Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Recommended Posts

Is it just me, or do other traders sometimes make a trade...put in their profit target and stops...watch the trade for a couple of minutes...then get up and walk away and let the trade play out?

 

starring at the screen during a trade is very stressful to me. I'm getting better at picking more probable trades and just letting them play out.

 

How do other traders in here handle this? Do you guys and gals all stare at the screen at day, or do you have confidence to get up, pour a cup of coffee, read the front page of the newspaper, and come back in a few minutes?

 

Here is another thing I've been working on. When I get into a trade, I expect it to go in my direction...afterall, that's why I got into the trade. All of a sudden the trade totally flatlines for what seems like forever. My latest technique is to just get out...usually its for BE or +/- 2 ticks.

 

I have looked back on those flatline trades and its a 50/50 proposition on which way its heading. When I stay in...it goes against me. When I get out...it goes in my favor. By getting out...I figure at least I didn't take a full stop loss and there will be other trades.

.

RMT

Share this post


Link to post
Share on other sites

RMT,

Interesting post. Guess it depends on the person and style of trading. Personally, I don't mind mind walking away for a bit and let the trade work. Starting at each up/down tick can drive you nuts IMO. I think this is also why those that backtest or trade on a sim have trouble sometimes when real $ is on the line. In backtesting or fake money land, you can easily just let it play out. But when your P&L is changing in front of you by the tick, that can lead to premature exits.

Share this post


Link to post
Share on other sites

Chick Goslin has some pretty good thoughts about different ways to manage 'waiting and watching' / 'watching and waiting' under various situations and conditions in his book Trading Day by Day

Share this post


Link to post
Share on other sites
Chick Goslin has some pretty good thoughts about different ways to manage 'waiting and watching' / 'watching and waiting' under various situations and conditions in his book Trading Day by Day

 

Is this the book you are talking about zdo?

 

I'm not familiar with it but would love to read more about this topic.

Share this post


Link to post
Share on other sites
Is it just me, or do other traders sometimes make a trade...put in their profit target and stops...watch the trade for a couple of minutes...then get up and walk away and let the trade play out?

 

starring at the screen during a trade is very stressful to me. I'm getting better at picking more probable trades and just letting them play out.

 

 

RMT-

 

Honestly, for all the forum to see- I'll admit it out in the open. I strive to do this moreso than I do. If I set a trade prior to the London Open and go to bed. I have about a 94% win rate for it to hit target.

 

But..

 

If my infant daughter wakes me up to be fed, I get her taken care of.. put her back to bed and go downstairs to check my platform.. I get exactly what happened last night. GBP/USD Short set at 45 pip target. 3:00 AM, I watch it run into my direction "I think EXCELLENT" but then I see the stall.. I puss out, I close the position up 10 pips. An hour later- it DESTROYS my target and I just dicked myself out of an additional 35 pips!

 

When I am in front of it.. I tinker, I putter with it, I get spooked. The VAST majority of my major homeruns have come from analyzing correctly, setting a reasonable target, going to bed and waking up with pips in the bank. Note to self: Put this in your trade journal -- RMT just gave you a self analyzing gift! ;)

 

Aaron

Share this post


Link to post
Share on other sites
Is this the book you are talking about zdo?

 

I'm not familiar with it but would love to read more about this topic.

 

Yes.

He only uses daily (and greater charts) and the trading method introduced in the book is 'old school' but the understanding about trading in general that he has accumulated over the years is applicable to many styles and approaches.

btw. You may be able to buy the book directly from him for less...

