| 17:12 |
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bus
Makes sense to me!
Whatever way you decide to trade having defind what conditions you need to see (market characteristics) with a probability on your side that the trade maybe profitable then react to this market opportunity applying your method rules (discipline) in auto mode without any outside thinking which may dilute your actions.
It should be a case of the market opportunity meets your entry critieria so its a trade and the only way you can participate is to place the trade. If the conditions do not meet your requirements then its a non event and no trade. You can sit back and have another cup of tea until the conditions are ripe again IMHO.
Take my recent daily chart trade on the FTSE. I probably should have tested this without trading but there is only so much you can glean from paper trading. Whatever happened I had what I considered a method entry.
I set my stop and maybe should have moved it today but that would have gone against the concept of managing the trade according to confirmed events on the chart. So I left my stop 1 pt above recent high which was taken out today.
Do I have any regrets, no. This one did not work out and I lost. It showed me that this particular entry method may not be appropriate in these conditions. The point here is that once your method is defined and it has shown merit over time then all that is required from this method is to apply it without any hesitation and freely act on your entry method and management rules. If your homework has been thorough then by participating such opportunities the probability of winning more than those that lose will be realised.
Regards
Kevin
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| 16:36 |
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if it was not for my jobs list could have made a killing today on a sure fire gold short , and a long on BAY oh well back to work, now why does my tea cup keep filling up oh its me crying into it .
good luck
busmaster.
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| 14:04 |
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hi action , sorry about that i did say i can even confuse my self, i dont have to much time at the moment , but briefly what i am trying to say is,
well i have say a number of boxes that i need to tick these days before i enter a trade , and more so at the moment with choppy markets as i have not had many good trend trades of late , one of them is is it a possibility or a probability , example on 9 th of july i posted along the lines of watching 11325 in the dow, had been tested a few times to the down side, now it was poss that it would test again and rebound higher but on that day market sentiment and a number of factors was to me pointing down ,so it was probably going to break to the down side ,which i traded,
now my last trade on the dow i was talking about the 11430 area , and sure enough it got tested a few times well the boxes got ticked a trade was on only this time it was poss it would break to the down side , but the probability was it would bounce to the upside,
its just a another box to tick for me to help say with risk management ,
but it can happen all very fast thats why i was talking about training your brain and more importantly trusting it, as that entry point wont hang around ie once the trade is on or the boxes ticked ect, no thinking i hit the trade button .
hope i have not confused you more,
just off topic they say there's no such thing a free lunch, well after mrs bus took me out last night you would not believe the number of new jobs i have to get done , im getting a bit fed up with this house selling business
oh well , i should have all the jobs done by the end of the week end so maybe just maybe i will get next week to study and trade,
jsut a quick view today watch for a bit of resistance in the dow @11635 ish , and 1277 in the s&p,
lunch break over
good luck
busmaster
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| 12:17 |
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Just to update FTSE trade stopped out today at 5455 for a loss of 140pts, not surprising after the US yesterday.
Me thinks a more conservative entry method maybe required for this time frame as this trade has shown it was taken to early.
Regards
Kevin
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| Tue 20:34 |
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| Tue 18:36 |
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just about to start the dinner when mrs bus came home to find me hard at work in the garden and she is taking me out for a drink and a meal, yippee.
keep an eye on gold ,
and something i for got to say earlier not unusual for me, is that a good while ago now i stopped trading the ,, its possible that the market might do this or that ,i still say it and think it of course ,but i try to trade only when i can say its probable the market will do this or that . ie cut out what i call the punt trades.
now for some beer and wine and some food of course
good luck
busmaster.
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| Tue 16:01 |
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hi sahd, great call and trade re dow gap, re gsk did buy the stock a few weeks back now @£10.55 sitting in my portfolio will look at numbers with great interest,
tea break over back to my chores
good luck
busmaster.
