I came within 2 ticks of being stopped out but I think I'm gonna exit 1 here while still can at .90. ES looks like its gonna go up and dollar looks like its gonna do down. Now just short 1 CL at .80
Quote from ammo: cover almost half 77.55 - 1.11 offer em back out at 77.90...put these back out 77.51 AVG 76.44 add 78.03,avg 77.07 add 78.10..avg 77.32 ____________________________________ Hi ammo, I am new here. I understand most of your calls but could not follow this one. Can I request you to explain this please? Thanks.
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If you have 4 losses in a row from fading the market or revenge trading or jumping the gun without waiting for a proper setup, then I agree that it's a good idea to step aside and review rules/setups. But if you have 4 losses in a row from taking valid setups and getting chopped by less than ideal price follow through, I recommend staying focused and continuing to take valid setups, because no matter how choppy CL might be at a given point in time, it will eventually break out with conviction one way or another and you can recoup a lot of small losses with one or two good trades.
Good point, Nod, I think it's advisable to differentiate between losses (4 in a row is not a big deal and should be expected for many good systems with a 30-40% win rate) and non-forced errors (i.e. you knew you shouldn't be doing X, but you do it anyway).
It was a big step for me to get over back to back losses and ignore them basically as long as I was doing the right thing. I had a couple opening trades in AMZN some time ago for -$300 and took the 3rd signal without hesitation, capturing a huge move. That was a key day for me and I believe after that day I removed the P/L from my windows. I now have to switch to another window to see my P/L. If I'm doing the right thing I really don't care about losses because the winners will take care of them as long as I don't let the previous losses influence the winning trade. It's tempting when you're down to take profits at a level that gets you back to even, but the best way to end up net profitable is to treat every trade exactly as your rules dictate.
Wise words ND. I agree with taking any P/L window off the screen as well. Instead of focusing on what the trade is doing or where you should be focusing people usually focus on the $$ which is usually not good for most traders.
Sounds like you just one "One Good Trade" to ND Add short 77.90. Both will be stopped out at 78.26 and profits will be taken at 77.25. I see the DX going to at least 79.45 and that shall be my catalyst. One might ask so why don't you just buy the DX? well... I did There is nothing better than making $$ while you're sleeping. And if ya lose money it doesn't hurt nearly as bad as watching that that stop triggered notice pop up.