Today the Dax fell by 294 points in cash hours. The open price was 11072 and the low was 313pts lower at 10759.
I finished the day +3.1R and my best trade achieved 1.9R. But one of my trades hit 35R and trades very often 10R. This is such easy money – seeing the setup, entering the trade all take practice but this just requires me to go off and do something more interesting. How to address this issue:
- Know the profit stats for each trade and the cost of taking early profits. Understand that this is not a ‘safe’ strategy but a highly dangerous one.
- Change hardware setup so that I can see the higher TFs; this will orientate me and allow me to see the PA in context and therefore make a more accurate assessment of the potential of the trades I am in.
This is the way I have been taught and I am aware of the stellar performance of Magnetic Trading and the DaxMasters who also do not generally hold positions. But my trading style is not the same as theirs and closing monster trades early like saying ‘no thanks’ to the easy money in the