Thanks. My point is I have to learn to walk before I can learn to run. From watching your trades, finding the right entry is the first step. I am not in any hurry, the rest can wait.
Good Morning ironchef, If you going to add to losing positions you need a very big account to add on size as price goes against you. If you had a $500,000 to $1million dollar account, then yes adding to losers would work a lot of for you. Or you can start with Micros (MES or MNQ) with a $50,000 to $100,000 account size. Traders adding to losing trades have very big account, and you have to be willing to go balls to the wall on some trades to stay out of drawdown, and be happy and content if one day you lose the whole account. Then you have to start over again. That is how the trading game goes, if you playing with+$100,000 account size and you adding to losing trades. If you playing with less than $5000 account size, you will be scared everyday to add to losing trades and you will blow up. I personally love adding to losing trades, it feel really good. I will not be upset if I take a big loss and go to big drawdown. Losing is apart of the trading game, just have to deal with it.
I rolled over contracts today to 2025 in NQ, MNQ, ES and MES. I traded around 1 hour this morning 12-16-2024 in the context of price action behavior that is called SPBL (Small Pullback Bull) trend. I highlight two concepts. That of FOT (Frequency of Trades) and High Win Rate. As a scalper of 1to 8 points in the ES or Mes and 5 to 20 points in the NQ or MNQ these two concepts are of utmost importance to my being able to scalp and make scalping work for myself. This video is a replay of trades taken today with comments and sped up to shorten the video length. I may from time to time post another video as I have time and feel up to it health wise. Enjoy the video if you can LOL and remember it is for your entertainment and simply showing how I view and execute scalping. I am not telling or advising anyone to scalp this way. A scalper may not have the same results as I show here in this video and can even lose all their money and more! Have fun and laugh. Life is short! SO...... Disclaimer: All of these videos on this YouTube channel including this video are for entertainment and information purpose only that show how I like to scalp. I am not advising anyone to use these techniques. You may not get the same results as shown in all these videos and you can even lose all your money plus more.
Thanks for the post. Forgive my ignorance, what is the carrying cost of 1 NQ contract and what about the round trip commissions?
Thanks for the advice sir. I don't trade futures and am really not interested in making lots of $$$ in day trading. For me day trading is a very challenging and interesting problem to solve. If I trade small, like 1 shares of QQQ, it is commission free, I can average down quite a lot before it gets painful. What I am interested in is to compare win rate and expectancy for no average down vs with average down.
Here is a short video link of some trades I took today. The good thing is they show one technique how I handle an averaged down (and martingale) loss and recuperate the entire loss and back into profit in a few minutes. You might find it worth watching. Don't laugh too hard. Your teeth may fall out! Note: When discussing an implied PB on the 1m chart around bar 10:14 and then dialing down to show it on a 5 sec chart to show it as a true or actual PB I pointed out the wrong PB on that 5 sec chart. The correct PB is the bull PB on the 5 sec chart just before the 10:14 bar. Disclaimer: All of these videos on this YouTube channel including this video are for entertainment and information purpose only that show how I like to scalp. I am not advising anyone to use these techniques. You may not get the same results as shown in all these videos and you can even lose all your money plus more.
A short video recording showing a few trades in a bear channel using averaging down and martingale techniques. Disclaimer: All of these videos on this YouTube channel including this video are for entertainment and information purpose only that show how I like to scalp. I am not advising anyone to use these techniques. You may not get the same results as shown in all these videos and you can even lose all your money plus more.
I finally am back. RTHs are over and here is how the day went from a 5m chart perspective. After my trades the market did mostly hover in the top half and did have two BOs out of the channel top that failed and several BO attempts. So, it stayed a bear channel all session long. Can you see how it can be profitable just trading it as a bear channel until there is a successful BO? Fading the edges. Notice on the two BOs around bars 12:55 and 14:20 that within 5 bars price traded right back into the channel. Can you see how fading the BO and even scaling into to a losing position as it traded on up even maybe coupled with a martingale can end up being profitable? Now look at all the failed BO attempts between those two bars.