@SimpleMeLike , btw, I blocked padu a long time ago as well. I think he used to go by trading_god or something like that before switching the name. His posts are ridiculous. He would talk about Brooks (I actually like Brooks methods) and how he figured this stuff out in1 min charts and been trading 30 years or something, only to show in his journal of tiny forex accounts (like $100) that he kept blowing up not that long ago. I really don't think you want to be taking advice from someone like him.
I'll keep this short since I hated to type using cellphone. He posted a screenshot from this thread which is useful to you if you look @ it closely. I don't want to disclose too much about my edge here from what I'm going to say next. His entrance method is similar to mine except that mine is more complicated than that or maybe he didn't show everything on that chart. Back to my drink. Too hot to stay outside.
While I wasn't a profitable trader, I never let anything or anyone to distract me. My wealthy parents never gave me a dime cause they said I was gambling & throwing money away. That's fine cause I never asked financial support from them anyway. Whe my ex left me since I didn't make any money from tradind for years, I cried very hard to myself that day. That's fine cause I better off by myself to find ways to improve my skills. In between, I jerk off a lot lol... Blah blah blah... I were by myself lonely for over a decade in order to become successful, but I want to be cleared with you is that more than half of my millions $$$ fortunes came from real estate investment which I mentioned here before. The bottom line is that you have to completely focus on it with minimal distraction. Never give it up easily if this is your passion.
O yes, I blocked padutrader too for the same reasons others mentioned. One day I read ET from my iPad as visitor and laughed at this crazy stories about $ 7 accounts, blowing up and going all-in. So I unblocked the guy and ... things have changed... Last week he doubled his $ 5000,- account, in a way it's supposed to be done: using reasonable stops and targets. Getting out when wrong, adding when he's right. He is honest enough to post every trade (with screenshots) Yeah, he's cocky when he's in a winning mood, but a lot is, if you know him, really tongue-in-cheek. But he is honest about his doubts too. His thread could turn out to be a classic one.
Which post are you referring to? This one? Or the second one? https://www.elitetrader.com/et/threads/the-day-trading-thread.333101/page-13#post-4872156 https://www.elitetrader.com/et/threads/the-day-trading-thread.333101/page-12#post-4872142 It doesn't really matter which because neither of these charts have anything on them except a few indicators. There are no trades. I don't understand how you can say his entry method is like yours because I don't see entries.
SML, Just curious as to why you found it necessary to let the trade go 40 ticks against you before you decided that it was a losing trade? Especially since it was a losing trade from the gitgo as you never had any open profit on the trade. You have said that you like to trade breakouts on the 3 minute and this chart quickly developed into a breakout on the long side. Not being critical here as I have done this many times but the trading principle here is that you did not have in mind what it would take to prove you wrong on the short before you entered the trade. And, you stayed short longer than you wanted to because you did not want to be wrong --- did not want to take a loss --- and worst of all did not want to feel that regret if you closed the trade and it did go your way into a profit. As a result you missed your own upside entry because whatever your personal breakout rules are, the 3 min bar was green 5 bars in a row for 85 ticks so you would have hit an entry point. This chart illustrates what OP Mark Brown said earlier that the 3 minute chart is an eternity when it comes to intra-day trading especially in CL when the action comes very swift and a move can start and end soooo quickly. Someone else also suggested tick charts and those give you a heads up on a move as it is based on activity not time.