PRIMITIVE OBSERVATIONS:
Do you pyramid? (adding to a position as it goes profitable)
You first need to identify those instruments that trend well. Then you must enter each stage using stops. Could your stops of the first entry dictate the target of the second entry to achieve BE on the entire position, then exit the second entry and let the first ride? This is just a way to think and there are many ways to take profit from the trend. A trader must find THEIR way.
I was thinking if you could measure the character of an instrument through the ATR indicator, then write down your plan before you make your first entry this might help.
Could you discuss your techniques of how YOU pyramid, not what sounds good, but how you implement this in your trading. For new traders this might go aganst your thinking, but I urge you to examine this closer. Some of my most profitable moments have occured when I have used this technique...
ADVANCED QUERIES:
For you more talented ones, could you share how you think? Do you simply float an "always in" postion and simply look at average price while pulling profit out of the trend? Are you able to use this in the chop environment (Consolidation).
I find myself becoming like a Chameleon and rather contradictory at times. As I look at consolidation which some say is 70% of the time then convert my "thinking" to trend (30% of the time) I find conflicts in my "thinking". Could some more experienced ones share?
As long as there is volatility then you could enter anywhere and turn it profitable...isn't this what trading is? This is why being well capitalized is what its all about. yes cut your losses short and re-enter....try try again...many methods and many ways...
Keeping it simple, sure can get complex
Michael B.
P.S. Please excuse my bad habits. I edit my posts well into the 1 hour limit. I put a lot of thought into what I post and read what I write and reflect. I suggest you do the same...Yes you too DB
Do you pyramid? (adding to a position as it goes profitable)
You first need to identify those instruments that trend well. Then you must enter each stage using stops. Could your stops of the first entry dictate the target of the second entry to achieve BE on the entire position, then exit the second entry and let the first ride? This is just a way to think and there are many ways to take profit from the trend. A trader must find THEIR way.
I was thinking if you could measure the character of an instrument through the ATR indicator, then write down your plan before you make your first entry this might help.
Could you discuss your techniques of how YOU pyramid, not what sounds good, but how you implement this in your trading. For new traders this might go aganst your thinking, but I urge you to examine this closer. Some of my most profitable moments have occured when I have used this technique...
ADVANCED QUERIES:
For you more talented ones, could you share how you think? Do you simply float an "always in" postion and simply look at average price while pulling profit out of the trend? Are you able to use this in the chop environment (Consolidation).
I find myself becoming like a Chameleon and rather contradictory at times. As I look at consolidation which some say is 70% of the time then convert my "thinking" to trend (30% of the time) I find conflicts in my "thinking". Could some more experienced ones share?
As long as there is volatility then you could enter anywhere and turn it profitable...isn't this what trading is? This is why being well capitalized is what its all about. yes cut your losses short and re-enter....try try again...many methods and many ways...
Keeping it simple, sure can get complex
Michael B.
P.S. Please excuse my bad habits. I edit my posts well into the 1 hour limit. I put a lot of thought into what I post and read what I write and reflect. I suggest you do the same...Yes you too DB
