Veera's Trading Diary
- Thread starter Veeramuthu JJ
- Start date
how will you be your mindset
a) if unrealised profit is hovering around 1.38 .. 1.39 .... 1.38 .. 1.37 ..... 1.34 ...
will you exit before the target .. if you feel the trend is reversed.
b) if after your booked your profit at 1.4 market went down to 2.8R or more in your direction.
Sorry for stupid question .... i cant sit like that .... definitely not for me.
a) if unrealised profit is hovering around 1.38 .. 1.39 .... 1.38 .. 1.37 ..... 1.34 ...
will you exit before the target .. if you feel the trend is reversed.
b) if after your booked your profit at 1.4 market went down to 2.8R or more in your direction.
Sorry for stupid question .... i cant sit like that .... definitely not for me.
What if it went to 1.39R & reverted back from there? Would you stay until it hits 1R SL, or exit with a minor profit or minor loss with Trailing-SL being hit? Personally, I think a rabbit in hand is worth two in the bushes, so I like to set my TP at 1R, & if it gets very close to it without quickly hitting my TP, then I'm happy to exit rather than HOPING that it will go to 2,3,4,5 or whatever R's & potentially give up what I've already gained because prices rarely move in a straight line, so it's highly likely that it'll take out my SL or TSL before it goes up so many R's.
Many traders tend to focus too much on trades which went 10R in profit after they exited but manage to ignore the occasions when it would've gone 20R against their position after they exited a particular position. Always looking (HOPING) for big trending trades is like trying to score ONLY in sixes & fours whereas it is much easier & less risky to build a solid innings by taking regular singles & two's; of course, the best thing would be to hit sixes & fours AND score singles & two's depending on how opportunities present themselves but that might require a master-batsman like Smart_trade but most of us aren't that good, so I'm happy with frequent singles rather than going for the big shots.
At the end of the day, a trader has to do what works for him, & of course, different things work for different traders.
I know, the question is for Veeramuthu JJ but I couldn't resist the temptation to reply since I also use fixed TP for my trades. I hope you don't mind.
Many traders tend to focus too much on trades which went 10R in profit after they exited but manage to ignore the occasions when it would've gone 20R against their position after they exited a particular position. Always looking (HOPING) for big trending trades is like trying to score ONLY in sixes & fours whereas it is much easier & less risky to build a solid innings by taking regular singles & two's; of course, the best thing would be to hit sixes & fours AND score singles & two's depending on how opportunities present themselves but that might require a master-batsman like Smart_trade but most of us aren't that good, so I'm happy with frequent singles rather than going for the big shots.
At the end of the day, a trader has to do what works for him, & of course, different things work for different traders.
I know, the question is for Veeramuthu JJ but I couldn't resist the temptation to reply since I also use fixed TP for my trades. I hope you don't mind.
Hi pannet,
This is a fantastic question... not stupid...
if unrealised profit hovering like below
when 1.0
it may hit stoploss or target. I don't care. I just want to follow system. I am a good trader.
when 1.38
it may hit stoploss or target. I don't care. I just want to follow system. I am a good trader.
when 1.39
I think the move is over. it may hit stoploss or target. I don't care. I just want to follow system. I am a good trader.
when 2.8 or even 5.0
1.4(79% success rate) is enough as per backtesting result. Small target means less less drawdown. I like small drawdown. 5.0 means very high drawdown. Just 30% success rate.
I have all kind of emotions just like you. But what i do is doing nothing whatever the mind says. I will be disturbed. But i wont' do anything.
I think i have explained well.
This is a fantastic question... not stupid...
if unrealised profit hovering like below
when 1.0
it may hit stoploss or target. I don't care. I just want to follow system. I am a good trader.
when 1.38
it may hit stoploss or target. I don't care. I just want to follow system. I am a good trader.
when 1.39
I think the move is over. it may hit stoploss or target. I don't care. I just want to follow system. I am a good trader.
when 2.8 or even 5.0
1.4(79% success rate) is enough as per backtesting result. Small target means less less drawdown. I like small drawdown. 5.0 means very high drawdown. Just 30% success rate.
I have all kind of emotions just like you. But what i do is doing nothing whatever the mind says. I will be disturbed. But i wont' do anything.
I think i have explained well.
Fixed RR ratio for beginners. (slightly less monthly profit and less drawdown)
Trailing stoploss for successful traders.(slightly higher monthly profit and large drawdown)
Once you become successful then change to trailing stoploss.
Because then only you can bear deep drawdowns arise from trailing stoploss.
Just my views.
Trailing stoploss for successful traders.(slightly higher monthly profit and large drawdown)
Once you become successful then change to trailing stoploss.
Because then only you can bear deep drawdowns arise from trailing stoploss.
Just my views.
What if it went to 1.39R & reverted back from there? Would you stay until it hits 1R SL, or exit with a minor profit or minor loss with Trailing-SL being hit? Personally, I think a rabbit in hand is worth two in the bushes, so I like to set my TP at 1R, & if it gets very close to it without quickly hitting my TP, then I'm happy to exit rather than HOPING that it will go to 2,3,4,5 or whatever R's & potentially give up what I've already gained because prices rarely move in a straight line, so it's highly likely that it'll take out my SL or TSL before it goes up so many R's.
