Hi Jas Since we started trading about the same time, we may be at similar issues... I can tell from some of the responses I have a long ways yet to go. Where I'm at currently is breaking down my decison process. I set up a spreadsheet with a 'why what where when how' down the side and my set ups going across. I am filling in the answers for each of my set ups. I've gotten it this far: Why think about it this way, do this spreadsheet? To approach the possiblity of 'no losing days'... a concept NoDoji talked about. First daily question I ask is 'What kind of trading day is it?' Trending, consolodating, or are my trade places in time like Econ reports? [in the spreadsheet I sort my set ups across the columns to fit the type of trading day, first my trending day setups, etc.] then down the rows I continue with: Where and when to enter. There are several things to sort thru here. First there is an area of interest... the set up. Next each set up has a catch or trick or issue unique to it, to make it work. Like is it really a pullback in a trend? To deal with the issue... I look for inviolable filters... high standard filters that can produce 'no losing days'. If they are not there, I don't take the trade. Set ups often have optional confluence typical to that set up. Take note of them. Then I specify the premise of the trade. Then I look to where to place the stop... where it disproves the premise of the trade. Then Where to place the Tgt... generally at the next S/R. And is it a scalp, day, swing or open Tgt? Having a stop and Tgt, is the R:R good? Based on the above and my confidence... the confluence, etc., What is my position sizing? Having done all the above, Then choices about HOW to enter. Limit stop braket all in, all out, or fade in or out.... in all the combinations. Next: How to handle the trade not going as expected, choices: Flat/scratch widen stop (whoaaaaa) move stop to lock in B.E. or a scalp Trailing stop (and when to use, as in high volitility) When to get out and reverse How to handle the trade going as expected: Exit at Tgt...all out or fade out? Adjust stop and tgt? Hit tgt, is there an immediate follow up trade? ......I realized I was making the above decisions in a hap hazzard manner, and applying them ...inapporpriately to various setups. Some choices were working for one set up but I couldn't figure out why they didn't work the next time I applied them to the next set up. **hair pulling and frustration... crys of 'wheres the consistancy!!** And of course some of the choices above I shouldn't be making at all. By putting this in a spreadsheet and thinking about how this process of decision making... and the various choices fit or didn't to each set up going across the spreadsheet, Some things became clear. My sucess rate and consistancy has improved a lot. I would guess that after awhile these decisions can be made in seconds. I'm sure there are other choices, these are just the one's I was commonly making. This whole thing starts with the observation [based on a year of after hours analysis of each day] that I don't have to lose. Period. It is possible to have no losing days. Of course losing trades, but no losing days. I've heard several seasoned people on ET say can become the rule for you. I'm re-thinking everything in light of that. The above is a step in that direction... Wish us all the best!
jas_ if you had held a ONE LOT position in NQ over the weekend - what would profit would you have today?
I'm using 5 & 10 min charts for setups and 1 minute for entries. It is fast and part of the process is learning not to chase trades if you miss them. That took me awhile to learn. good trading to you.
Hooti Thanks for sharing. Are you using the w/s for trades you take or like ND logging all set ups after hours to gather stats and learn nuances ? On postion size i'm using fixed contract per acct size. You may want to try it as well as varying position size based on set up just adds another decision to make. then look to add to winners . Just a thought. Glad the w/s is helping and you're making progress. Good trading to you
Just wanted to thank everybody again and add that although i'm ALWAYS looking to improve my entries my biggest problem now is trade management. Exiting too early; either a winner or before a trade has a chance to prove itself. It's a psych thing and probably the main reason why my results aren't stronger.
I log them after hrs and run them thru an excel spreadsheet for all the normal stats and analysis. I also print out a 5 min chart of the day and mark my trades locations, and then look for the best trades of the day, other set ups I overlooked, etc. and thanks for the position sizing thought, I too have lots to learn.
Instynct, Any tips on the exit ? MFE +10 exit +2.75 I did not have a proper channel drawn which would have made an excellent target. Having missed that is there another better exit than my "crap, i blew it" exit. 60 minute (& daily) large saucer top 2280- 2380 area. The 60 minute trend looks like a pullback up into the top. Yesterday Hi taken out and strong resistance was taken out. So i'm biased a bit to long side up until 2250-2260 area or will short if start seeing weakness.