i do not expect you to follow this....i have win rate which is higher than most...you need to have a good feel for market and be well capitalized. whether you cringe or do break dance .....
padutrader, Thank you sir. I believe I am on the right track, I just have to keep on grinding it, and building my confidence up. I do not want to be too systemaitc in trading. Being clear and being too systematic daily is just too challeneging for me. Because everyday the market does something different. But listen to this: If my eyes see a trend moving in one direction and its clear to me, then its time to make money. I DO NOT want to be hesitant, self doubt, nervous, less confident, ALL I want to do is buy or sell when I see the trend of the moment. Because my odds of winning increases when I am buying or selling with the trend. It does not matter how I enter, just get it in. And this is how I build my confidence. We can talk all day, but if you don't have confidence in what you doing, then will lose money slowly. I know this personally after losing money. Then looking back at the results and saying "man, if I had just believed in myself and gave the trade time to work, I would have made money rather than loss or make less money on that trade" So that's my daily goal, moving with price.
Not picking on you specifically, if it works for you all good, but above statements are dangerous beliefs(especially for day trading), IMHO. Maybe if you have deep pockets you can get away with it. Just brainstorming here.
qlai, It's all good buddy. It's all good. It's free world man and this is a forum. Speak and say whatever you want man. I'm not offended at all. It's all good buddy. I'm just ready for the markets to open on Monday, so I can look for opprutunites to make some money. Everybody just bullshitting here and messing around. But I do like your course you sent. The member @volpri know what he talking about though.
yes that is key....now if i am trading 5 min and trading intraday and a single decent bar may indicate a trend....so would just go with.....i do that often also there are many types of trends...lets us say that there is a channel down....a 'weak' trend down...then the expectation will be, when the up move starts, that too will be a sort of channel......this must happen...the recent past dictates the future. Why? because people will trade according to S/R in the chart you will see this happening indicated by the yellow lines. the red line indicates something different and you can expect trending move in both directions.This is what i mean by saying watch the market and observe what it is doing
padutrader, Yes I agree with you, here is that example you mentioned above. I took this trade this morning, entered at the high of that big green bar expecting more buying upwards. It did not work this time and I take a loss. Am I upset, mad, or disappointed. Nope, I can't be mad when buying with the trend of the moment. Refocus and prepare for the next opportunity to make money.
Why did you get stopped out? On a BO trade like your trade my SL has to be placed further away. Bigger risk and usually less reward but higher probability of at least a second leg up. However, it can be less risk ..higher prob ...and smaller reward if it goes in my direction right after my entry point. But since I don’t know that until it happens (thus initial risk scratched for actual risk) I have to place the initial risk in a logical place as in BO’s the market can have deep PB if heading into a range. If the logical initial risk is too big for my palate then I will skip the trade and wait for another. The proper SL is one of the two red dots.