I think your right. I do get impatient with my day trade entries - i will never go back to trade size i am uncomfortable with until i earn the right to do so. I do have different strategies however, where my other account does rely on maybe 1 trade per day which is extremely high probability and great R:R. My day trade account is completely different however. Again statistics of my system is the only thing i can rely on - if it fails to make money I'm sure i will change system. I am not stubborn or feel my way is right, it just something i have come across and what i feel comfortable with.
That's the most important part right there. You have to be confident to be a successful trader. Their can't be any doubts or then you start to contradict yourself. Confidence is key.
Its all probabilities - no point ever getting mad i guess. On to the next way which offers good probability of success.
Shorted at 76.50. High risk trade as gap still not filled. Very risky so may move stop to b/e lets see how this goes. Needs to break 74 if we got anything here,
That could be a good trade. There's an up channel and 76.50 is touching teh LTL. You have to be careful though because when it broke the LTL, usually you can have a very quick break out bar. It broke it and then came back in. I can see it going to around 72.50 before going back up again. What's your expected out because at one point you were 1 1/4 points out of the money.
Curiosity - You seem to have fairly decent entries and price will move your way a bit before retracing and taking you out. If you were to trade 2 contracts and take one off at say the same distance your stop is at 1 - 1.5 ticks, you would thus have a almost free trade; losses would be much less and it would not cut into the potential for the longer runs. When I started implementing this principle - it made a world of difference in my trading - both pyschologically and materially. Make 'em petty, Chris
I do have good entries and would benefit greatly from scaling out. As i do get many 3-4 point winners. However, i have stuck myself the challenge of making money with 1 contract before moving on. Its not that i am undercapitalised - its just when i traded big i was a real Clown. I figure if you are ready and good enough then you should be able to make money with 1 contract . Hence, i do this not for the money but for the test of if i am ready or earned the right to increase size again. Good trading
That is correct but going from 1 to 2 contracts is a big deal. That's double your losses when your wrong. People might not be mentally ready to handle that. That's a strategy I use but it can't be done on 1 contract. It's easier said then done to just trade 2 contracts when you consistently only trade 1. Another thing is he never said he trades just 1 contract.
Im very scared of the TL up and if it bounces i may trail and stop myself out. If it bounces of TL and the comes back down - i will be quick to jump back in. I took virtually no heat on this trade - apart from 1 tick. Most likely a test of 78 in order so i would rather get out b/e and then try again. We shall see - price action dictates all my entries and stops.