great to see more and more contributors.
and arco , I appreciate the feedback last night. I'm still waiting for a sunny weekend when I'm not on call. even spiderpeat loses grip in the wet.
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great to see more and more contributors.
and arco , I appreciate the feedback last night. I'm still waiting for a sunny weekend when I'm not on call. even spiderpeat loses grip in the wet.
Spotted this on a trading blog - thought it might be of some interest
A Trading Plan is the set of written rules that are put on paper for every trade, before it is entered into. It’s the “Rules of Engagement” that tell you precisely when to buy, how much to buy, how to manage the trade and when to take your profits. A good trading plan addresses every foreseeable aspect of the trade and is focused on the primary objective of a stock trader - THE PRESERVATION TRADING OF CAPITAL!
Before entering any trade, you need to first measure the scope and scale of the risk the trade presents and ensure it is in line with your rules and objectives.
Here’s a Trading Plan showing the various components that need to be addressed when planning a trade. It should help you complete any trade with discipline and consistency.
Trade Details
Date
Market
Stock Code
Entry Signal
Confirmation
Risk Analysis
Entry Price
Stop loss Price
Initial trade risk (%)
Profit Target(s)
Reason for Target(s)
Potential gain (%)
Risk/Reward Ratio
Money Management
Total Account Size
Amount for this trade
Position size
Breakeven level
Order for Broker
no. of shares
Buy Stop / Limit
Stop loss
Take Profit Order Y/ N
Trade Management
Trailing Stop Rules
Pyramid Winner
Profit Taking
Exit Strategy for Trade
Time stop
other
Successful trading requires the meticulous planning of every aspect of a trade and the discipline to carry out your decisions based on your Trading Plan, in the market.
Further detailed info on the plan etc, here
http://sharesmadeeasy.com/
holidays in both major timezones
both the UK and the US markets are closed today due to national holidays
which doesnt absolutely mean stuff wont happen of course, indeed could mean pronounced volatility.
so the US dollar had an up day ... so USD/CAD going alright but a heavy hit on Silver. kind of makes me think USD is still bullish impulsive. Note tho that the kiwi wasnt down like the Eur or Chf so that could be a sign of further strength to come esp if USD turns.
AUD/NZD looks like its moving into the C wave part of the correction now.
* Today’s main event: US non-farm payrolls
dont ya hate it when this happens.
Oh gosh I hope you had tight stops.
It seems CMC are giving traders even more leverage on forex now, with the majors down to 0.5% margin. That's 1:200 isn't it?
a little too tight it would seem.
leverage is a double edged sword.
It can make you a weaker trader which a market maker could possibly benefit from.
CMC have been increasing their offerings quite significantly lately to include currency indices using TWI's, South African and South American shares, and something called the VIX (volatility contract). Reduced minimum trades etc etc...
I also noticed a major upgrade of their platform MarketMaker now v5.4. I havent detailed the differences yet. Its a pig of a platform but I still use it sometimes.
out of here for 8 days.
QLD with the 9 strong clan to see more clan. clantastic.
still hold AG and AUD/NZD longs. got stopped on the USD/YEN short obviously.
have fun - post ideas/trades !
Not a bad few days to be away Peat.
The Aussies are picking on every possibility to stop the AUD being dragged towards parity with the USD. A bit like a fish landed in the bottom of the boat with a boot on its head before the hook is removed. IMO they have adopted the US approach of promulgating arithmetic errors corrected by subsequent reporting after the fact (wrt employment most recently lies white lies and statistics) to enable dramatic changes to exchange rate - all part of the anti-speculation/bank domination money making activity). But OZ terms of trade and economy at 30year highs against New Zealand's cellar dwelling seems like a good long term bet. They seem to gloss over the high interest rates, zero debt, mineral wealth, coal prices, iron ore prices and focus on the Americans increasing interest rates .25points:rolleyes:
What did Arco say, 1.31.:D
Still takes brass b's to hold...good luck. Enjoy the rellies and the weather.
Hi All
Just checking my e-mails and thought I would see how things were going on ST.
On day 49 of the holiday - 14 days to go - currently in UK - heading for France on Saturday......should be back on board late July
Regards - arco