Matcha .. it's ok! You are still very young, so it's ok to made all kind of mistakes when you are young. When i was young.. i was extremely foolish and naive ..the brutal reality made me a strong and wise person. Sweetie, it's okay to love fashion.. just don't be like Carrie Bradshaw who spent 40K on manolo blahniks but no $ to put down as deposit for her NYC apt lol Good !!! trading is your priority now and when you made lots of $$$$.. you can go shopping in tiffany, gucci or chanel like a queen .. I am not a day trader so my strategy of trading is different... You have one good man, Bolimomo as Sifu and NoDoji is a day-trader, you can learn much from them.
Hi Matcha, Yes, I use 4 time frames for my trading - 30, 5, 3 & 1 min charts. I guess yesterday and most other times, I got tempted by the signals in the 1 & 3 minutes charts. Thanks for pointing out page 90 on Marcel's book. He is a major proponent (like Boli and other "sifu"s on this thread) on using multiple time frames. On his trading rules on page 327 - he listed "Look at higher timeframe". And on his takes to becoming a HP trader (on page 227), his number 1 rule is to use multiple time frames, then trade with the trend and then wait for pullbacks. I will re-read Chapter 5 on using multiple time frames. Thanks for the tip. I guess I couldn't resist the temptation of those "easy" signals in the smaller timeframes especially after I had a "loss" trade and wanted to go after another trade to get even. Oh! I probably need to re-read his Chapter 17 on The Dangers of Overtrading. This is a great thread that I can learn from all those who have make a contribution. Thank you everyone! --po
Okie .. looking at your report-card, you must continue sim trading for another 2 or 3 mths .. start with 10k capital(SIM account).. if your sim trading net profit $800 a mth continuouslly 2 or 3 mths..go to live trading. If net profit less than $800 go back to sim trading. If account goes up, "Slowly" increase your contract size, if great opportunity rises, you gotta whack the market but must put "STOP!!". If your account goes down to $5500. Stop trading live and goes back to sim trading again. Honey, don't let "Fear" overwhelmed you, we must not let "Fear" controls us but we must also have excellent "Self-control". When we are wrong, we're wrong.. must "Cut"/Stop loss is So Important!!! If you have good "Self-control/Self Discipline .. you won't blow out your account. Have confidence in yourself. Trading in the year of tiger is not for the faint hearted.. so they said! But we are dragons not afraid of tiger lol ( Just joking!)
Here is another Boli's one tip a day for you. Oh... this is my second one. Making up for AWOL. Glad this one is timely. Note: yesterday Dow had a big, bullish run. +300 for the day. Very bullish in any measure. So today I would expect it (normally) would be in range. My typical range expectation is between (PP to R0.5) and R1 after a big bull day. It probably won't shoot above R1 because: 1) The market needs some rest. 2) Yesterday being a large-range day, today's R1 would be significantly higher than PP. If it reaches R1, then most likely it would come back towards PP. If it reaches PP, then most likely it would bounce back towards R1. Today shouldn't be too bearish. So the "break down" has a high chance of failing. Result: Down up may be 100 or so max... then came back down to 0 or so (not quite PP)... and then bounced back up to R1 or so. Remember this is "after a big bullish day". Back to back +300 days are rare. If it happens, it could be the starting of a new leg upward in a higher time-frame. And the converse is true for "after a big bearish day"... the range expectation would be between (PP to S0.5) and S1. Probably won't break below S1.
hmmm... one lovely girl (mat) and one polite young man (po) .. i like this this threat too.. all the forumers in Matcha's thread are nice and friendly
Since everyone is cashing in on advice, I suppose I will as well. Perhaps you should try and simplify your trading? I find the more rules that I add, the worse my trading gets. This is of course, 100% my opinion. Sooo, for instance, try trading using only a 3 minute chart. Mark big swing lows/highs as the day progresses. When price reaches these points again, look for a price pattern like my favorite 1-2-3. Then make up some rules to manage these trades. I personally like getting to break even as quickly as possible, but thats because of my risk tolerance. Also scaling out helps ease my pain. Here is a recent chart. Again, this is all my opinion and in fact I do not even trade exactly in this manner. This is just an IDEA that may or may not help you. Good luck!
Hi ~~~, You made me flush. I concur with you 100% that everyone on this thread are nice and friendly. It all started with Matcha and all of her genuineness and openness in her journal. It is contagious!!! Thanks for your sharing of your experience and your encouragement. --po
Made productive and proficient trades today. Only 4 trades. Not a very profitable day but market has been trading in a tight trading range, so I canât complain that much from todayâs market. Looking at large time frame does keep me out of troubles. Keep me out of over trade behavior. All the trades today are long; even we are in a tight trading range. So easy to analyze todayâs trades, only 4 trades. I remember clearly what my thoughts are behind pulling the triggers. TRADE A: Break out pull back trade, price broke YTD high and mid pivot point then pull back. Took profits at the R1 level Entry: 10098 Exit: 10128 30Pts Then price pulled back formed a base for almost 3.5 hours. I waited for the breakout pullback trade again. TRADE B: Breakout pull back. Stopped out for only 6Pts profit didnât go back in because itâs already 12:50PST. 10 minutes away from market closes. Todayâs PnL, +$160, 4 trades, 75% winrate. I like todayâs result. But as Richard Dennis said:â Donât be misled by the day-to-day fluctuations in your equity. Focus on whether what you are doing is right not on the random nature of any single tradeâs outcome.â By looking at bigger picture today is something I did right. Next week, I am going to keep working on playing multi-time frames well to increase quality of the trades and decrease # of trades. Weekly result: PnL: $471 Winrate: 51% #of trades per day:10 Mistakes: 6 Cost of mistakes: -$214 Comment: Learning to get familiar with looking at multiple time frames to reduce #of trades and hold positions longer. Have a great weekend, everyone!
Yes, May 6th. I was very greedy and thought I could take advantage of the crash get a few $$$. Even though the matrix and the chart were not in sync. Then I had no stop in place. When I decided to place stops, the system wouldn't accept it. I learned the lesson, when something is acting out. it's acting out. Only fools would "catch fish in mudy water"-chinese saying-"Hun Shui Mo Yu". Then catch dead poisoned fish.