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| Tue 15:25 |
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Afternoon board
GSK results tomorrow and general view is that profit will be flat, no probs there, will be interisted to see how the new guy is getting on with the city boys he seems a lot less of an arm waver than Garnier and more interested on the boring making money from a sound strategy side of things which may go down well. It would be nice to shift some of my GSK as its getting to be like old furniture around my share account at the moment. The cheapest lot is @1190 or so so heres hoping lol.
Topps, Im still in despite it going up 20% (short covering?) or so in the last few days am still 60% up on the short and liking the interest its acruing, I will look to close it before we go just from a housekeeping point of view really. Many thanks for Rich posting the occasional chart on it which has helped me keep the faith and resist the urge to close it!
Luck to all wherever you are.
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| Tue 15:14 |
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| Tue 15:13 |
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| Tue 15:10 |
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| Tue 15:04 |
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| Tue 14:31 |
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Afternoon everyone
Its been a while but the grandparents have Miss SAHD for the afternoon so lets see if I can get a trade going for the first time in ages.
Long DOW @11405....stop @11370 on the nose.
Luck all
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| Tue 13:07 |
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just want to add something before i get some jobs done and hope you can understand as i know i am cr*p in explaining in the written word,
first this is NOT a criticism of any body or anybody's trading style i have never indulged in that in all my time on these boards.
fixed mentality trading i use to do it to, it was talking about stops in last post that got me to write this , you can see good examples of this type of trading not usually on this board but certainly on some of the iii boards,
ie, a trader say goes short on the ftse @ 5400 the trader sets there stop @5420 the trader has said to themselves that i will take profit @5360 so the risk is 20 pts the reward is 40 pts, so what happens the ftse drops to say 5380 it then turns comes back and then 5400 5410 5420 the trader if watching the screen has made there trade and is sticking to it and in some cases is like a rabbit caught in the headlights and of course gets stopped out for a 20 pt loss, some traders go and watch the afternoon soap on the tv , and dont know what is going on at all.
the trader will accept the 20 pts loss no problem, and say or think along the lines of that was close i very nearly made money there ,
flexible mentality trading,
means to me anyway the ability to chance your views on a daily ,hourly, or even minute by minute when you are in a trade for me it has paid dividends and of course you can train yourself to read charts ect the hardest thing to do is to train your own mind , and then to trust it,
in the example above when the ftse turned back up @5380 i would have taken 50% @5375 ish stop then set to point of entry and if it looked like stop going to get hit try to get out @5395,
i hope i made some sense ,
need to have a lie down now.
good luck
busmaster.
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| Tue 11:57 |
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good morning all,
had a nice lie in today but some-how i dont feel the benefit of it, must need a holiday haha.
bee, re last nights trade went long @11433 stop on that was 11422 ,
and on my last trade on AV went long at £4.66 stop was @£4.57, i use to have some terrible problems with setting stops at one time and have started to sort it out by setting stops to the current market conditions as i see them ie current trend, what i am prepared to risk ect, of what i am trading there is no magic formula and of course if its a bad trade in the first place then for sure your stops will get hit,
dont know what i will be doing today got a few small jobs outside while the sun shines and i must say since returning from my long break the sun has been shining on me, i have not had one bad trade how ever only had about 7 trades , i can remember not to long ago early this year or last year i had something like 17 ish good trades on the bounce that's it now ive tempted providence , but getting in to a bad trade can have a good effect by giving you a kick up the backside and making sure you study and analyse more. well it does for me once i have come out from my sulk if it has been a bad error, i dont tolerate failure as if i did i would be out of this business.
ok those results from am-ex last night will worry the markets as it looks like the credit crunch cost of living is now starting to show with a vengeance imho ,
we could well get a test of 11300 in the dow, but for me in these markets just watching and waiting to strike
good luck to day all
busmaster.
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| Tue 09:08 |
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| Mon 21:59 |
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Nice trade as always Bus. Can you tell me what sort of stop you put in place when you are looking for a quick scalp like that?
Also - did you have a stop on your AV trade?
Your thoughts are always appreciated
Cheers B
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| Mon 20:30 |
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| Mon 20:21 |
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| Mon 19:53 |
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