Nikita`s journal

[Nikita]

Michal, IC markets. 1-2 pips depending on volatility. Most time 1 pips.

[wiseambitions]

Good result on DAX obviously makes you happy. I'm just wondering if you could have got in a little quicker as there is gap of around 8 pips (I can't see exactly) between the bottom of the grey box and your entry. I'd be setting my pending order about one to two pipsbelow the last fractal (bottom of aims box). It then depends if your chart is the average of bid or offer price, or if it's bid price, then I might take off another one pip in allowance for the dealing costs. So I'd want to be into the trade no more than 3 pips below the aims box. Any more and it would be because the broker is slow with the execution of orders. You got out of the trade just about right on that time frame though.

[Nikita]

Thank you, Ray.
It happened becuase of slippage. I had some problems with internet connection. But fully understand you here " I might take off another one pip in allowance for the dealing costs."
What do you mean? Or how exactly you`d do this?

[Michal]

thx Nikita

[wiseambitions]

Thank you, Ray.
It happened becuase of slippage. I had some problems with internet connection. But fully understand you here " I might take off another one pip in allowance for the dealing costs."
What do you mean? Or how exactly you`d do this?

What I mean about dealing costs is that the metatrader chart figures could be your broker's average of buy and sell price, or could be the lower of the two. I choose to take a bit off for safety as very often a small fractal of one pip or just a bit more does not always lead to a breakout. (08:55 and 10:00 BST on Dax m5 would be examples). I have always added another pip or two on longs and subtract another pip or two on shorts, which I think is what the setup manual says to do.

Yes I also find slippage can be an issue when the price moves quite fast, even if it concerns a pending order or a stop or limit. Especially with bigger lots.

[Nikita]

I made a mistake this morning with gold.
I was checking some stuff, but then i decided to left this trade. It was not a setup according to my rules.
But then i took myself in hand and made this day a profitable one.
I wonder how good was i in trading if never break my rules..?

de30m5.png

And here is again the same mistake - didnt keep my trade long enough.. I had a TP 1:1.
It would be hit if i was more patience.

gbpusdm5.png

I just need to obtain a real faith in setup. Here is the problem.

[immy]

I made a mistake this morning with gold.
I was checking some stuff, but then i decided to left this trade. It was not a setup according to my rules.
But then i took myself in hand and made this day a profitable one.
I wonder how good was i in trading if never break my rules..?

de30m5.png

And here is again the same mistake - didnt keep my trade long enough.. I had a TP 1:1.
It would be hit if i was more patience.

gbpusdm5.png

I just need to obtain a real faith in setup. Here is the problem.

Nikita, don't keep 1:1 targets, infact don't keep targets, simply let them run, but if you have to set a TP let it be at least 1:1.5 better 1:2.

[Nikita]

Immy, i m tryind to do this, but still dont have enough patience.

BUt this am EU trade - i just dont think that EU is back, so - set 1:1.

eurusdm1.png

[Dave]

It's a good entry, Nikita (it looks late on M1 but I know it's outside the HTF levels), but just to expand on Immy's 1:1 comment.
If you take every trade off at 1:1 then to make any money in the long term you have to average greater than 50/50 wins and losers. This is made even harder by paying spread and commission and those costs of doing business that make it necessary to let your winners grow. It took me a long time to get used to this (see the start of my journal and you'll see the trades I cut off early and Immy's "let them run" comments) but you've got to give them a chance. Maybe a technique like Darren's where you close 50% at 1:1 and then trail AIMS levels will help. Good luck!

[Nikita]

I m sure you are right. Just need to rise a patience. Will work on it.

YD trades with dax. unfortunately - too many news, too many speaches.
both rents.

de30m1.png