My Highlander post the other day was an example of what was a revelation in my trading journey: put on multiple contracts and hope to hit a great trade location and then just start scaling out. One of the things that I did not mention so far is that when I have begun scaling out, I also look to 'reload' by buying back, at a better price, the contracts which I have already scaled out. In this way I can carry better than a 100% position for the whole length of the trade.
If you look at today's trade, another highlander for me, the only one, you can see how this works in practice. This style of trading is more relaxed as you are trading from the strength of a good trade location and once you have a couple of scale out, the rest is a risk free trade.
The horizontal line is the gap that was not closed during the trade. I entered the trade just after I got up and then just managed it. Looks easy but hard to hold onto the trade.
The table below shows the trades based on a 3 lot long so you can see what can be done with even a 3 lot. First the chart and then the table.
Thank you for the Trades & PnL Table.
ReplyDeleteHopefully you will be able to post the table now and then.