Ivan's Trade Thread, part II

Quote from SchraderTrader:

Long EURAUD @ 1.9750

Profit Target: 2.00
Stop: 1.9675
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I don't post all my positions, but I'm with you on that. My entry is a bit more attractive, but I think you're on to something.
 
Quote from davidmaria1:

Price hit 2. What was the objective?
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I was stopped out before the price hit 2, otherwise that would have been the objective.

Just goes to show that I set my stop too high.
 
Quote from SchraderTrader:

EURAUD

This thing moves like crazy - 90pip fluctuations within minutes.... up and down, up and down
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Which is why you need deep stops. Scale down positions to compensate for the risk.
 
I opened with a small position so I'm good on this one.

Someone could just trade this for an hour or two per day and make a living (if they hit it right). Wild stuff.
 
Quote from SchraderTrader:

I opened with a small position so I'm good on this one.

Someone could just trade this for an hour or two per day and make a living (if they hit it right). Wild stuff.
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Someone could also make a living playing roulette in a casino (if they hit it right). Doesn't make it a viable living.
 
Quote from SchraderTrader:


Someone could just trade this for an hour or two per day and make a living (if they hit it right). Wild stuff.
More...

I have found that the key to making a living is proper position sizing. When the euro had a daily average true range of 70 ticks, I found myself trading 3-5 contacts. The ATR has expanded greatly, and my position size is now 1-2 contracts (usually just 1).

Same level of risk, same profit objectives in terms of R:R ratio, but position size is the variable.

Best Wishes,

ddaytrader
 
Quote from SchraderTrader:

EURAUD

This thing moves like crazy - 90pip fluctuations within minutes.... up and down, up and down
More...

To quote the fictional John McClane;

"Welcome to the party, pal"
:p
 
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