Haha...all he needed to do was start adding as the position went against him, then.....he really would have made the big bucks. Do that next time! Shoot, now I know what I did wrong today....I entered stop losses. If I had never taken any losses, man, I would have made....packets.
Thats what keeps most traders in the game for so long, develop enough bad habits and eventually you'll be rewarded big. I dont know if Paul normally trades this way but I have known far too many traders that have this sort of mentality.
I am scalping Crude but I have been also tading ER2 and YM lately and today I started trading off the 4 second bar charts instead of the 16 second charts (Sierra Charts)that I normally use. Trading off the 98 share bar chart in TS has been working all along ( I understand lot of people use that setting). As far as I can tell the usual indicators work very well when the markets are tense because the price over swings from the imaginary mean and creates opportunities to fade the market from both sides. The volume ebb and flow pattern is very clear even on the macro scale like the 4 second or 16 second charts and specially on the one minute. It's really a trader's dream. In this kind of market one can get hosed but at least there are many opportunities during the day to recover. And yes, I made money both in ER2 and YM. GC
YM trading exclusively... Single contract. No adds, No scale in/out. Just plain 'ol buy/sell, sell/buy trading. TRADES: 26 TOTAL CONTRACTS: 26 CONTRACTS PER (AVG): 1 TOTAL LINEAR PTS (NET): 270 PTS PER (NET): 10 EXPOSURE: 1hr 24m (84mins) AVAIL RANGE: 421 RANGE CAPTURED: .64 W/L: 19/7 BEST: 80 WORST: -23 Osorico PS: Hats off to MBA.
56pts on the YM. I'm still on SIM tho. I saw Osorico trade today, I can attest to his record. He saw me trade, and can attest to my bumbling mistakes! HA!
I had my best trading day ever today on the ER 4 trades 133.5 tics per contract (2 contracts) stops were pretty huge today, on one position i had it was 54 tics! (i use 2 tics below the last swing high or low as a stop)