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"The only way to trade with Fibonaccis" journal
- Thread starter 1a2b3cppp
- Start date
Quote from Snowman75:
No more daytrades?
Quote from 1a2b3cppp:
No, I haven't done any intraday stuff in a while.
Quote from 1a2b3cppp:
10/3:
SPY -$77,577.00
hedge $7,339.95
Net for this trade:
-$70,237.05 (unrealized)
+$1,223.60 (realized)
+$2,931.69 (realized)
+$1,129.72 (dividend)
+$3,561.93 (estimated dividend)
------------------------
-$61,390.11
Unfortunately, a lot of traders turn losing day trades into a long-term trades. That's why disipline is so important.
Quote from gotta_trade:
Unfortunately, a lot of traders turn losing day trades into a long-term trades. That's why disipline is so important.
I hope you're not implying that's what I did. I said a long time ago I was doing only longer term trades now. Plus I'm trading SPY rather than ES.
Sold entire position (1173 shares) of SH @ $45.90.
Profit: $5,221.55.
As of now the only thing that is open is my SPY position.
Watch price tank now that I've closed out my short position. lol.
There was no real reason I sold it now other than I was happy with locking in $5,000 of profit right now. I have no idea if price is going to go up or down in the future. If it goes up, awesome. If it goes down then whoops I should've held onto the SH longer. I may buy more if SPY goes up.
Profit: $5,221.55.
As of now the only thing that is open is my SPY position.
Watch price tank now that I've closed out my short position. lol.
There was no real reason I sold it now other than I was happy with locking in $5,000 of profit right now. I have no idea if price is going to go up or down in the future. If it goes up, awesome. If it goes down then whoops I should've held onto the SH longer. I may buy more if SPY goes up.
Hi 1a2b3cppp,
If someone applied your strategy trading Forex, could they profitable?
Thanks!
If someone applied your strategy trading Forex, could they profitable?
Thanks!
Quote from gotta_trade:
Hi 1a2b3cppp,
If someone applied your strategy trading Forex, could they profitable?
Thanks!
I don't think so. Forex range tends to be too big to effectively average down without running the risk of blowing your account. The increments that you would have to use would be enormous and the position sizes tiny, and because the increments are so big you run the risk of keeping a position open for years in drawdown, which isn't really something I'm interested in.
Then again I don't know anything about currencies or what moves them so maybe I'm not the person to talk to.
Not to mention all the other inherent downsides of Forex:
- unregulated
- fake liquidity pools
- padded spreads
- shady brokers
- etc.