Trading Maturity Quiz!

[Randyap]

I would get out immediately after entry realising that trading the retracement at the 5 mins level just seems too risky for my appetite. Then wait for entry at exit 2. heh.

[Winston]

@rand - interesting! can discuss in class!

[Alvin Ng]

Holding only an L Plate
I tend to concur with the views of Szehao
having said this, i thought we were instructed to always place buy and sell decisions on limited order basis and never on market order, hence this would be a hindsight opinion.
cheers

[Winston]

hi alvin,

absolutely correct. generally go for limit order, unless it is intra-day trading and you are familiar with the market already.

then you can go for a market order!

[TonyLim]

Well, as an L plate now, I will enter at position 2, reason to wait for a confirmation. Last time if I were trading, I will enter at 1 without understanding anything. Even I might have less profit in position 2, I will take less risk as well.

[synwind]

it is interesting that there is still reply on this post.

it seem that i am the only one going for "1" for exit. May be i have miss out something.

But i have just re-study the diagram, i would still exit at point "1". may be someone can help me correct my thinking.

Same reason; at that moment the 20 SMA is above 10 SMA (down trend on immediate time frame). Since price has move about 50% up (fibo), price might retrace. So i will take profit and wait for retrace for re-entry.
Plus, you need much bigger green candles to go againts so many red candles for it to really "chiong" up. IMO.

[Winston]

hihi synwind

haha you are right.. it is amazing that this post is still alive.

=)

hhahah .. why do you think you would be "wrong"?

[synwind]

thanks! but why am i right if everyone is choosing the other?

why i think ii am worng is because I am the only one choosing differently.

Anyway, merry christmas to all!!

hihi synwind

haha you are right.. it is amazing that this post is still alive.

=)

hhahah .. why do you think you would be "wrong"?

[Cheng Chee Keong]

hi to all, i would take half of my position at 1 (since it has run around 50 pips which is my profit target) and pull my stop loss to entry level. This way i can afford to let it run if it is a trend and i have nothing to lose even if it is not. Will continue to tighten the stop loss as time passes.

On the hindsight you can say what you want to do, but on the actual trade can you do it? Thats how much confidence you have on your trading plan and whether you are psycologically (oops, think wrong spelling) ready.

Just my two cents worth.

I have a question, my friend is trying to register to oanda and he is required to fill in a form W8ben. I dont remember filling it up when i register last year. Is it a new requirement? Which columns on Part 2 to fill up? Please help.

[synwind]

after some testing in real environment, IMHO it does not really matter where you exit. Important thing here is that you know when you should exit and really do it real environment.

for my, i get more profit when i exit at point 1.

Hope everyone has a Happy and very profitable 2010!!!