Plasma, actually it is very simple. Zoner, may I use your experience now with your longs as an example? DO NOT TRADE ON YOUR HOPES, NEEDS OR OPTIMISMS. And more importantly, never trade revenge trades. Losing trades are that: losing trades. Your aim with your next trade is not to make up for your losses, your aim is to make a profit. Trade by your system and with your mechanisms. If you have a losing trade, and your trading regime dictates a counter-the-losing-trade-trend, by all means, trade it. If you have a off day, take a breather for a couple of days and sit-out and watch. It is a good thing to stay in touch with trends, but don't put money on the deck. --- If you ignore these points, you are gambling.. Finnish and klaar! Yes, I had a sucky day yesterday, why? I was greedy (another reason NOT to trade). Made good points Wednesday, just to give 'em back yesterday. To my fellow novices (< 10 years ), trade a 100 points a day - it will be worth it, don't go for the big windfalls. Do the math: Say Mini contract (100 points = R1000 per day). 22 trading days (on average) = R22k per month. It is that simple! And of course, don't even go for the Mini contracts if you don't have proven success with Micro contracts. I will say it again, if you don't adhere to the above (universal) principles (barring the 100 pointers - that works for me), you are gambling! it is not worth the stress and money! Use it, don't use it. someone might take heart in this. P.s. I made my +-100 points today, using both a long and short directional trade(s). Now to stick to this. There must be a very compelling trade-signal on my system, before I enter another one! This market is still in a transition phase and it is NOT following the US, so don't take hope from 'em. Come May, we should be following Intl (read US) trends again.
Well said Lekkerry,
You will see I changed my signature yesterday, since what you described happened to me again the last two days. My target is similar to yours, but I have a week perspective of 500 to 1000. But I am still on micro contracts. Want to do the following, that is to take 4 micro contracts, make the trade, and take profit on 2 contracts at target numbers, and then risk free trade the rest if there is more points to take, with a stop in the green.
Now, to make up losses of these two days, will only take high probability success trades, with reduced targets over a number of days, to get back to where I was on Tuesday.