The price action facebook journal

[amitman]

Quote from pinkman:

Who's your broker? Are you trading via the ninjatrader charts?

I trade with IB, don't trade via ninja, only use it for replays. I trade through TWS mobile (the IB mobile app)

 

[pinkman]

Quote from amitman:

I trade with IB, don't trade via ninja, only use it for replays. I trade through TWS mobile (the IB mobile app)

Cheers.
Good job.
I plan to try this too at some point.
Keep it up. Will watch with interest.

 

[amitman]

About the commisions question, apperantly I was wrong.

I currently pay 1.6cps regargdless of size, from next week I'm going to pay 1cps (discovered I pay 0.6cps to a financial advisor i dont need).

Amount are per trade (two transections)

 

[amitman]

Harsh winter here, wasn't able to trade thursday.
Fridays I don't trade.

Trades for 1/2 hour today, +17$, missed one good trade due to hesitation...
The entry is a typo of cours, was at .98

 

[amitman]

Reached 1000 views for this journal

Very short day today, trader for 15 minutes, 1 trade
+19$ (after comm)

 

[NoDoji]

Quote from tradingjournals:

He is going through the typical process that most people seem to go through. Trading one stock in one way in one day is not a good idea. Even/particularly traders need diversification.

He's doing something quite atypical: learning to trade price action without gimmicks. If he masters price action trading, he'll have methods he can apply to any liquid instrument under various market conditions.

 

[amitman]

One trade today
+22$

 

[amitman]

Missed two good trades in the start of the day due to technical issues
though to just quit for the day but came back after 30 minutes and made 1 trade
+19$

 

[mspkash1]

amit - any reason why you have fixed point targets? why not let your profits run if the trade is going your way. I dont know if this type of entry/exit will take you account balance far.

 

[amitman]

Quote from mspkash1:

amit - any reason why you have fixed point targets? why not let your profits run if the trade is going your way. I dont know if this type of entry/exit will take you account balance far.

Exits

Genrally speaking when one enters a trade there are three ways he can exit them:

1. Fixed exit (which can be dependant on stops, R:R, and other things).
2. Discretionary exit (i.e. "let your profits run").
3. Any combination of the two above.
   [/list=1]
   Before getting into it I'll say that there is no "best way" like you suggest, thouthands of posts were written of this subject, few exmaples can be seen here:
   http://www.elitetrader.com/vb/showthread.php?s=&threadid=280252
   
   and here:
   http://www.elitetrader.com/vb/showthread.php?s=&threadid=280506
   
   In my honest opinion, the most important factor when determining how to exit a trade should be how comfortable you are with trading this way.
   This means that your exit strategy got to have two things:
   1. A positive excpectency
   2. You can follow its rules, always.
      [/list=1]
      Only after this is understood one can start looking into different strategies. He has to ask himself a lot of questions:
      would he able to lose 70% of his trades and still push the button,
      or would he feel comfpratable to leave a lot of the table knowing most of his trades will be winners?
      
      One must also simulate both ways and check his feelings towards the exit strategy.
      
      I for myself use 1:1 R:R ratio to determine my exits (meaning my target will be the same as my stop). Why do I do it?
      Two reasons:
      I can backtest it and see that it has positive expectency.
      It fits my trading style.
      
      Is this the only profitable strategy? No! It this the best exit strategy? probably not.
      But, is this a profitable strategy that I can follow? Absolutly yes, and this is what matters in the end.
      
      Going from this basic point I can expect to gain confindence and improve my strategy, for example, I've tested the strategy with 1:1.5 Risk:Reward ratio and saw it has better results, so I might follow it instead.
      In the future I might change it again, as long as I know what I'm doing.
      
      IMHO, "letting you profits run" are just words, one got to have some sort of exit strategy even when exits are not pre-determined (i.e. break of TL, 3 bar reversal etc.)
      
      That being said, if you have any good ideas or thought about how to squueze more of a trade, I'd be very happy to read them.