Ok help this idiot out and point me to the part that manages the actual trade. The whole method is about the prediction of price movement and not the trade management as far as I can see. my last few months of trading forex has been mainly position management. instead of thinking you know everything and assuming that I'm a moron maybe you could learn something from me and I could perhaps learn something from you. I see a chapter missing in you plan that I have the information on
I don't think I know everything and I don't assume you're a moron. You have, however, made it clear that you have no interest in this approach and haven't read the material (if you had, you'd know that this has nothing to do with Fibonacci, nor is "the whole method about the prediction of price movement"). This doesn't make you a moron. This makes you at best disinterested. If you ever do read the material and you still don't know how to manage the trade, then you have not yet come to terms with your risk tolerance. This may arise in part from failures to determine just what your risk tolerance is and where the risks lie. Once you've done that, you'll understand the importance of entry and of how to determine when the trade has gone bad (if you make random entries, then this is not for you). Once confidence in understanding how and why price moves and in proper entries, then one can begin experimenting with scaling in and/or scaling out. If you've bothered to read any of the journals of those who are or have been trying to implement this in their own ways, you will have noticed that the central issue is not "position management" but fear. And until one has determined just what it is that he's looking at AND what to do with it, multiple contracts and exotic management tactics are money down the drain. If you want to post your trading plan and explain exactly how you manage your positions, I'm sure that there are many people who'd be interested. That is not, however, what this thread is about (see post #1).
Fear comes from not understanding the ways in which you can deal with a bad trade, once you understand the different options available to you when your in the trade your confidence is higher and you fear lessened
Hi, I´ve been following the SLAAMT and I´ve seen that you tend to trade, markets that are related with stocks like the NQ, for the moment I would like to start trading (Demo Mode) with the CL (applying the principles of SLAAMT) because I´ve seen "strong movements" in this instrument; However I have seen little information about the CL Trading with the SLAAMT. So if you could help me with an advice, I would like to know which type of market should I trade in order to get the higher benefit from this approach? If maybe this is not the forum to post this question .... apologize
The simplest -- though not necessarily the easiest -- markets to trade are those which move in predictable trends and are mean-reverting. If the market trades in wild and unpredictable swings, the trader will succeed only in making things more difficult for himself and why would he want to do that? The fact that a particular market is glamorous is insufficient reason for attempting to trade it. Likewise whatever seem like "strong movements" in hindsight often disappear when trying to trade them in real time, which one must inevitably do. If you are open to trading something other than CL, I suggest you look at Developing A Plan. These questions and decisions must be made regardless of what one wants to trade or how he intends to go about doing it.