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AbeSmith

8/13/07 General Trade Log / Idea Sharing

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Trade 6: -19. Internet went out and stop did not go through. Had to exit with market order after reconnecting to internet.

 

Abe,

Looks like that time, the red hammer was a good long signal there. Just an observation.

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Abe,

Looks like that time, the red hammer was a good long signal there. Just an observation.

 

You're right. But when I entered the trade it wasn't a red hammer like that. It took a sharp drop, which seemed to me like it was going to drop big, so I quickly shorted. Was a bit impulsive.

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You're right. But when I entered the trade it wasn't a red hammer like that. It took a sharp drop, which seemed to me like it was going to drop big, so I quickly shorted. Was a bit impulsive.

 

I would suggest that when trading on a ONE minute chart, you can afford to wait for the close.

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Guest cooter
Trade 6: -19. Internet went out and stop did not go through. Had to exit with market order after reconnecting to internet.

 

Looks like you learned a lesson regarding stops with this trade.

 

2334d1187029061-8-13-07-general-trade-log-8-13-07t6.jpg

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Trade 9: +8. Premature exit. Again, I think I would not have exited completely had I had more than one contract. Probably would have exited 1 contract and set stop to break even.

8-13-07T9.thumb.jpg.01aaeae4a57e2e8c2b42299214e205fa.jpg

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I would suggest that when trading on a ONE minute chart, you can afford to wait for the close.

 

Waiting for the close of a candle was one of the biggest things I ever learned. Simple enough, but amazingly powerful.

 

Thanks guys. This is solid advice.

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Abe, do you have a drawdown rule in your trading plan? Like you can only lose so many points or $ before you shut down for the day? I have a daily loss limit in place thats there to tell me I'm not i sync with the market that day.

 

Whats yours? Cause you exceed what mine is quite often.

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Abe, do you have a drawdown rule in your trading plan? Like you can only lose so many points or $ before you shut down for the day? I have a daily loss limit in place thats there to tell me I'm not i sync with the market that day.

 

Whats yours? Cause you exceed what mine is quite often.

 

Yes Tin. I do have a drawdown rule. It is 2% of my account balance. So if I start out with 10K it will be $200, which probably when I start trading for real it will be with 10K. But today I broke that rule because I'm paper trading so I wanted to get some training. But I think I should follow the rule from now on to make the paper trading more like real trading.

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