Many traders tend to focus too much on trades which went 10R in profit after they exited but manage to ignore the occasions when it would've gone 20R against their position after they exited a particular position. Always looking (HOPING) for big trending trades is like trying to score ONLY in sixes & fours whereas it is much easier & less risky to build a solid innings by taking regular singles & two's; of course, the best thing would be to hit sixes & fours AND score singles & two's depending on how opportunities present themselves but that might require a master-batsman like Smart_trade but most of us aren't that good, so I'm happy with frequent singles rather than going for the big shots.
At the end of the day, a trader has to do what works for him, & of course, different things work for different traders.
I know, the question is for Veeramuthu JJ but I couldn't resist the temptation to reply since I also use fixed TP for my trades. I hope you don't mind.
Many traders tend to focus too much on trades which went 10R in profit after they exited but manage to ignore the occasions when it would've gone 20R against their position after they exited a particular position. Always looking (HOPING) for big trending trades is like trying to score ONLY in sixes & fours whereas it is much easier & less risky to build a solid innings by taking regular singles & two's; of course, the best thing would be to hit sixes & fours AND score singles & two's depending on how opportunities present themselves but that might require a master-batsman like Smart_trade but most of us aren't that good, so I'm happy with frequent singles rather than going for the big shots.
At the end of the day, a trader has to do what works for him, & of course, different things work for different traders.
I know, the question is for Veeramuthu JJ but I couldn't resist the temptation to reply since I also use fixed TP for my trades. I hope you don't mind.
one have to realise what timeframe (5m,15M, 30M ..), positional, intraday
if you say it loadly ... you should be successful.
i should not talk ... because i am not yet successful.
veeramuthu is trading larger time frame so he will be entering late as trend has to travel from 1M to higher timeframe ... i thought its essential to ride the trend.
the same thing cannot be said to a scalper who works on 1:1 RR besides having a trailing stop. not known a successful scalper ... but my experience is limited.
my mantra .. that i am telling to myself: if you are losing you should be scared. if you are winning you should be very very scared. i am just scared now
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no probs. you are welcome.
one have to realise what timeframe (5m,15M, 30M ..), positional, intraday
if you say it loadly ... you should be successful.
i should not talk ... because i am not yet successful.
veeramuthu is trading larger time frame so he will be entering late as trend has to travel from 1M to higher timeframe ... i thought its essential to ride the trend.
the same thing cannot be said to a scalper who works on 1:1 RR besides having a trailing stop. not known a successful scalper ... but my experience is limited.
my mantra .. that i am telling to myself: if you are losing you should be scared. if you are winning you should be very very scored. i am just scared now
one have to realise what timeframe (5m,15M, 30M ..), positional, intraday
if you say it loadly ... you should be successful.
i should not talk ... because i am not yet successful.
veeramuthu is trading larger time frame so he will be entering late as trend has to travel from 1M to higher timeframe ... i thought its essential to ride the trend.
the same thing cannot be said to a scalper who works on 1:1 RR besides having a trailing stop. not known a successful scalper ... but my experience is limited.
my mantra .. that i am telling to myself: if you are losing you should be scared. if you are winning you should be very very scored. i am just scared now
no probs. you are welcome.
one have to realise what timeframe (5m,15M, 30M ..), positional, intraday
if you say it loadly ... you should be successful.
i should not talk ... because i am not yet successful.
veeramuthu is trading larger time frame so he will be entering late as trend has to travel from 1M to higher timeframe ... i thought its essential to ride the trend.
the same thing cannot be said to a scalper who works on 1:1 RR besides having a trailing stop. not known a successful scalper ... but my experience is limited.
my mantra .. that i am telling to myself: if you are losing you should be scared. if you are winning you should be very very scored. i am just scared now
one have to realise what timeframe (5m,15M, 30M ..), positional, intraday
if you say it loadly ... you should be successful.
i should not talk ... because i am not yet successful.
veeramuthu is trading larger time frame so he will be entering late as trend has to travel from 1M to higher timeframe ... i thought its essential to ride the trend.
the same thing cannot be said to a scalper who works on 1:1 RR besides having a trailing stop. not known a successful scalper ... but my experience is limited.
my mantra .. that i am telling to myself: if you are losing you should be scared. if you are winning you should be very very scored. i am just scared now
Nonetheless, the statistical relationship between SL, TP, win-rate & drawdown doesn't change irrespective of the TF. Time has no impact on statistical relationships; 2+2 will be always be 4.
Good mantra to live by.
EDIT: Just to expand on the point a little more, let's say, you take a trade with an entry @1000, SL @990 & TP @1010. Now, it doesn't matter whether you THINK you took the trade based on 1m chart or you THINK you took the trade based on 1h chart because what actually determines the probability of success of that trade is the relationship between the distances of SL & TP from the point of entry, & how big the edge of your trading strategy is. Again, your PERCEPTION as to what TF you think you're trading on has no bearing on the probability of success of that trade.
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