Avoiding a large loss By now the reader should be getting the idea that even though we have no control whatsoever of the direction of price, and price can do anything at any time, there is quite a lot of things we do have control over, margin, ...

Multi-Lot Multi-Timeframe Position trading

Thanks Renegade. I'm trying to pick up the pace and move through this material more quickly, but there is a lot to cover. If anyone wants to discuss any of this, please speak up. It's supposed to be a discussion thread, so it's ok to shout out. So ...

Multi-Lot Multi-Timeframe Position trading

Had what I considered to be some very large TP settings over night on my short Yen positions (long UJ, CadJpy, GJ). Hit half of them this morning after the NFP report. Now I have to decide what to do. I'll give it some thought over a nice hot cup of ...

Multi-Lot Multi-Timeframe Position trading

Scaling in We've discussed scaling in enough already in this thread, but perhaps we haven't emphasized it's importance as a risk management tool. By scaling in a trade, we can reduce the risk of a bad decision by a factor of 4 or 5. Typically we ...

Multi-Lot Multi-Timeframe Position trading

I just want to be clear that I am not trying to write a definitive handling of each of these risk management techniques. I'm simply mentioning each one quickly and leaving it to the reader to go onto the internet and do their own research into each ...

Multi-Lot Multi-Timeframe Position trading

Loss limits The most common loss limit is the stop loss. EVERY trade should have a stop loss. Make it as wide or as narrow as your trade requires, but make sure every trade has one and NEVER move it against the direction of your trade. If you ever ...

Multi-Lot Multi-Timeframe Position trading

That's great MarshalMax! Now, steady as she goes. Look for ways to manage your risk and hold onto those hard earned pips. In the end, making pips is easy, holding onto them is hard as hell. I'll go through some risk management techniques over the ...

Multi-Lot Multi-Timeframe Position trading

I really don't want to mess up anyone's profitable trading. I can only say that from a statistical point of view, hedging a loss, or freezing the position, does not really change the probabilities that the trade will win or lose. It only delays ...

Multi-Lot Multi-Timeframe Position trading

I'll take a bit of a side road here to discuss risk management a bit. Risk management is the key to surviving in this business long enough to succeed. We can go through one item at a time and stop to discuss it as necessary. Demo trading Demo ...

Multi-Lot Multi-Timeframe Position trading

"Of all speculative blunders there are few worse than trying to average a losing game. My cotton deal proved it to the hilt a little later. Always sell what shows you a loss and keep what shows you a profit. That was so obviously the wise thing to ...

Multi-Lot Multi-Timeframe Position trading

Here's an interesting formation on the monthly chart of the EU. If you've been banking big pips on EU short for the past 6 months, It might be time to stand aside here and wait to see if we get a bounce off the bottom trend line. Monthly chart of ...

Multi-Lot Multi-Timeframe Position trading

Very good question MarshalMax. Adding to a losing trade, essentially averaging down, is a very slippery slope that I would tend to avoid. While it will work when the major trend direction kicks back in to save your trade, when it fails it fails ...

Multi-Lot Multi-Timeframe Position trading

Glad you had a good week AG. The goal of this thread is not just to point out good entries and exits, but to dig deeply into the logic and reasoning behind those decisions. The plan is that once the logic and reasoning is clear, any trader should be ...

Multi-Lot Multi-Timeframe Position trading

It's a holiday week here in the US. I have a turkey marinating in the refrigerator. I'd expect trading to be very thin. I never have much luck trading during a holiday week, perhaps because trading is so thin and I'm probably distracted as well. ...

Multi-Lot Multi-Timeframe Position trading

No problem. The thread will continue along it's way shortly. I was planning to take a short detour anyway to discuss risk management. In the end, it's a discussion thread and I'd like to hear from everyone who has something to say. As long as we are ...

Multi-Lot Multi-Timeframe Position trading

I didn't see this until the answer was probably obvious, but my opinion is that when we see 117.04 again it will be in a retracement with momentum headed down. I'd wait until price has bottomed and is returning back up to take that trade. Just my ...

Multi-Lot Multi-Timeframe Position trading

Up 2000 pips? Sweeeet. Steady as she goes.

Multi-Lot Multi-Timeframe Position trading

Yes, I agree. Trying to guess the end of a trend is an exercise in futility. It's the same as trying to pick tops and bottoms. I try to just trade my method and have an exit plan for the inevitable end, which sometimes is a year after I first ...

Multi-Lot Multi-Timeframe Position trading

Thanks OzzieDave. feel free to contribute as you wish.

Multi-Lot Multi-Timeframe Position trading

I bailed with my profits. I think the odds still favor the trend continuing to between 119 and 120, but I will be away from the computer for most of at least the next three days. Once all the weak traders are shaken out of the trade, the stronger ...

Multi-Lot Multi-Timeframe Position trading