-evident. I'll wager those possible entries also occur much less frequently than we'd like to admit. I think one sure bet per week may be better than 5 at 90%? I'd really load up on that one.
Yes, exactly. Waiting for the real gem is the hard part.
You know it when you see it.
You know it when you see it.
Ah no I don't that's a bad side effect of my inexperience. I am constantly looking for it though...
Always have a chart open on my lap these days.
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