Manoj's Trading Diary
- Thread starter manojborle
- Start date
Trading can be mastered if you concentrate your efforts on how you will react to price rather than desiring to predict it. Reacting is a business decision, predicting is an ego play.
Trading is a business and if you treat it as anything else you will be a loser.
Losing traders spend a great deal of time forecasting where the market will be tomorrow. Winning traders spend most of their time thinking about how traders will react to what the market is doing now, and they plan their strategy accordingly.
If one were to ask a successful trader where he thought a particular market was going to be tomorrow, the most likely response would be a shrug of the shoulders and a simple comment that he would follow the market wherever it wanted to go.
Continued...
Trading is a business and if you treat it as anything else you will be a loser.
Losing traders spend a great deal of time forecasting where the market will be tomorrow. Winning traders spend most of their time thinking about how traders will react to what the market is doing now, and they plan their strategy accordingly.
If one were to ask a successful trader where he thought a particular market was going to be tomorrow, the most likely response would be a shrug of the shoulders and a simple comment that he would follow the market wherever it wanted to go.
Continued...
Exits:
1. Exit at a target, i.e. a retest
2. Exit at a target, i.e. an expansion
3. Exit at a target, a fixed profit objective in currency
4. Exit at a target, an objective chart point
5. Exit at a target, a subjective chart point (did not understand what he wants to say here)
6. Exit at a time interval, 4 days
7. Exit at a combination profit time, first profitable open, 2nd profitable close.
8. Don't exit but just reverse
9. Exit on a range expansion
10. trail a stop off the low
11. trail a stop off the high
12. parabolic exit
13. Exit on close
14. exit if the day's close is less then 66% of the daily range in the direction you are trading
On backtesting, find the maximum profit on each entry before a reverse signal is triggered. Then use something like a standard deviation of maximum profits to find a probable profit range. Take profits on partial position when that profit target is hit, then run a trailing stop.
1. Exit at a target, i.e. a retest
2. Exit at a target, i.e. an expansion
3. Exit at a target, a fixed profit objective in currency
4. Exit at a target, an objective chart point
5. Exit at a target, a subjective chart point (did not understand what he wants to say here)
6. Exit at a time interval, 4 days
7. Exit at a combination profit time, first profitable open, 2nd profitable close.
8. Don't exit but just reverse
9. Exit on a range expansion
10. trail a stop off the low
11. trail a stop off the high
12. parabolic exit
13. Exit on close
14. exit if the day's close is less then 66% of the daily range in the direction you are trading
On backtesting, find the maximum profit on each entry before a reverse signal is triggered. Then use something like a standard deviation of maximum profits to find a probable profit range. Take profits on partial position when that profit target is hit, then run a trailing stop.
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