My nq price action method

Discussion in 'Journals' started by slugar, Sep 1, 2013.

  1. Redneck

    Redneck

    System is fine

    System administrator needs a tune up

    Thx
    RN
     
    #1041     Jan 14, 2015
  2. slugar

    slugar

    I'm far from trading 2 contracts and i am on a demo right now
     
    #1042     Jan 14, 2015
  3. slugar

    slugar

    Focus for to today is watching how price reacts at certain levels and trading the extremes
     
    #1043     Jan 20, 2015
  4. slugar

    slugar

    My plan when I get to 2 contracts I will take 1 off at a fixed target amount and my stop will then be moved to break even. I will then watch price action and get out when it tells me to.
     
    #1044     Jan 20, 2015
    jsmacksem likes this.
  5. Buy1Sell2

    Buy1Sell2

    This will choke off your profits when you are in a winner whilst allowing to take full loss when you are wrong.
     
    Last edited: Jan 20, 2015
    #1045     Jan 20, 2015
  6. slugar

    slugar

    It will also allow for runners when the market makes a strong move
     
    #1046     Jan 21, 2015
  7. Buy1Sell2

    Buy1Sell2

    Actually it won't. You will be missing one of your positions when it runs.
     
    #1047     Jan 21, 2015
  8. This is actually a fairly common strategy to help with limiting losses and reducing volatility. While it is true that only half of the position will exploit large moves, if and when they do occur, the strategy may allow for more consistent profitability. It may help him stick with a position that moves in his favor longer than if he holds the full position, and that may help him from a psychological perspective.

    To each his own.
     
    #1048     Jan 21, 2015
  9. Buy1Sell2

    Buy1Sell2

    If not able to hold the full position, then he would be wildly overextended with 2 contracts. One must never be in a situation where a position would need to be pulled in order to smooth an equity curve or be consistently profitable. What would be best is to stay with one contract and let it run, while only exposing self to a full loss on 1 contract instead of 2.
     
    Last edited: Jan 21, 2015
    #1049     Jan 21, 2015
  10. Yes, if he is nervous about trading multiple contracts, then he shouldn't. However, many professionals employ this sort of tactic to smooth out the equity curve. Some trend followers will employ counter trend strategies to the effect, etc.

    Ultimately, I see no reason to argue against the tactic. There is nothing wrong with his approach. If he can be profitable this way, then it works for him, and that is all that matters. There are thousands of ways to skin a cat in this business.
     
    #1050     Jan 21, 2015