Thursday, January 8, 2009

Narrow and Range Bound

Today was a tough day to trade any way you slice it. The market was tight and congestive ahead of the employment numbers tomorrow. It would be an easy day to get SLAUGHTERED. I ended up down, but less than two points. I took good trades today, some worked, others didn't. In fact I would've made money but I had two trades that blew away from me and another that came down to my order didn't fill and went on to profit without me. That's just trading. It happens. Regardless, I took the right trades, I managed them correctly, and the outcome is simply the outcome.

Today also was the first time that my new stop management system which uses less risk than my old one actually saved me money on a trade. Kept an additional 2.75 pts in my pocket rather than giving them away. Its nice to see tweaks you implement after months of backtesting pay off in real time.

Trade Results:



Michael said...

Good job on the risk management tweak, you did allot better than I would have in this chop.

Silver Eagle said...

I did the same tightening of my stops after a terrible day in the forex trades Wednesday. And like you it paid off for me today with 2 trades that were losers. Both would have gone on to trigger the stop at the old level which would have resulted in larger losses.