No. Because then I would not have a long at the opening and a short 40 minutes later. System reacts quickly if necessary, and slowly if necessary. Depends on the market. MA and that kind of stuff is lagging too much and will indeed kill you in a non trending market.
Sorry about that. I didn't mean to imply that you should not ask questions about your trading in hindsight and I don't want you to think there's something wrong with that. I just wanted you to know that the only way someone can reply to your hindsight questions is via hindsight answers. Simply, at a later date, don't fall into that newbie mistake that you get upset with traders giving you hindsight answers when in fact your questions are hindsight...to many complaints at this forum by traders complaining about hindsight answers when the questions by them were hindsight. Reviewing your posting history, you've concluded support/resistance doesn't work. Why you still using s/r info on Friday if you already have your answer about its reliability ? Looks like you're a member of the Scribble folks...they still helping you considering it seems like you're still using their method ? You said you lost 20 Emini ES points and I will assume that's via 1 contract trading...what's your risk management and your loss limit for the trading day ? I'm curious because losing 20 Emini ES points via 1 contract trading would imply the risk management is not suitable but your charts don't show that number of trades. Therefore, the question now is what position size were you trading...2 to 3 contracts per trade ? If 2 - 3 contracts...you were at 1 contract a few months ago. What prompt you to go from 1 contract trading via a method you don't have much faith in to now be doing 2 - 3 contracts. ? Please correct my contract guess above if I'm wrong.
only trading one contract. The reason that some trades are left out is because initially I wanted to show my actual screenshot with the broker executions attached, but it was just too messy, so I done it by hand and missed out a few trades that were essentially just re-entries where the arrow would be in the same position and it would look too messy to see the trades! I thought posting the 'gist' of my entries with their reasoning would be better.
Ok, thanks for the clarification. Losing +20 Emini ES points via 1 contract trades. Was that a violation of any risk management rules you have ? Were you ever profitable for the day prior to going red ? How many of those losing Emini ES points was via your trade method versus intuition ? No more questions by me after this message. The questions above and my prior messages have a purpose of getting you to think about other things in your trading plan that has nothing to do with entry/exit signals because I'm on record here at ET having a strong belief that successful trading involves more than just trade methods.
I don't have a 'max loss stop trading for the day' type risk management. I used to have, but all that would happen is I would stop trading, and then watch as the market would have given me my money back if I had have carried on taking the signals. Damned if you do, damned if you don't. I was profitable on my 2nd trade (which was a +6 winner) which put me up 1 point on the day. Then it was all down hill Only my first trade of the day was kind of not part of my method. This was a -5 point trade. It was a breakout of a downsloping trendline for a long trade, but at that point I couldn't really see much of a strong trend so shouldn't have taken it. (although later on I lost on a short on another trendline break trade even though the trend was strongly down so it should have worked. It's like the market knows how chart traders trade and they stop them out for fun!)
The problem with traders are sometimes they don't know how to adjust, the volatility increased 100% over the course of the week, what does that mean? Well for one you have to increase your stops and reduce your sizes and if your trading a 1 lot then you have to increase your stops, if you didn't feel comfortable with that then its better not to trade high volatile markets. Just because other traders are trading and making money doesn't mean you have to. There's certain conditions that suit your trading style and there's other conditions that don't, learn what they are and trade accordingly. Don't let anyone tell you this is a dream market and that you should of made crazy money yesterday, that market was a dream market for them and there trading style. Now if you made mental mistakes and didn't follow your plan then thats a issue you have to work through.
well, eddie, it was just one day and 20 es points lost ain't a big deal. How was the rest of the month?
Simply put - they don't know how to trade Extremely bad advice To offset the increased stops - I assume ================================= Folks should learn to trade Volatility - as does a bull mkt - makes false traders out of all of us - until on the wrong side of it Stop with the shortcuts and learn the business already Or not - then bitch and wonder every time it doesn't work out RN
Good for you! Ok so what DO you use to trade so successfully if not the charts, TA and PA? I would like your advice. Send me a PM if you want. Thanks.