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indextrader7

Registered: Apr 2012
Posts: 75

04-16-12 09:51 PM

Didn't keep losses small enough today! Pretty upset at a lapse in discipline money management. Slightly profitable day $ wise, but -11 ticks.

Looking forward to feedback on the video. What would you rather me talk about during it? I really want this thread to revolve around the trade recap videos.

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Zr1Trader

Registered: Dec 2010
Posts: 1579

04-16-12 10:42 PM

Recap was good, shows that this is real trading, nobody is immune to some losses on trades of course.

Mental stops require ice in the veins. Props to you if you have been successful without hard stops , something not many can do including myself.

Are you trading with a partner/team? I notice you say "we" in the videos?

All the best.

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indextrader7

Registered: Apr 2012
Posts: 75

04-16-12 10:49 PM

Quote from Zr1Trader:

Recap was good, shows that this is real trading, nobody is immune to some losses on trades of course.

Mental stops require ice in the veins. Props to you if you have been successful without hard stops , something not many can do including myself.

Are you trading with a partner/team? I notice you say "we" in the videos?

All the best.

Thanks for the feedback Zr1Trader,

I may be successful trading with mental stops, but who knows, maybe I would be much more successful if I attached an OSO stop order with every entry. (I might just cancel it though!)

It's just me trading by myself. The "we" is probably me, the good trader with discipline stop losses, and me2 the bad trader that sometimes chases the market and allows losers to get too big.

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indextrader7

Registered: Apr 2012
Posts: 75

04-16-12 11:23 PM

My focus for tomorrow will be on a disciplined stop-loss placement. Each and every stop-loss will be placed a tick or two outside the entry signal candle.

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toucan

Registered: Jan 2004
Posts: 117

04-16-12 11:40 PM

indextrader7

nice recap today...

is there some reasoning/method behind the varying of initial contracts or with varying additional contracts when already in a trade?

do you experience difficulty with limit order fills using that number of contracts and do you experience any slippage with market order exits with that many contracts.

you started trading quite a bit later today...

cheers

toucan

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bornwarrior

Registered: Nov 2009
Posts: 42

04-17-12 12:50 AM

Quote from indextrader7:

My focus for tomorrow will be on a disciplined stop-loss placement. Each and every stop-loss will be placed a tick or two outside the entry signal candle.

One big positive point today:
Honest self-critique. Those 2 losses happen but with your honesty with yourself you are already ahead of most of the competition. And thank you again for posting.

(I had similar experience today. Got stopped out on my short early in the day in TF, but worked out better on ES later in the day.)

Maybe 1 - 2 ticks are too tight. When I trade TF, I noticed fake outs before the big moves. I used to put my stop loss 2 - 3 ticks above/under S/R. It moves to trigger my stop and it then reverses for the big move. When I widened my stops to 4 - 5 ticks under/above, I don't get stopped out as often and only for a real breakdown.
I lowered my position size and I tried to enter sooner once I get confirmation, to account the greater capital at risk. Earlier entry didn't really affect the probabilities, yet, and once it moves in my favor, I pyramid quickly thereafter on the next retest/breakthrough to counterbalance in case I have/had few failed entries on being early. Seem to have worked better for me.

Good luck tomorrow.

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