Traders Laboratory - View Single Post - Entering Trades Ahead of Time
View Single Post
  #8 (permalink)  
Old 11-07-2006, 08:47 PM
feb2865 feb2865 is offline
feb2865 has no status.

 
Join Date: Oct 2006
Posts: 161
Thanks: 0
Thanked 1 Time in 1 Post
Re: Entering Trades Ahead of Time

Ant

I didn't read your last post entirely. As for re-entries, they're not allowed. Once you miss the bus you have to wait for the next one for the following day. That's why I set up brackets ahead of time just in case London session has a strong move while I'm sleeping. Once the bracket is activated, we need to let it go and do it's thing. Like all markets, you're going to get pullbacks at these levels. If it happens that you're actively watching the market during that time , ignore it and go do something else.

Three things are going to happen

1) your stop-loss is going to get hit
2) you won't have a trade or
3) you will make money

I normally see # 2 or # 3 very often and if you're shooting for 5 pips, I bet you'll see # 3 quite a lot. The whole idea is to win consistenly.

Raul

PD: One thing you consider for the bracket is to make sure your broker has a crystal clear execution, preferably a DAT. If your broker charts or DOM's get frozen during a fastmarket, consider a change or don't trade


Last edited by feb2865; 11-08-2006 at 04:25 PM.
Reply With Quote