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This Gap is going to close, If you are short watch your back!

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john_1
Super Contributor
I have made my money for the week but I can see this gap closing with violence this morning.
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16 REPLIES 16
SimonPB
Valued Contributor
kaboom ...

John, a Q, if you don;t mind. Why daily/weekly 'targets' ? I never really understood the logic. So this week you make your money by Wednesday, and take the rest of the week off. But you miss opportunity, an then next week you have a losing week? Do you start fresh on a monday after a losing week (or a week in which you did not make your target)? In other wors you don;t try and make the short fall, just the weeks target?
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john_1
Super Contributor
Hey Simon...it is not a function of missing out or taking time off...it is a function of my money managment..in the past I was trading 1 contract so no choice..but as I add contracts I reduce my exposure..so I traded that gap and made 180 points but with a reduced possition. Also If I have made x for the day and I feel uncertain I simply walk away. It just provides the opption for being out of the market as my system is continous (long/or short)Now I am off for coffee cheers
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SimonPB
Valued Contributor
cool, an if you doign the gap an it's closed, well ya then coffee an cake ...
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Not applicable
Ja this is an interesting dilemma.....and something which for me has been incredibly insightful personally......I have daily/monthly targets etc...in the beginning I used to make them easily (not trying to brag) ...it just seemed to happen quite easily....then when I made my target I would find that I very quickly start losing again...in some cases the whole bloody target...so now whats going on there?.....hubris and lack of concentration....so then I though ok the way to go is to stop when I have made my target.....also stupid cause if you can get ahead of your target you are in a position of strength.....so now I dont stop when target is made....I just reduce my risk and take opportunities which are really obvious......the interesting thing is I made my monthly target around the 17th.....since then I have been making more one average every day than the run up to the target....principle seems to be when u dont HAVE to make the money it becomes enjoyable and profitable...so sont stop when u made your target just reduce your risk....
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ws
Frequent Contributor
As a newcomer,I find this interesting and helpful. I have R100k which I took out of unit trusts some time ago.I figured I could over time with a bit of research and homework better the say avg 20% pa ut returns. I would like to try and make R8-10k/m. Is this possible using ssf (thats all I know at this stage) and this amount of capital? Are there better or easier options (warrants,instalments,alsi contracts etc) to achieve these targets? Am I being overly optimistic or unrealistic?
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SimonPB
Valued Contributor
I have never used short term targets. My trading is run like a business, so I have a business plan with plans for 3,5 10 years etc. But when I hot the years target, I carry on. I mean if OST hits our monthly or annual budget today, we don't shut shop until the start of the next period. We just make more?
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Not applicable
The problem is the target, you are telling yourself that this is the point i want to reach then you relax, Targets might be a good thing but it limits you in a way to get the real opportunities going.Take it day by day OMO
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Ninja
Super Contributor
With the Dow futures red and the FTSE red are you still confident of a gap close?
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SimonPB
Valued Contributor
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Ninja
Super Contributor
Thanks, clearly I have a totally incorrect understanding of what a gap close actually is. Apologies.
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venice
Super Contributor
Chartist I'm interested as to how many points you aim at for a day, month??. I be interested to see what a good target would be. Feel free to comment i.e when you started you aimed at X now you aim at Y ect. It will give me a yard stick to measure against.
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Not applicable
Venice not sure if I am clear on what u are asking.....if you like I can send you a speadsheet with daily details....let me have your email...
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venice
Super Contributor
Sorry for being vague Chartist. I am new to trading ALSI futures and am going through the typical learning curve. What I'm trying to figure out is what is a reasonable point gain in a month and hence gain per contract would be. Today for example 500 points would have been easy because the market was giving money away. Yesterday I did 200 points but the rest of the week I did zippo,so my gain for the week was 700 points. I realize these are excellent days for futures with the large range of points. I am trying to figure what is a normal weekly target i.e reallistic gain without trying to "job" the market. My e-mail is [email protected] thanks
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venice
Super Contributor
Sorry for being vague Chartist. I am new to trading ALSI futures and am going through the typical learning curve. What I'm trying to figure out is what is a reasonable point gain in a month and hence gain per contract would be. Today for example 500 points would have been easy because the market was giving money away. Yesterday I did 200 points but the rest of the week I did zippo,so my gain for the week was 700 points. I realize these are excellent days for futures with the large range of points. I am trying to figure what is a normal weekly target i.e reallistic gain without trying to "job" the market. My e-mail is [email protected] thanks
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Not applicable
Think we might have one this morning
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Not applicable
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