thing with day trading is, you don't get that many opportunities to trade if you only trade the US session, and sometimes you don't get your fills too. So its a grinding day by day until a big one come. I am searching for way to get in more swing trade without scalping too much. Say when a reversal failed, it turns into continuation pattern, which I think it's good place to reverse a trade, because sometimes you just don't get that confirmation then pullback type of entry.
I am really glad it works for you. It says @VSTscalper is not a scammer. I am very happy for him too. Are you using algo? Manually clicking multiple times within a min is very hard.
i can't really comment on that but i have posted many comments about this throughout this forum through the years. enuff for several books. i could never describe more accurately than is exposed in this thread. beyond that i would put any edge i might have in peril. Reverse the trade to get back loss by Concinnity i know what the broad market is doing always, that is all that matters really.
I've only tried it in SIM. Tried again today, also in SIM, and went 5-0. I said I went 10-0 the other day, but I was mistaken. I checked and it was 13-0-1. No algo, all manual entries off a one-minute chart. I don't enter multiple times per minute, either; I wait for setups. You only need a handful of trades per day to make good money, assuming you don't lose one. I use a Trade Manager that I coded. Hot-key will place a limit order, no resting stop/target, Trade Manager watches the trade and exits using a market order. Not sure I would try this with real money on ES, but it sure is tempting.
mental discipline is obtained by having secured discipline from doing. trade the micro and if you can just break even - it will be the best experience for you.
I trade the micros now, just not the way @ironchef was talking about, which is what my post was about.
Here's the problem. Not all of your trades will be losers. Some, in fact, will turn out to be a huge winner. That is, if only you held on to it for the entire ride. But no, being a pussy that you are (and I don't mean you in particular), you bailed out at the first retracement. Now, imagine the reverse scenario. As soon as you get in, you see the price drop and continues going down. Being a pussy that you are, you should be pulling the rug from under. But no, not this time. On the contrary, you plan to milk the dying cow, which is actually you, to its last drop. That's the usual scenario for most traders and why they would never make money simply reversing a trade.
I spent huge amount of time with S&R in the 90's, found one way to be profitable and hundred of ways to be worse than going with trend. Clearly when in chop, S&R will chop you to death. You can come up with trend system, backtest over 10k sample size, watch for "mean" average of losses, so if mean ave is six losses in a row, take seventh trade. So you are missing all the S&R losses and waiting for trend to kick back in.
This is my thought toward Reversing too, that's why I am curious on how some traders are able to use this strategy everyday to improve their trading result. The chance of error and the risk is so much greater than if you wait for a new pullback entry.