No sir. I am serious. Averaging down worked for me only if I removed SL, otherwise, I got stopped out too often.
Here is a video of the ES made live on a SIM this morning. This is not a replay but live as trading was taking place so my comments are made as PA was unfolding live. I want to drive home a few points: 1) How I trade momentum since these were ALL 6 momentum trades. All profitable capturing 6.50 points between 8:33 and 8:53. All winners. No losers to have to make up for. 2) When scalping if I can maintain a high win rate by taking high probability trades then I don't have to be involved in getting losses back. I can spend my time looking for more high probability trades. By high probability I mean price will more likely hit my PT (profit target) before it would hit my SL. 3) The importance of being cognizant of the larger context. I show this larger TF (time frame) on a 5m chart. While each time frame has its own larger and more immediate contexts it is a good thing to be aware both contexts on more than one TF. I usually am not looking at two charts as I show here because I can usually deduce what is happening on another TF I am not watching by just looking at the PA on the TF I am executing trades on. Nevertheless, I do sometimes take a quick peek at another TF than the one I am trading if there is any doubt in my mind as to what is happening on that other TF. 4) Scalping involves quick decision making therefore I prefer binary decisions. Do I go long or short? Who is winning according to PA bears or bulls? I can do this better on uncluttered charts that don't have a lot of indicators on them (I just have one indicator - an EMA) that draw my attention away from what PA is actually doing. I need to focus on the INDIVIDUAL bars and nearby groups of bars and the larger context to get a better sense of what price is doing and the constant probing up and down OVER time. 5) Momentum can be quick, deep, shallow, continue or suddenly reverse. So even in momentum trades I "grab" profits quickly as I figure if it continues after I exit, I can always get back in. By grabbing profits and taking high probability trades in a momentum environment I maintain a HIGH win rate thus I am not spending much of my time waiting for opportunities to getting back previous losses. I stress that a successful scalper has to maintain a high win rate. Otherwise, scalping is not going to work for them. I know traders would argue against that concept, but I would just simply suggest try scalping with a low win rate on a SIM and see how long you will last. If what I say is true, then a good scalper has to devise and use tactics or techniques that facilitate a high win rate and that leads us to my next point. 6) One way a scalper can maintain a high win rate is by taking high probability trades. By that I mean price has a higher probability of reaching my PT before it would hit my SL. That leads us to a discussion of the relationship between risk-reward-profit. My next point. 7) The relationship between reward-risk-and probability. High probability trades, by their nature, mean bad risk to reward. Many traders misunderstand this relationship. There are three elements here: Risk, reward, and probability. It is nigh impossible for a scalper such as me to have all three in their favor. So, if I choose high probability to maintain a high win rate, I have to understand I will have to take on bigger risks thus making my reward to risk often times (more often than not) is an upside-down situation concerning initial risks to reward. It also means I will be jumping in and out "grabbing" profits. However, in terms of "actual" risk to reward it often is a very good ratio. That is price never came close to my initial risks (SL) before it went in my favor giving me my PT. It is very rare to have all three in my favor. It is a tradeoff. In momentum trades I know that probability favors me and IF probability favors my position being a successful trade that means I have to accept less initial reward because I am using PA SLs (initial price action stop losses as opposed to a set point SL). I am playing my trades by the PA that is unfolding or evolving. You may say why not us tight SLs and avoid that upside down scenario? Because I will then bleed the account with a "thousand" paper cuts so to speak. 8) In scalping I want to have a high win rate so I have to use techniques that will render me a profit in short order, straight forward, and quickly. Scalping with momentum has a rather tight time element tied to it. If it is not going to my PT within a few bars, then I need to look at getting out at BE (breakeven) or a small gain to cover commissions. In this case I captured 6.5 points in the ES in around 30 minutes of trading with no losses. That translates to $325.00 before RT commissions on 6 trades. And this is trading the ES with small size. Anyway, enjoy the video if you can. Swing traders likely will not like it. Others won't like it because it is on a SIM. That is OK. No reason to watch it if they don't like it. I am just not going to get into proving anything about any accounts of mine. The concepts can be explained on a SIM as well as in a live account. And in this video, they are done in live SIM as price is happening not in a replay with commentaries. In other words, the trades are taken on a live SIM therefore I have to read the markets correctly and place the orders as I am interpreting PA as it is happening live without knowing beforehand what price did as in a replay. My comments are thus live. 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. Actual results can be different than real or SIM results so 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.
Not necessarily so. Because SLs can be set by "x" amount of set points or they can be PRICE ACTION SLs set by what price is doing as it evolves. So reading and interpreting price action and the subsequent of placing of SLs based on that interpretation can influence whether the trade is a winner or a loser. So, his question is a valid question. IMO
No. PR got way too expensive on everything. I'm now buying the NOW brand from VitaCost (I think VC is owned by Kroger). VC has BOGO deals, or discounts, quite often. Watch for them. BTW, in addition to select supplements, I have completely overhauled my lifestyle. I used Keto to regain quite a bit of insulin sensitivity and my blood glucose situation is much better now. That's important at our age. You and I might be the top three oldest people on this forum. Hell, I think I might be the oldest. lol
He was gigging you because the answer to your question appeared obvious, which is a sign you might be a troll. lol But I know you aren't.