Spec, Here are the instruction for getting into the chat room. Hat tip to jfw215 for posting (page 93 of this journal) BYF
Came across this post from Piscuy in the AHG journal.... The question Piscuy posted was: "What is the difference between a good or a bad trade for you people. Here was his answer: "There are some very good answers and I decided to bring the subject up especially for the good and bad assignment many newbies give to trades. A good trade is that trade that is executed acoording to the plan, parameters or rules established by the trader. A bad trade is that which is executed deviating from the plan, parameters or rules established by the trader. If you notice(as others have answered) a good or bad trade has nothing to do with profit or loss. In this business we are working against human nature in some aspects. It is a business in which you have to accept very fast that you are wrong. It is against human nature to like to be wrong. We as traders have to accept our mistake very fast and many times a day(depending on trading style). This is why it is important to assign the correct value of good and bad to a trade. When we do something bad we blame ourselves, get angry, get frustrated or just gets our spirits down. In this line of work in which the psychology of the executer has so much to do with the result obtained, being angry, frustrated or with our spirits down is detrimental to our goal. Be happy to take a stop if it is a stop if you took the trade for the right reasons(setup, etc.) and it did not work. They will never work all the time, so the right mind set regarding those that do not work is very very important. Good trading to all."
AH Trades, Took 7 trades for +33. Trade 1 Bad, short against the trend Trade 2 Bad, short against the trend. Saw a large pending sell on dom but that level didn't hold Trade 3 Bad, was going to go long which was good, but decided to go short again b/c of the large pending order on dom. Got fooled. Trade 4 Good, bought on pull back, perfect Trade 5 Bad, no pull back Trade 6 Good, went long after breakout, however, got stopped out on a freak down bar. Filled me 2+ pts below my stop... WTF Trade 7 Bad, panicked after getting stopped out and just bought. Stopped out again. Very bad Overall still doing a little over trading and calling top. The first 3 shorts were call tops. Never doing again. The 5th and 7th were just bad trades due to break down of discipline. I feel whenever I exit a trade I want to get back in, this is bad. I should wait for setup and not jump the gun. Also, I think I've been trying not to over trade, yet I'm still doing it, a little disappointed in myself. But it's ok, I'll get there. Cheers JW
I shorted a minipullback to the triangle lower trendline. It was so mini, that it was pretty much the same as shorting the close of the breakout. I was very eager to get in on the first pullback (even though it was smaller than I would normally prefer) because lately those late day moves have had very small pullbacks. So to answer your question, I wait for pullbacks.
Good result man. Just commenting on the trade you had based on DOM. I'm certainly no expert on this, but as far as I have understood DOM is a very unrelyable source of information. And for that matter it doesn't count as price action either, as it so far is only "intention" of selling/buying
1 entry 2 nq contracts. +$60 Good entry, but a little aggressive. But still a great start for the day. Cheers JW
Andas, You're right. I'm not taking that information into account anymore. Cost me $$$ last night. Thanks to your answer on the pullback question. Cheers JW