Another day, another lousy pretend dollar. Can't even reach the daily min goal this week so far - have to work harder I guess
nice journal keep it up. I thought point of hersheys was stay open in the market and just reverse positions.
Was every trade you took a short? Or am I looking at that wrong.. If I were you I would be happy to be positive on all shorts with a day like today
jtnet and Jander - thanks for droppin by. Your questions are kinda related, so hopefully a single reply will suffice. Yes, the goal of SCT is 'always in' - however, that is attained by those who reach the expert level of applying the methodology. At my level (struggling beginner ) hitting the REV button normally results in two losses - heheh. In fact, the first trade this morning is a pretty good example of when I should have done just that. After the first 4 or 5 bars beyond the opening bell, I had what I thought was the beginnings of a 123 down channel and entered short. After entering, I was quickly rewarded w/ red bars on the DOM, and started to realize I was on the wrong side and distinctly remember considering to reverse on a small pullback. Instead, I opted for a small loss - of course, hindsight shows the correct decision here Also, I have yet to get beyond being able to promptly shake the 'oh shit' factor, and jump back in on the correct side, so the mkt leaves me in the dust. Yep, most of these short trades are just examples of my incorrect analyses of the data sets - always testing the waters for that elusive FTT. Coupled with today's prolonged laterals, during which any ability I might have to read the Gaussians is oft diffused, leaves me with a small handful of half-assed scalps. We did have a good Pt. 3 long entry off the 10:30 bar (no doubt it is annotated on your chart, Jander), and I plain missed it in realtime. Once underway, I feel like I'm then chasing the mkt, so just sit there and watch another 3 or 4 pts rack up - lol. Excuse the verbiage, my trading is a very rough 'work in progress'. In a sense, this journal was kind of a knee-jerk reaction to all the flak flying around ET concerning this methodology. If nothing else, Jack/Spyder's stuff has shown me that consistency, even on this miniscule level, is possible. It's solely up to me to keep working toward its' effective application. Regards ...
Not much to say (as usual ) Found the session to be quite laborious. Still inept at nailing down the major pt 3's, and if I enter late, then seems I end up staring at red, and have to manage my way out of yet another trade. Heading out in the a.m. for the weekend, so no more trading this week. Have a nice holiday ...
I understand this feeling, I often find myself in the exact same predicament. I notice that I will 'think' I see something forming (like a pt 3 down channel) and will get honed in and not even consider that other things may point to a bullish market. Good trading to you and here's hoping it clicks soon enough for both of us...
Thanks, Jander - back at ya, buddy! Remember, the 'Grail' is to be found within one's own belief mechanisms ... Happy Easter!
are you on a sim? nice results with just 1 contract. i bank more or less the same per contract on er2 that has double tick size. congrats.
Thank you, sir. Yep, playing the IB/ Bracket Trader video games I've live traded the ER2 enough to realize early on that I wasn't ready for that game. Talk about needing to be nimble on your feet ...