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At 9.00 AM CET CL started a very fast down move. At that time I was not at my computer desk and I did not hear the entry alert. CL went down 160 pips in about 13 minutes. This is very unusual for the UK session but not surprising as oil has been very volatile in the last days. I checked with my chart and this would have been definetely a stop management. Although I did not trade it, I decided to take this stop into my account and I generated purposely a loss of 5000 USD in the profit and loss. When this happens I stop trading for the day and this is what I am going to do.
well i'm following you and i have to say that i'm really impressed by the results you are getting...really a good (italian)job ....
i was a bit scared at teh beginning, like trendisyourfriend said, about the approach but i have to change my mind...of course only time will decide about the success but for now the results are extremely good...
Consider that 1 or 2 stop managements can take away all the cumulated profits, beeing a descretionary system, money and trade management are key issues. Scaling is a double side coin, it can really heart but like in many trades it gives me a second and third opportunity to stick to my plan; from a psychological point of view it is a great advantage, at least for my trading personality. Adding to a loosing trade, like many honorable members would argue, IMO is not always a mistake but rather a question of timing, at least if you are convinced that your plan is correct and you are sticking to your rules. The trick is to identify and accept the losses and its consequences and look forward to the next trade. All the written rules are made from traders who have "been there and done that", nevetheless the market doesn't care if you blow an account in one way or the other or if you are succesful, there are millions of ways to go from A to B.
Like any unconventional system it needs time, conviction and dedication and these are the points I would like to further explore with this method.
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