What i learned today
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Thread: What i learned today

  1. #1
    Figured I would place my journal in here so I can write down all the stuff I shouldnt do.

    If you think about anything I shouldnt do, feel free to add it


    What I heard today:

    Do not add to a situation that's doing well, it just cuts your profits in half.

  2. #2
    Quote Originally Posted by ;
    figured I might put my journal in here so I can write all the stuff I shouldnt do.

    If you think of anything I shouldnt do, don't hesitate to add it


    Everything I heard today:

    Do not add to a position that's doing well, it simply cuts your profits in half.
    I dont think its wrong to adding to a winning place AS LONG AS YOUR MARGIN OF RISK REMAINS THE SAME.

    If you have a 2% maximum risk per each trade, you can add as much as you need provided that you correct your stops for the winning lots and keep your risk exposure.

  3. #3
    Quote Originally Posted by ;
    figured I would place my journal in here so I could write all the things I shouldnt do.

    If you think of anything I shouldnt do, feel free to add it


    What I heard today:

    Do not add to a position that's doing well, it simply cuts your profits.
    You are so very right, but it could be worse.

    I wish that is it did in my situation. A commerce that had been doing would turn around and nearly every time that it has been done by me, it was like the kiss of death and lose all the profit it had been making. You learn to not do it after that happens a few times--it is the jinx. Like when you remark on how nice a day it is, and no sooner would you take action it is but the dark clouds roll in and it starts pouring.

    Maybe it only works that way in my situation because I know of quite good traders who appear to be able to do it and improve their profits from doing this. It does not appear to work for me. And no, I don't mind that having a good laugh. Enjoy.

  4. #4
    Quote Originally Posted by ;
    Don't add to a position that is doing well, it simply cuts your profits.
    Sorry to say this, but I believe you're incorrect on this one. . .The concept of pyramiding or adding to a winning position is the ultimate way to generate money on the few occassions when you're on the right side of this market...

    Normally you don't add to your position breakouts, you add to your position on retracements only when the trend is powerful enough....

    If incorporating up to your position cut your profits in half, then you need to know that you may be estimating the trend erroneously or you're adding up in the incorrect price points....

    In plain straightforward words, when you're right in your opinion regarding the market, grab as much money as you can from being correct, and when you're incorrect about the market, lose as little money as you can afford to drop....


    Thanks,

    Nader

  5. #5
    Actually after reading more stuff I believe it may be an issue caused by gftforex.

    Should you buy a pair at 100 then later add another at 110 it puts you in for 2 at 105. You cant have multiple orders in the pair. So if I move in in 100 get to 110 and add I really double the chances for me to go back and lose everything

  6. #6
    Quote Originally Posted by ;
    Actually after reading more things with this boards I think it may be an issue caused by gftforex.

    If you buy a pair at 100 then later add a second at 110 it actually puts you in for two at 105. You have multiple orders at the pair. So if I move in at 100 then visit 110 and put in I really double the odds for me to return and eliminate everything
    In this scenario we recall the very wise statement of Jim which says, never allow a winner turn into a loser....


    Thanks,

    Nader

  7. #7
    Quote Originally Posted by ;
    Do not add to a position that's doing well, it just cuts your profits.
    Other people say that you need to start with a small amount, and when you see that the currency or inventory is acting like you anticipated, you are able to add more cash to your position.

  8. #8
    GFT was just left by me. There platform began lag spiking after a few good wins and customer service stinks.

    Any way. Adding into a position is something thats not for novices. Particularly if you still belive you can jinx the market.

    However, if you have to add....when you get a sign to include check the next 3 high time charts and be sure that the price isn't coming a significant level of support/resistance.

    And try using a 8 ema as an exit sign. And as an add position signal.I have observed the price move 50 pips on a 5 min chart and not near another side of the 8 ema. And when it did it reversed. On any time frame. A near its side indies to depart. And do not worrie if the price keeps moving. This is going to save you from losing your profits.

    Do not try to take all of the projected move (thats just plain greedy) Just take a little segment of it. PLan a 40-70 pip move on a 4 hr chart(at the direction of the daily.) Wait around to get a 4 hr sign and just take 10-20 pips.

    Remember this too. If the price moves and then returns to your entry, YOU MISSED IT TRADE IS OVER AND GET OUT!!!!! Await another sign. Otherwise its own gambling. Because by this time the indaers are facing another direction. (holding breath, crossing fingers, and wishing do not get the job done.)

    Plan your trade and trade your egy. Planning planning planning repeatedly untill you are able to see charts on your sleep.

    Know the market your trading....each currancy pair moves with different charictoristics. Learn 1 first. Then two no longer than 4. However, I belive all you need is 1.

    Do not input the antisipation of a sign ! ! ! ! ! I must slap myself with this one alot. I really don't lose cause of the 8 ema exit approach.

    Cann't find anything thats not there. If you do not see a transaction.... ITS NOT THERE YET ! ! ! patiance!


    I could wright a book for you but I'll stop here.


    Dave

  9. #9
    Quote Originally Posted by ;
    I just left GFT. There platform began lag spiking following a few good wins and customer service stinks.
    What I said and the quote above too. Plus the situation averaging.

  10. #10
    Witchazel

    Generally talking, I don't see anything incorrect about adding new trade to the already existing position. Of course, this is subject of correct risk/reward analysis.
    I will provide you one example when adding to the position appears me to be appropriate. The price moves in my favor, say 80 pips. I missed profit shooting at resistance level the and price . After retracing fib 25-38% my trade is still alive (it did not hit SL since it is still below fib 50%) and also candlestick formation indies that price turns back in my direction. Also tech indiors extention imply there is potential for further 50-60 pips move. In the majority of cases adding to the position at this point proved to be right choice and raised profits.

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