Good Morning Overnight, I agree with you. Trading real money and sim is not the same. Trade real money only everyone.
Good Morning Volpri, Thank you so much for the explanation. Im still VERY confused. Sorry. Can you please make an instruction video on what is Whittling versus Average down please? It is VERY VERY confusing trying to understand. Thank you.
Good Morning ironchef, Yes, I am trying to follow the method. I am just highly confused on the whittling method and not sure if that is even needed.
Whittling down is not needed. I can take the loss on an averaged in position double-up, reverse, and get the loss back quickly. However if I don't want to take the loss and get it back I can resort to whittling down the paper loss because it is not a loss until I take. But the larger and immediate context needs to be supportive of utilizing whittling down. Study the 9 screensshots I just posted. You should be able to figure the process out. In addition I have already posted a video on YouTube utilizing whittling down. Have you not been watching the videos?
@volpri, this is your journal, my apology for trying to answer @SimpleMeLike regarding your methodology. I know it is frustrating at times. Been there done that. Whittling down and averaging down are not something I can do well. Took a significant loss in sim on Thursday trying it out on QQQ. In general, I don't follow the method but used the overall concepts to develop my own method. Noticed @birdman did the same. It is a very important distinction. Why? Because I am not @volpri and can't trade like him. I have to develop something I am capable of executing. I am also more comfortable taking a few more losses instead of "martingale". Cheers.
No need to apologize. Out of curiosity: 1) what TF on qqq were you trading? 2) and around what hours were you averaging down and whittling down? I don't trade QQQ and never have. It tracks the NQ correct? 3 ) I am assuming you were going long and averaging down and using whittling. Is that so?
I was practicing 5 min TF, entered long around cross-hair, initially going well, waited for more up moves, expecting uptrend to continue. Then the red candles, kept buying a few times when it hit down turn, then tried whittling down a few times expecting TR to resume. Gave up near middle of downside BO. If I used my usual exit criteria, this would have been a winner. I waited too long and wrong guesses afterward.
Hello ironchef, It is working out great for me sir. I love price action trading. You can learn more from Al Brooks teaching too. I have no issues at all with my trading. This style of trading that @volpri is certainly not for everyone, but I love it. I am not changing to nothing else. I love it.