qwik, Excellent post, as usual. Nice to have you back, been too long... Hopefully the Trading Gods are treating you well.
Lots of good posts this weekend. Sorry I didnât get back sooner, but weâre looking to move into larger quarters, so I have my own office, which will help with one of my biggest gripes, distractions. Note on stops, which I believe are the most important part of a trading system, even more important than entries, imho. I keep tight stops (although not this morning). My style is scalping, or so I think. My eyes were opened when I did the MAE (thanks to AAA, AllenZ, and vulture: starting at pg. 37) several pages ago, and found what I found. It is in the back of my head, and will be drawn on at a later date, or maybe tomorrow. I gotta keep separate things separate, or I will go bonkers. Gotrader, I like your descriptions of the moods of the day. And, I have been doing my stops monetarily because of the scalping style I want to trade. I agree that price returns, and you usually get a second opportunity to enter. What I try to do is wait for that second time to put in my order. As for reversing quickly, I see that happening a lot, but I do not do it, just like I do not chase. Thanks for contributing. Quiktrade, this is a great post. I really thought I could trade 5 setups. My rational was that three of the 5 happen in the first hour, and if I miss one, I can get one of the others, and what usually happens is (like this morning) I screw up on the first (ie took too big of a loss) and it gets me out of sorts, and then I miss, or screw up the remaining setups. My best trades by far has been the âTrend Retracementâ setups. I am going to only trade that for the next two weeks, and use the 5 min for my setups, but still look to the 1 for my triggers, once Iâm triggered, I may just shut down the 1. Iâm glad you enjoy The Evolution, I enjoy (usually) writing it. And no, I never read Winters book, but Iâll skim it next time Iâm at B&N. Everything from LBRâs website that can be printed is, and I review it at least once a month. Several of my setups are âderivedâ from her. Was in her monthly âFree Dayâ last month, but something happened with the server, and I never got reconnected. There are no more free days, as per Chartwiz (?) who is a co-host in her chat. He was in the ET chat for several weeks, this was right before I left due to me being too distracted. N, didnât mean to chop up your post, but I did. My setups are based on the 5 minute with the 1 minute used for the trigger. I figured today my stops are based on the 1 minute (loosely) also. I believe I am screwing something up here, but not sure what it is. Only using one setup the next few weeks, like previously mentioned to Quik. I believe I am just going to try the 5 minute for setups, triggers, and stops. Been watching the market today based on this thinking, ie trend retracement setups based on the 5 min, with stops based on the 5 min also. Interesting. And yes, some things are sinking in. That is what I have been trying to do at different times. You are right, it does not âfeel rightâ at all. Itâs called the wheat and the chaff. Just gotta separate it out. I realize, especially after this last month, that there are just as many different ideas out there as traders. The one that is right for me is the one that is right for me. I need to find that out for myself, just hope I donât go broke before that happens!!!! A wise man learns from others mistakes, a foolish one has to learn from his own. Not sure which boat Iâm in right now. Iâd be interested in seeing your chart for today, with some of your trades posted, if you donât mind.
No trades this afternoon, just watching. Net for the Day: -284.60 Net for the Week: -848.00 Net for the Month: -676.80
I am trading a different style tomorrow. Not looking at the 1 min at all. Only the 5 and larger timeframes. Only trading one setup, the trend retracement, and basing the setups on the 5 min chart. Stops will be based on the chart and price action, instead of # of points. If the risk is too large, greater than 1% of account equity, I will pass on the trade, and wait for another.