Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[Dave]

Modified my method of recording (thanks Grant), will be as attachments from now on and with a bit more detail.

Dave

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[Dave]

No trades for me today, and I didn't watch the charts yesterday, so an unproductive couple days, although paying attention to the M5 AO on the DAX definitely kept me out of some rents looking for W5 on M1. I like to see the momentum of the CTF and the HTF AO's supporting the direction of the entry.... so allowing the M5 Ao to retrace saved a few. Cya tomorrow.
Dave

[Dave]

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[immy]

Well Done Dave!

pssst: perhaps the add on made you get out of it.... just out of curiosity, the fact that you were 2.5% up , more than your daily target, is what motivated you to exit, or were there any other reasons. I'm trying to understand. But you don't need answer me. its ok. cheers

[Dave]

Always happy to answer, it's questions that are the lifeblood of this forum! (I know I need to work on my exits when in profit. I admit its a bit of fear about giving back the pips! Especially when all timeframes show such exceptional confluence I really should be letting these run).
But in answer to your question:
1) I do jump to close when I know I'm above daily target. The temptation to bank the profit and turn off the charts is always there;
2) It's Friday night here, and after a day at work and the Aus v NZ rugby league game on tonight, and my mates going to the pub to watch it, that temptation of the banked 2.5% is a little stronger!
It's letting these trades run though that will take my trading to the next level. Waiting for perfect setups is pointless if you choke them once they move in your favour.
Dave

[immy]

Always happy to answer, it's questions that are the lifeblood of this forum! (I know I need to work on my exits when in profit. I admit its a bit of fear about giving back the pips! Especially when all timeframes show such exceptional confluence I really should be letting these run).
But in answer to your question:
1) I do jump to close when I know I'm above daily target. The temptation to bank the profit and turn off the charts is always there;
2) It's Friday night here, and after a day at work and the Aus v NZ rugby league game on tonight, and my mates going to the pub to watch it, that temptation of the banked 2.5% is a little stronger!
It's letting these trades run though that will take my trading to the next level. Waiting for perfect setups is pointless if you choke them once they move in your favour.
Dave

Thanks Dave... it makes perfect sense... and now tell me, which option did you choose, if you had the option of taking the poll about $500! Its all to do with Utility Theory. So the reasons you gave, just shows, how unique we all are. It is therefore impossible to "predict" whats going to happen next. Because the variables are just too many. so we believe that "anything can happen". cheers Dave good weekend

[Dave]

Pretty sure I took the $500 haha

I honestly think that another factor influencing my decisions to close these trades and bank the profit is that I'm not a fulltime trader. I don't have the time (yet) to see these profitable trades result in nothing, and then wait for another setup. I know I see the short amount of trading time I have as needing to be productive. I suppose a change of mindset is needed for this too - regardless of the amount of time I have there's a profitable way to trade.

[Dave]

Journal has been quiet - didn't trade last week and didn't take anything yesterday, hoping for some setups today! (and Chatzy diverts attention from my journal).

Dave

[Dave]

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[Dave]

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