Hi Tomahawk, Thank you very much. I wasn't aware of that. I just tried it in my SIM trading . It worked! I placed a SHORT trade with a preset bracket order and have the box checked to trigger the trade outside of the RTH with initial protective stop and profit target set. BTW, I lost 0.75 ES pts $41.50 testing the feature. But it's all in SIM. Isn't it wonderful!!!!! Now, I can do more SIM trading overnight. May be I will become a NIGHT Trader. --po
Only traded the first hour today. No trade was taken today. Weekly. PnL: $101 #Trades per day: 3 Winrate:71% Have a nice weekend!
Hi Matcha, A positive week for you with high winrate! Congratulations on reaching the 200 pages mark for your journal! It has been highly inspirational and very helpful! Thank you. I deeply appreciate your sharing. Have a great weekend everyone! --po
I couldn't say it better myself NoDoji...Well let me try: Closing a trade before the predetermined stop or target is hit is a result of not accepting the risk. It is based on the need to be right or attaching your emotions to the financial results. Your stop is your risk and it is predetermined calculated risk. Allow it to do itâs job. Trading is process based, not results based. Profit is the result of a good process, It doesnât matter what you think the market is going to do, it only matters what your system is telling you to do and then acting upon that plan. The rules of your trading plan can be discretionary or mechanical, but they must be clearly defined, documented and then executed mechanically.
Matcha, Pay no attention to that man behind the curtain. Just post us a (broomstick) copy of your blownout trading account and I'm sure that will prove, to all of us, you're well on your way to trading success. What a load of crap, talk about, "getting real". By the time I finished reading this post, I knew there was nothing on that website I wanted to read! Thank God there are many participants with differing opinions in the markets, that's what provides liquidity. I'll be the first to agree there's no one way to successfully trade the markets. In fact there are many ways to trade successfully, unfortunately, they're hard to find. "How did everybody do it 15 years ago before there were simulators?" I was one of those guys, I did it with paper and pencil. I also, called in my daytrades, on a telephone! Then, I waited for my broker, (a person) to call me back and tell me if my order was filled or not. All that time, work and experience went out the window when the volume in the electronic markets surpassed the pit volume. We (I) was happy to have a platform that charted 1m bars "realtime" (they were rare). I think I ran down the street, howling at the moon, when I got my first simulation platform!!! The speed of the markets were increasing dramatically at the time, as they continue to today. The old school ways of implementing the trades died. But the old school methods, or strategies lived on. Albeit what once took 2 hours, now happens in (possibly) 2 minutes! Today it's funny, to think 15 years ago a telephone with a speed dial button was an edge! Obviously, my stand on simulated platform trading/training is clear. But, not all sims' are created equal. I use IB to clear trades, but I never opened a chart in the software. I use Ninja Trader for order entry, but I never opened a chart in the software. I like both of these tools, for different reasons. But as it is possible, to open a ketchup bottle with a pipe wrench, there are better alternatives.
Good and bad day. Good thing I SOH most of the day because clearly itâs a narrow trading range day to begin with.(trading in YTDâs range) Bad thing is I was shaken out of the good entry. Only 1Pt Here is the trade. 8:50. long. Clearly the day is the trading range day. Fade the 2 leg move down, D/B, wedge bull flag; bull reversal bar, failed Break down. But was shaken out by the 2 leg Pullback @9:25am. PnL: $2.6 1 trade
Although I love all the fashionable stuffs and try my best to keep up with the trend in life, in trading, I always find how admiring and fasinating the traditional approach to trading is. Use paper and pencil to trade is no doubt the great way to understand price (inspired by one of the experience traders on ET a while ago) a little more and better, I started to pick on the project myself now ever since I decided to do everything I can to understand and adapt Al's Method.
Slightly in red today. Took 3 trades. Hopefully I am not over optimistic and delusional. Looking at the trades in the past weeks, I still see the improvement on the entries. I am not 100% satisfied with all my entries but I did take some good entries, at least they are better entries than I took before. The trade management is the bigger problem now that affects the profitability more than entries. As long as I can switch from âweak handsâ to âstrong handsâ, I would be in my next stage of trading life I believe. 1. 6:42 long. Exit at -13Pts, realized that it was a bull trap instead of a pullback. 2. 7:00 short. L2 short, lower high. Failed D/B. I was able to hold by the first retracement at 7:55, but when I saw the price is forming a W bottom at 8:15 and looks like itâs about to retrace again. I was shaken out of the trade. +5tick. In hindsight, it still OK to be out after the bull close. But what I should do next time is to reneter. The next bear 8:20 bear reversal bar signals the short is still valid. 3. 9:55 long. BO Pull back from the bear channel/bull flag. Trailed my stop on the trade since it forms the bull channel. Stopped out at 11:07. +8tick. Still didnât get back in⦠to meet the target at 11428â¦. Done for the day due to the 3pmest report coming up. PnL: -$7, 3 trades. 67% winrate Will only trade first hour 2 hour tomorrow. Got to do some last minute shopping for my trip. I will post my trades if I take any!
Hi Matcha, You have definitely improved on picking your setups and entries based on your PA studies. I see confidence is building up within you. Hope you get your shopping done before your trip to the far east..... --po