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Any amount that you are currently ahead -- regardless of how much of this amount is still open -- is 100% yours.
Any amount that an open position moves against you is a loss --- again, 100% yours.
Trades which you have previously closed (whether it be a few minutes ago or a few years ago) cannot alter this.
Once you are "ahead money" -- it is yours. Just as much *yours* as the money you originally put at risk when you opened the position. As far as I know, it carries equal buying power throughout the world.
This is the same silly notion as the guy who walks into a casino and throws a $100 bill on a Blackjack table --- wins the hand and then tries to convince himself that he is playing with "house money" until he loses $100.
Sorry to burst your bubble, Charlie, but if you lose $100 after that first win --- you've lost $100 of *your* money.
If believing this is not the case makes him feel confident, irrestible to women and positively strokes his psychology -- who am I to argue.
I hate to say it but unless you bank "open" profit and have a stop that is at least BE or better, an open trade is simply vapor. Anything not banked or locked in is simply "potential" profit.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I had a long bias coming in as all the charts were long. I got my first short signal one the 1M and passed, I had taken several shorts last week that were all BE trades as the HTF were long. Today I simply passed waiting for the longs to show up.
Once the 1M and 3m were short, I kept thinking the 9M would hold at support and presto, the longs would take over and up we would go.
By the time I figured out we were short, I was disappointed I didn't recognize it sooner, I would have been chasing and I just decided to let it go.
Trouble was, on the daily chart I had decided we would go down instead of up in this range. And yet I failed to act on it.
No losers today but no winners either. In fact, no trades at all.
A total and complete screw up today.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I don't think it's a screw up. Had you actually taken a long trade, then maybe it would be a complete screw up. Tomorrow's another day and on the CL there will be plenty of opportunities. You decided not to chase and shut it down, which in my mind is a victory
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
Posts: 520 since Sep 2009
Thanks Given: 583
Thanks Received: 1,248
I disagree with you...you do great when all your timeframes are in sync and today they were not...better to be on the sidelines waiting patiently for all things to align than to be writing about how you jumped in before the charts were in synch and you either a. broke even b. lost
Not every day is a trading day.....
Papa15
My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades