Darren's Journal

[Darren]

Two trades so far today, 1 rent and 1 win.

[Michal]

\m/ :-bd

[Darren]

I have taken 2 rents and 1 winner today and am in profit so far, but I am really dissapointed with the way I managed the winner. I had a plan to split my trade into 4 and take 1 position each off at TZ1, TZ2 and TZ3 then trail Aims with the last position. Somehow I took 2 off at TZ1 which scuppered my plans, not sure what happened there as that was the one that would have trailed Aims. There was upto 7% profit on the table and I took a fraction of that!

I need to look at my trade plan again as I need to catch some of these big winners!

[Michal]

Darren i missed a whole move since i went to the shop to buy sth stuff.... :/

[Darren]

And one more this morning. Rent paid...

[immy]

Nice attempt but you really need to do something about your exit mate. You missing out a hell lot of profilt. you can use your trailing stop ea which seems to bring more profit than manually managing it. Think about it.
Overall great entry and well spotted setups. Keep ip up buddy. \m/ \m/

I agree with you Sam. I've seen Darren, he always has the ability to get spot the setups and take it correctly, which is step 1 and 2 of becoming a trader and that leads to step 3 which is managing your trades correctly and exiting with as much profit as possible. I think the biggest problem here is the aggressive scalling out. Its a great idea to take 50% off at 1:1 because stats show that 1:1 is hit more often than not, and it allows your mind to ease and relax because you've already "paid yourself" but then after you've taken half off, its your time to let it run as much as possible. Ideally after you've taken profit partially, you'll let it run. This is a prime example of it. all in all wel ldone Darren...

[Darren]

Thanks Sam and Immy. I know what I have to do and I do have a plan in place! However, on this mornings trade I took 50% off at TZ3 and then after the very slow price action over the last hour or so decided to take the rest as well. I should have trailed Aims that would have resulted in being stopped at a similar price, but i would have been happier with my trade management. Next...

[immy]

Thanks Sam and Immy. I know what I have to do and I do have a plan in place! However, on this mornings trade I took 50% off at TZ3 and then after the very slow price action over the last hour or so decided to take the rest as well. I should have trailed Aims that would have resulted in being stopped at a similar price, but i would have been happier with my trade management. Next...

My Opinion. My humble opinion
(this suggestion is for Darren only, I've seen you how you trade and have made observations)

1. Don't take half off.
2. If you have to take half off, then make sure you try to le the other half run all the way through 1-5 sequence


btw: that is not the correct TZ3. You should have put fib on 1-2, which at that time was wave 3 up. so you'd be looking for 5 up here, and you'd have taken profits between the zone.

[Darren]

Thanks for the input Immy.

So if running through if I did take half, in order to let the other half run through wave 1-5 I wouldn't be able to trail M1 Aims so are you suggesting that I manage on M5?

[Darren]

Mega moves because of some Ukraine news, but I caught a fraction of it!