after you are stopped out, better step back, take a breathe, do not rush in again. you did three trades, but you see the net results is 7.7-79.8+100.25=$28.15, and you created commisions: 3*4.8=$14.4. IB did nothing, but net half of your work! I made this mistake frequently, I hate it and try to conquer this bad habit. I admitted if I were you I did the late two trades, just to recoup my first trade loss. it is similar to an averaging down trade though i did not do averaging down any more.
Stops, a good starting point might be a 2-3 point stop. Move it to BE when the move=risk. Move it to profit=risk when the move=2xrisk. When move=3xrisk think about trailing a stop at profit=2xrisk. This is just one way to look at it. Another way might be to move the stops to S/R levels.
Wait a minute...what about the big dogs balancing on dimes and running across the chart and peeing on the fire hydrants? And you didn't post any links to ancient songs on youtube! Now I'm confused.
Sorry, today doesn't count. You didn't follow the rules. You traded stocks also today which is against the rules.
There was no need to step back this morning after stop out. The opening range trade was pure discipline to trade the short trigger with a 6-tick stop. Nothing wrong there. Second entry of the opening range trigger price was based on confirmation that the first trade was valid. My only mistake was taking $112 and not patiently waiting for the additional $200 the market had to offer me. Moved my stop too quickly instead of trusting the overall setup to play out.
yes yes and yes, why, market knowledge can be easily acquired, and the skills to read chart or the tape can be easily mastered, the skills to spot trading opportunities or setups can be taught, even can be taught to a three-year old toddle, or a monkey who can hit computer keyboard. there is no secret here. QUOTE]Quote from NoDoji: trading is hard, very hard, damn hard. :eek: [/B][/QUOTE] "I'm also trying very hard to honor my rules regarding patience and consistency. I still chase entries, which costs me valuable profits. I also still "pick and choose" instead trading every signal I see, which is a very bad habit" quoted from nodaji we human beings, we have emotions, we have ego, we have free will, we think, we fear, we greedy,we excite, we ..... we are too flexible to stick with the simplest things! when we look back after years of trading, we found our initial trading ideas are the best, but we still keep seraching, the wrong direction!
(psssst! Hermit, wrong guy...) For the record I can never again watch price approach S/R levels without becoming a big dog sniffing around and peeing on the fire hydrant with all the other big dogs. I LMAO every time I see the price pushing a level.
âMr. Gorbachev, tear down this wallâ NOD Just as that wall fell â so shall yours â just keep chipping away (possibly with a bigger hammer) A friend once told me âNo other way to do it â than to just do itâ RN
LOL, yeah I was just rattling bighog's cage. Seriously, though, have you thought about NQ? That big morning move on ES was around $860 per contract, but the same move on NQ was about $560 per contract.