Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
haha it was a winner, only got 0.5 points as i remember due to nerves. Crossing the line between sim trading to live trading is no joke. It really takes an emotional toll on you at first, best to ease into it, keeping your goals easily achievable at first.
I agree with the emotional toll aspect. In your mind that first trade just "had to win". You closed it early, and that's ok, but your mind did win that one. I think that is where your multiple contract scale out helps by banking some profit and reducing the mental stress of the current trade. I read a trainers comment recently that 80% of sim traders make money and that it drops to 20% once they go live. I think your history sim trading for 3 months is excellent idea for anyone new to trading or any system. I have swing and day traded live before, but it has been awhile. I have been using sim for about a month now and backtesting all daily signals for over 3 months now on my own system. I am "planning" on not being emotional when I move to real money and intend to keep trades at a 1% risk level. Even so, I am sure I will have my mental ups and downs. I will do my best to understand this when I am in the midst of it. On some days I am more aggressive on sim than I think I would be for real, especially with a smaller account. For that reason I have waited to go live until I can get my trading plan together and follow it for weeks on end without gunslinging. I have a really unique system using one indicator I have been backtesting. I created the initial idea almost by accident and it works because I am not using the indicator as it was intended. After months of watching it I have found it is really all about S&R levels. It seems to signal areas where price is hitting an inflection point, even if it is a point I am not aware of. Obviously knowing where the levels are mentally helps and can keep me out of moves that signal long right into resistance or short right into support. For that reason I have used this thread and some of your levels each day. I log all signals good or bad and then AFTER the fact go back and overlay your posted S&R levels to see how well it enhanced the days trading. John Carter (Mastering The Trade) has an interesting take on S&R and about how stop orders actually move the market because the novice traders get in too late and then the pros reverse it and clean out the stops below thier entries as the novice scrambles to get out. For those interested, my personal backtesting blog is at eminiholygraildotblogspotdotcom (add periods for dot) I like your S&R thread so much I copied all your posts and responses and plan to organize it into a cohesive group of subjects, like a pdf book for my personal reference. You really have laid out a whole system and a plan for anyone to follow. The best thing is most of the posts by everyone have been positive, informative with safe, sane, time tested advice.
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all