One thing I found helpful was tracking stats by day of week and by hour. After collecting data over a number of months, I found that I made more money on certain days and during certain trading hours. I believe this is highly dependent on the processes you use to trade and the individual trader. toucan
I made a system that only trades Reports, it does very well now after six months of automation, so like all the forex pairs, grains, anything affected by government reports. Each weekend, we add dates/times to individual instruments and even stocks. So when you are able to narrow it down to the "Best" times, then a matter of building the account and every month add another contract. For me afternoons were always the toughest, by then I am tired of sitting and want to go out and play with the kids. I didn't trade ES/NQ today, volatility too high. Took some trades in Gold based on volume.
His writing style leave a lot to be desired. However, the new books tend to be a little better, but still almost as complex. Lastly, the charts are not organized and placed well; there's a lot of figuring out of where in the chart he is and there's a lot of back and forth flipping. In saying that, he has done a very good job with the task at hand. Since his methodology is so complex, it becomes a challenge putting it on paper. You really have to be well acquainted with PA to truly benefit from his work. He does have a video series, but I would put that on the level of Bob Volmann. Both those can be considered an intro. level to PA. @Iwilldoit hope this helps.
agreed.... I tend to trade 5am pst to 8-830am pst and always look for reports and exchange opens for opportunities cheers toucan
Been awhile since I looked at his books. The first one jumps right in to the material without defining his terms from what I recall. It's a confusing and tedious read. My understanding is so many traders complained that he then went and rewrote into several books. Maybe he was just trying to sell more books I bot one of the other books and found that also a slow very detailed read. Constant back and forth from text to the chart. Maybe just not conducive to my learning style. Some day i'll give it another try. There are ET traders that found the first book extremely helpful and have done well with the info. I wouldn't recommend reading my whole journal. Lot's of me just stumbling along. Maybe there's something helpful there early on, IDK. About 2 years in I think I starting making some progress. Like I said before , find Rednecks posts and read those along with the others I mentioned. See ya , jas
My current goals are to: 1. continue to have patience in trade selection 2. complete my trade worksheets which will track my entries, exits and mistakes 3. Review the days chart to increase my knowledge of PA and better understand my entries. The better I understand my entries and exits the less hesitation on execution I hope to have. 4. Hold my winners longer 5. Remember to treat each trade independently. Sometimes I'm taking quick profits just to get back to even for the day despite PA to the contrary. ================= Yeah, this journal lasted longer than I had expected. 1. My patience has improved greatly. One of the factors leading to this was specifically describing my set ups & triggers so I knew what I was looking for. Less guessing makes patience easier. Losing money due to impatience is another good teacher 2 My worksheets have changed over the years. Logging my trades and stats is sometimes intermittent. The first part of the year and end of last year I was logging all my trade stats and posting to my excel w/s. The problem is that there's a bug with Ninja trader when used with Kinetick data feed (their 'preferred' provider ). Ninja doesn't track MFE & MAE. For months I was manually calculating it for all my trades but it became too much work and time consuming. Supposedly Ninja ver 8 will fix this problem. Then i'll go back to logging all the data. The worksheet I do now is just monitoring is the trade valid, managed properly & exited properly. 3 Yes, I continue to annotate and save/print charts. Always learning and improving by doing this 4 yes. I used to get nervous when trades didn't move immediately or i might exit on the first pb. Seeing what that cost me in profits through logging and backtesting made it easier to hold trades. 5 Mostly yes. Sometimes I do grab a quick profits jas
I was mistaken yesterday. I thought most trades were CL in fact I had 5 CL trades and 5 NQ trades. Anyway, I get your point. Thanks Handle. 10K wk ? I haven't dreamed that big. Yet.
Ok I think I responded to everybody. Let me know if missed something. =============== Difficult PA day. Big drop overnight in equities. My immediate post trade review was everything was done fine per plan. I'll go back and review all the trades again. I think my last NQ trade was exited too soon. I'm trying for 90% of my trades to be executed exactly per plan. Why not 100% ? It's not realistic for me right now. I occasionally have an invalid impulse entry or an emotional exit. Executing 9 out of 10 trades perfectly is harder than it sounds , for me anyway. That's what I'm focused on. Good patience today. I did my job. +23 CL ticks -4.25 NQ pts 11 trades