Nikita`s journal

[Darren]

Lol - nice trade though! :-bd

[immy]

NY open has shown my absolute uncompetence and lack of patience.
But it s still a winner!

gbpusdm1.jpg

Hi

yes, patience and discipline is the key but don't beat yourself too hard because every now and then we all end up doing this. Having said that, the key to successful trading is simply this,,, your outgoings must be less than your incoming, just like any other business.. Which means that we must make more than what we spend. Well done, lets focus on what you "got" and ignore what you missed. Attract the good and let go of the bad!

cheers

[Nikita]

Darren, thanks. Next!

Immy, thanks for cheering me up!

[KrisL]

At least it was a profitable trade Nikita!

For me and I'm sure for a lot of others as well, exiting a trade is the hardest part of the execution side of things. I think it is important that everyone find a solution that works best for them, whether it be trailing five consecutive candles, trailing AIMS levels, a red line close or some combination of these and other methods. I'm still sorting out what works best for me. However, you can eliminate a lot of the stress by scaling out of a position rather than closing the whole lot if you are uneasy about what the market is doing. For example I might close 10% of my position if I get a BDC, or 75% if I get divergence between the AO and price, or 90% if I get double divergence. This probably seems a little arbitrary, but really it comes down to being comfortable with what I've got on the table. I can't remember where I read it (I think it was one of Bill Williams' books) - "if you are feeling stressed and anxious about a trade, you probably have too much at stake - it shouldn't be stressful." My rule of thumb is to adjust my position size if I feel uneasy until I feel comfortable again. Personally, I trade better when I do this.

Anyway, I hope this offers some ideas. It would be interesting to hear what the other more experienced traders here think about exiting a position.

[Nikita]

At least it was a profitable trade Nikita!

For me and I'm sure for a lot of others as well, exiting a trade is the hardest part of the execution side of things. I think it is important that everyone find a solution that works best for them, whether it be trailing five consecutive candles, trailing AIMS levels, a red line close or some combination of these and other methods. I'm still sorting out what works best for me. However, you can eliminate a lot of the stress by scaling out of a position rather than closing the whole lot if you are uneasy about what the market is doing. For example I might close 10% of my position if I get a BDC, or 75% if I get divergence between the AO and price, or 90% if I get double divergence. This probably seems a little arbitrary, but really it comes down to being comfortable with what I've got on the table. I can't remember where I read it (I think it was one of Bill Williams' books) - "if you are feeling stressed and anxious about a trade, you probably have too much at stake - it shouldn't be stressful." My rule of thumb is to adjust my position size if I feel uneasy until I feel comfortable again. Personally, I trade better when I do this.


Anyway, I hope this offers some ideas. It would be interesting to hear what the other more experienced traders here think about exiting a position.

Thank you, Krisl!
You gave me a lot to think about! Try to figure out what is better for me!
And I should finally read Bill Wiliams book

[Nikita]

Good evening, everyone! Or morning, day..

I believe, that life ALWAYS gives us a 2nd chance. We could miss it, or we could not dare to take it, but it really does.
And thanks to AIMS members, i could take mine.
The best conclusions we made only after defeat (mental, financial and so on..)
Hope, i made it.

gbpusdm1.jpg

[Nikita]

Morning everyone!
I thought tha i missed NYO, but, furtunatelly, not.
Combined enter m1+m5. More M5, i think.

eurusdm1.jpg

Trailed on m1. But now it`s obvious, that if trailed on m5, could be much better.

[immy]

Morning everyone!
I thought tha i missed NYO, but, furtunatelly, not.
Combined enter m1+m5. More M5, i think.

eurusdm1.jpg

Trailed on m1. But now it`s obvious, that if trailed on m5, could be much better.

Good trade mate... and did you mean London Open?

[Nikita]

Of course, it was LO. Just felt sleepy.

Thanks Immy, but still too far to you! Your trade shows the difference between newbie and guru (wd)

[Nikita]

Morning everyone!
Tried to catch an FO|LO moves.
But was too patient, so 0% growth..

eurusdm1.jpg

I think, that i should exit earlier, but can`t find any signal for such move.