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Thank you very much. Yes I had the same big Losses few times due...

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Gold77

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26/04/15

23:54

Post #: 15159149
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Originally posted by gj0201 ↑

Some very good discussion on here IMO.
re Gold77 and JPV
When I started with IG I thought how easy will this be .... set stops to minimise losses and "let the good 'ens run" = small losses and big wins ..... welcome to the game. (I will clarify again I am NOT, nor do I aspire to be a "day trader" but LOVE Mr market and been playing in "SHARE MARKETS" for 20+ years so was like a kid in a candy store when I discovered CFD's 4 or 5 years ago) ... back to the point.

As your posts highlight once you get down to looking at markets on < than time frames that are daily or weekly you see lots of interesting things. We hear on the radio in the morn Dow up 100 points ..... only a fraction of the story .... its probs gone on a "journey" up and down that may have been several 50 pip plus "moves". So picking the direction of a move is only a fraction of the story.

FWIW I have tried many different strategies and concluded that trading intra day is more about "personality" and "risk tolerance" than reading charts and trying to find entry conditions. A couple of war stories;

1. I at one stage got interested in the openers rule (google it) where basically you wait for an opening move to reverse and go back through the open; enter trade with stop at the previous limit and exit at some pre - defined point. Tried it with limited success and actually had the privilege of trading the open with Robbbbb over a skype link once where he was going to "help" me. We watched the open of Dax (I think) we got the open conditions that I believed met the "Openers Rule" and I said "So, I should open the trade?" and he advised, in his lovely laconicvoice I had heard on many YouTube vids, "Oh mate, I wouldn't open yet" ..... what? why? a few minutes later price reversed and he said "That looks like a good entry" I obeyed and made a few shackles ..... HE JUST KNEW .... (in case Robbbb redas this I better clarify that story is probably "enhanced with the passage of time" but you get the idea (LOL). HE WAS RIGHT AND ALTHOUGH WATCHING FOR A SIMILAR PATTERN AS ME HIS INSTINCT CHANGED THE RULE.

2. I also sat with "Budgie" (remember him?) at one of those trader meets in queensland and he explained what he was "looking for" .... watched him do about 3 trades in 10 minutes "stealing" a few pips each time and even tho' he was gracious enough to explain what he was doing I concluded it was 100% instinct (& it was NOT something I understood or am likely ever too)

3. (for Gold77 in particular) I once did a trade (probably dax) when I was following the idea of "No Stops until in profit" after a nice night dining on a clients account and fell asleep in a red wine induced "nap" ... woke up in the wee hours after a few hours and was horrified to notice that the market had moved dramatically against me (a number with 5 "0"s :() and had then come back to almost exactly break even ... I closed the trade and went to bed. NEVER will I trade again after a drink (sometime break that rule!) or without some form of stop (I never break that one).

FWIW I have moved way away from trying to determine stop levels or detailed entry conditions ... I believe (until I am attracted to some other system LOL) that there is no single "set of rules" that will suit in all market conditions..

sooooo enough of a rave, just to conclude the above is why I got attracted to binary trades (set risk/reward) and more recently options which I have talked about before. (I should clarify this only applies to a small %age of my investment $$$$ most of which is in what I consider sound investments)

I hope that is of interest/helps someone?
cheers g

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Thank you very much. Yes I had the same big Losses few times due to not having stops at opening and Market went against me from the start. But still I don't have a proper exit plan before starting the Trade.
I think having a exit strategy before placing the trade is a key point.
I know it depends on the situation, but if any of you have any common principals for exit Strategy please share.

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