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • YUM Yum Brands stock, nice breakout with volume +34.5%, from Stocks to Watch at https://stockconsultant.com/?YUM
    • Date: 3rd April 2025.   Gold Prices Pull Back After Record High as Traders Eye Trump’s Tariffs.   Key Takeaways:   Gold prices retreated after hitting a record high of $3,167.57 per ounce due to profit-taking. President Trump announced a 10% baseline tariff on all US imports, escalating trade tensions. Gold remains exempt from reciprocal tariffs, reinforcing its safe-haven appeal. Investors await US non-farm payroll data for further market direction. Fed rate cut bets and weaker US Treasury yields underpin gold’s bullish outlook. Gold Prices Retreat from Record Highs Amid Profit-Taking Gold prices saw a pullback on Thursday as traders opted to take profits following a historic surge. Spot gold declined 0.4% to $3,122.10 per ounce as of 0710 GMT, retreating from its fresh all-time high of $3,167.57. Meanwhile, US gold futures slipped 0.7% to $3,145.00 per ounce, reflecting broader market uncertainty over economic and geopolitical developments.   The recent rally was largely fueled by concerns over escalating trade tensions after President Donald Trump unveiled sweeping new import tariffs. The 10% baseline tariff on all goods entering the US further deepened the global trade conflict, intensifying investor demand for safe-haven assets like gold. However, as traders locked in gains from the surge, prices saw a modest retracement.   Trump’s Tariffs and Their Market Implications On Wednesday, Trump introduced a sweeping tariff policy imposing a 10% baseline duty on all imports, with significantly higher tariffs on select nations. While this move was aimed at bolstering domestic manufacturing, it sent shockwaves across global markets, fueling inflation concerns and heightening trade war fears.   Gold’s Role Amid Trade War Escalations Despite the widespread tariff measures, the White House clarified that reciprocal tariffs do not apply to gold, energy, and ‘certain minerals that are not available in the US’. This exemption suggests that central banks and institutional investors may continue favouring gold as a hedge against economic instability. One of the key factors supporting gold is the slowdown that these tariffs could cause in the US economy, which raises the likelihood of future Federal Reserve rate cuts. Gold is currently in a pure momentum trade. Market participants are on the sidelines and until we see a significant shakeout, this momentum could persist.   Impact on the US Dollar and Bond Yields Gold prices typically move inversely to the US dollar, and the latest developments have pushed the dollar to its weakest level since October 2024. Market participants are increasingly pricing in the possibility of a Fed rate cut, as the tariffs could weigh on economic growth.   Additionally, US Treasury yields have plummeted, reflecting growing recession fears. Lower bond yields reduce the opportunity cost of holding non-yielding assets like gold, making it a more attractive investment.         Technical Analysis: Key Levels to Watch Gold’s recent rally has pushed it into overbought territory, with the Relative Strength Index (RSI) above 70. This indicates a potential short-term pullback before the uptrend resumes. The immediate support level lies at $3,115, aligning with the Asian session low. A further decline could bring gold towards the $3,100 psychological level, which has previously acted as a strong support zone. Below this, the $3,076–$3,057 region represents a critical weekly support range where buyers may re-enter the market. In the event of a more significant correction, $3,000 stands as a major psychological floor.   On the upside, gold faces immediate resistance at $3,149. A break above this level could signal renewed bullish momentum, potentially leading to a retest of the record high at $3,167. If bullish momentum persists, the next target is the $3,200 psychological barrier, which could pave the way for further gains. Despite the recent pullback, the broader trend remains bullish, with dips likely to be viewed as buying opportunities.   Looking Ahead: Non-Farm Payrolls and Fed Policy Traders are closely monitoring Friday’s US non-farm payrolls (NFP) report, which could provide critical insights into the Federal Reserve’s next policy moves. A weaker-than-expected jobs report may strengthen expectations for an interest rate cut, further boosting gold prices.   Other key economic data releases, such as jobless claims and the ISM Services PMI, may also impact market sentiment in the short term. However, with rising geopolitical uncertainties, trade tensions, and a weakening US dollar, gold’s safe-haven appeal remains strong.   Conclusion: While short-term profit-taking may trigger minor corrections, gold’s long-term outlook remains bullish. As global trade tensions mount and the Federal Reserve leans toward a more accommodative stance, gold could see further gains in the months ahead.   Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Andria Pichidi HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • AMZN Amazon stock, nice buying at the 187.26 triple+ support area at https://stockconsultant.com/?AMZN
    • DELL Dell Technologies stock, good day moving higher off the 90.99 double support area, from Stocks to Watch at https://stockconsultant.com/?DELL
    • MCK Mckesson stock, nice trend and continuation breakout at https://stockconsultant.com/?MCK
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.