Day-Trading 2.0 for small traders

Forgot to attach my pic .. Here it is!

 

2 trades from this morning, pre-market. 1 long, 1 short. The long was a bad trade should not have taken it because it did not follow macro direction. Second trade (short), I reversed my position after a dobble top was made. Following macro direction as well. Right after I closed my short, I could have reentered for another short after it made a 50% retracement, but I was not at my computer at that time well, that sometimes happens..

 

veggan, where do you set stops? A set number of ticks or some logical point?

 

This is really a good thread. I have started reading from the beginning.

There were some other threads for new struggling traders. If some one has links to these other threads, please post these links. Much appreciated. Thanks

 

I do not have a set number of ticks on my stop losses. I set my SL based on PA, meaning 1 or 2 ticks above or below last high/low. However that does not mean I will allways let price go that much against me before I let it stop out. Sometimes it just does not feel right, price doesn't do what I expected and I close before stop is hit. That often happens when I get a late entry, and a stop based on PA, has to be placed far away from entry point. Ofcourse one can allways discuss If I should or should not have entered that trade at all when stop has to be placed that far away.

 

A great lack of discipline has cost me much pain today. Not waiting for cleare waves on my timeframe, and confirmation from both of my MA. However last hour has been great! 4 Winners in a row.

 

hey veggen, it looks better if you go into your chart settings on OEC and change them like this:

Orders -->
- Completed Orders = Off
- Fills = On

That way you can see a small triangle at the price you bought, rather than a big arrow pointing to the candle and not showing the entrance/exit.

 

One more winner!

I could have posted all of my trades today, but I don't think there is any point in showing all of my bad trades from earlier today, since I did not follow my "PAP" and therefore it would not contribute in any way to this thread. Most of my trades from earlier were based on frustration - in lack of any other word to describe..

 

btw veggen your OEC window looks much different than mine.

 

My entrance is were the black little line is drawn! But I will change my settings from now on!