Salesforce.com (CRM)
I have decided that 1R is more than I want to lose on a trade. 1R is the most I will allow myself to lose, but I am going to try to lose no more than 0.5R per trade (and less than that if I can help it). In the last few months, I have allowed myself to lose too much money and let profits disappear in an attempt to hold onto my winners. Right after I make a trade, I will continue to immediately put a stop in at -1R, but I plan to be out of at least half - if not all - of my position by the time the stop is hit. I am looking for momentum - I am going to be a dummy scalper, but I’d like to hold at least half of my position into the close for winning trades. Today I was even more careful because of the Feds at 2:15.
Below is one of my trades from today. If I were trading as I have been the last couple of months, I would have lost 1R on this trade. But because I was more greedy, I made 1.5R. Below is what my trade would have looked like if I were trading as I did the past few months - move the mouse over the image to see my actual trades.
It wasn’t the greatest trade in the world, but it is a difference of 2.5R
