Grants Journal [Awarded Title: Guru of the Gurus]

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Grant
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Joined: 14 Aug 2011, 14:52
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Re: Grants Journal

Unread post by Grant »

rickpilot601 wrote:thanks Grant, much appreciated. My problem over many year's trading is getting out too soon, so p/l ratio is never good. trying to find a happy medium with AIMS. I find it hard to watch 10/11 pips disappear to BE, as just happened about 30 mins ago, but if I jump out as soon as there is a sign of reversal I kick myself. (trade on EUR 0753GMT today,entry 1.2934, late entry,max available 11, several chances to take 5 to 7 pips after AO changed to dark green. Would you have taken those closes? did have stop at BE so no harm done. Richard
apologies i only read your last message... lol

my target would have been the weekly open of Alpari 1.2945 less a couple for spread so 1.2943 which was reached on my platform, however the candle trail under the 0905 candle would have taken me out at 1.2937 (0907) for +7

never kick yourself if you have a reason for getting out and the market makes it look crap... you had a reason to get out and followed your plan....

if this move down had been a trade my target would have been yesterdays lows at 1.2896, leaving at least another 40 pips on the table, but i would have taken my 20 odd pips and said thank you very much.....

hope this helps

Grant
success = patience + discipline - greed
rickpilot601
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Re: Grants Journal

Unread post by rickpilot601 »

Just closed +100 pips on my daily system on CHF and EUR, but since can only trade 1 micro for each 1/2 posn it only makes $10 ($2400 account). Big reason for working on AIMS . thanks again for help, will keep working at it
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Grant
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Re: Grants Journal

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Richard

just edited my last post...

Grant
success = patience + discipline - greed
nickderby
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Re: Grants Journal

Unread post by nickderby »

Hi Grant, Im a new member and been scanning your journal ...great stuff.

Quick Q pls...your initial SL is 13 pips...lets assume that you enter short and the trade neither drops nor moves quickly towards your SL...but edges up relatively slowly...

How would you treat this...would you allow it to take the 13 pip SL or exit early...assuming no blue dot had appeared yet ?
I see you minimise the losses by moving SL..how about the early exit for a loss ?

best

Nick
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Grant
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Re: Grants Journal

Unread post by Grant »

Hi Nick,

as soon as the candle that triggers my order closes i move my SL to the high or low of it +/-2 pips....

it then stays there until it is either hit or i can get it moved closer to my entry (next move is at +5 pips)...

trade management document is in post 1 of this thread..

cheers

Grant
success = patience + discipline - greed
nickderby
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Re: Grants Journal

Unread post by nickderby »

ok gotcha...cheers Grant
msk185
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Re: Grants Journal

Unread post by msk185 »

Hi Grant

Sorry to bombard you, when you say +/- 3 pips when going short do you take the high of the trigger candle add 3 pips and then add spread or just 3 pips?

Thanks

Mike
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Grant
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Re: Grants Journal

Unread post by Grant »

Hi Mike,

bombard away, without questions we dont learn... lol

the 3 includes the spread,

cheers

Grant
success = patience + discipline - greed
msk185
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Re: Grants Journal

Unread post by msk185 »

Thanks Grant, learning all the time, though a bit frustrated this morning as seem to have missed the moves but patience+discipline=consistency

Cheers

Mike
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Grant
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Re: Grants Journal

Unread post by Grant »

Yes Mike,

no trades yet for me either, some days are like that, lovely moves with no set ups, or you get days like yesterday that move the same (ish) distance and set up 5/6 times...

part of the game i guess... lol

as you said P & D = C

cheers
Grant
success = patience + discipline - greed
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