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Commodities Crypto ETFs FX Indices. inc VIX

lse:lloy

#1042

Thanks MacB, I did think that may be the case as I regularly see soi has vigorous discipline, and once closed he opens another. I wish I had his abilities.


#1043

Sorry MacB, not putting soi above you there, he just posts so many trades it is more visible what his general tac tics are.


#1044

Not at all. He is an exceptional trader. He doesn’t use stops, which is really unusual. The only other guy who I know who doesn’t use stops is TraderFT71, the guy who set up my brokerage, Stage 5.

The discipline required to press the “sell” button is beyond immense, when your internal self talk is yelling “just give it another tick… it’s just about to turn…I just know”


#1045

I’d reiterate don’t open too many trades.
Gold swings so keep some cash to cover negative days and if you’re not an intra day trader then don’t be one.
4-8 weeks should be expected to return profit on any open position.

Even if trading with SB you gotta understand fundamentals.
USDX is too high and can get higher - that will always keep a lid on commodities including gold


#1046

The other thing is, there are good set ups, great set ups and set ups which only happen once in 3-5years. You have to actually, mentally rehearse and visualise what the low is going to look like. Is it three drives to the low, is it one big sell order with no follow through? Then you start layering evidence for the low. Is the NYSE TICK at an extreme (-1200)? Is the VIX elevated (above 35). Then you have to figure out which product is suitable for you. For me I will never use a greater than -4 stop on Futures, so I have to look at a product which will buy me a few days which offers leverage - options. Lets be clear, the market will always look hellish at the lows. That’s why you have to identify where you want to LOOSE money rather than where you want to make money. The reality is you may have to take the set up several time.

The alternative is to watch news and decide you will get long when the markets calm down


#1047

Long TSLA $249.22

Long ES 2884

Down 47 points. I’ll take that.


#1048

Thanks BA, yes you are correct and these are wise words.
Last time I had too many trades open you told me and I did take notice. Since then I am more aware of the potential outcomes. I place smaller bets and more strategically.

Regarding my initial question and perhaps to put some additional perspective.

I opened my longs, I am prepared to hold for weeks and i am not after a mere 10 points. These longs have limits over 1300.

My point about a “major” incident is that gold moves so slowly. Therefore, why limit yourself? Watch and react.

However if a major event occurs, react but your not necessarily hitting your limits earlier than you can react.

My usual realistic limit on current trends would easily be hit on a major event, gold moves so slow I have time to react daily and without major incident (obviously I’m not intra day like soi in this situation), therefore limits are a hazard to freak profit events?

Well that’s a theory of mine that I wanted to run by you guys.


#1049

Just shorted vix @18.63. That could easily backfire.


#1050

I love that trade. I love the smell of BBQ bear at the end of the day


#1051

gold short 1287.33.

soi


#1052

SP 500 long @ 2892.4

soi


#1053

1286.28 closed

soi


#1054

gold short 1286.65


#1055

SP 500 long 2890.69


#1056

1285.6. closed.

Only interested in scalping this, as quickly as possible.

Limit closes put in straight after any entries, with rare exceptions.

soi


#1057

Hi S_C

Interesting posts.
I can fully understand wanting to hold for good pts win targets.

However as you have stated you have some positions open, would it be an idea to perhaps dedicate a small portion to tighter trades, say just 20 % of your overall hold ? Take a smaller than wanted profit on that portion.

Whilst gold can move wildly on some big political event, it usually trades in a tight range.
When it does spike up on these, it often falls back,

I take in to account " time in the trade ".
The less time I am in the less time I am at risk.

Ideally I would like to buy in and out intraday on every trade, almost impossible though.

Saves on holding costs also.

I work totally different, as you have course noticed.
I am a scalper, want in and out as fast as possible.
I will work for a pt.
Get 10 trades right in a day, that is total 10.

I personally think gold is currently overvalued.
If indices head back up, likely gold will fall.

ATB

soi


#1058

1286.09 gold short

soi


#1059

2893.69 cl. half. + 3. + 2 stop on remainder of this.

soi


#1060

2894.4 closed half + 2

soi


#1061

2897.9 closed remainder + 6.4.

One half other position remains, protect stop in.

I am rusty with this but so far so good.

ATB

soi