hi huios, dont you read the post from niha on site 88... "You must let your signal candlestick complete and enter the trade as soon as possible in the next candlestick..." i found out the following: IF you have a trading plan, it must be possible to enter with stop buy or stop sell orders, which are placed ahead and trailed...cause when you have a plan, you do kown you entry price before the setup is finished...just kick in your stop order an wait...that way you never going to miss a planned trade. also, if you use "autotrader" or something like that, you can plan a target price and enter a limit order...when the target is hit, you get filled. period. next setup, next trade. be consistent. trading
Plum, thanks for the post, I am going to pull one part of it and commment on it, cuz you brought out something that I might not have communicated correctly, in my post last night. My entry is my entry. When it shows up, I don't sit there and "wait for the correct color lightnening bolt" (loosely paraphrased) to crack me between the eyes. I didn't get a memo from God saying (deep booming voice) "Huios, my son, I am giving you this trading plan. Trade it and prosper, and do not take an entry unless I tell you." I thought I was a pretty together person mentally, physically, and spiritually... then I started trading, full time, real money, for a living. The market is a perfect mirror. If there is fear in you, she will show it. If there is greed in you, she will show it. If there is indecision within you, she will bring it out. If there is lack of conviction, it will be evident. If you lack discipline/consistancy, she will wear you out. She is a good teacher, but a tough one. Any flaw, and like a concave mirror, it will be magnified. That little zit on the forehead that you used to ignore, will end up looking like, and feeling like you are climbing the Rockies. Am I going to step into the unknown and embrace the risk that it holds, rising to greater heights, and sinking to deeper depths, or am I just gonna stay in my comfort zone, and be safe. God goes before me, and He is also my rear guard. What do I have to fear? Me. I am my worst enemy. The good things are the worst enemy of the best things.
4 trades, 2 b/e and 2 losers for net of -3 pts. Net for the Day: -169.20 Net for the Week: -33.60 Net for the Month: -793.00 Today was a great day. I took every entry at the point I should have. One missed trade that blew by my entry before I even knew I had an entry. Lost money today, but feel real good about how I traded.
Another post by darkhorse that I wanted in the journal Here's a useful exercise for anyone serious about improving: 1) Write out your methodology in full. Leave nothing out. Explain everything in full detail, as if you were writing it for your gramma who knows nothing about markets. 2) Put on your cynical skeptic hat. Write out all the reasons why your methodology might be incomplete or poor or wrong. Be merciless. Highlight where you may have made bad assumptions, where you may have overlooked something or didn't understand something, where you just didn't know what is going on, where your ideas might not match up with the real world. 3) Come up with a list of questions that need to be answered based on your findings from step 2. It doesn't matter how basic or dumb they seem- in fact the broader they are, the better. You can get more specific later when you are tweaking instead of overhauling. 'What is the main reason I am losing?' and 'Does this indicator have any real value?' are two examples of broad but valuable questions. Repeat steps 1-3 on a regular basis throughout your career until you either a) reach a plateau you are happy with or b) retire from trading altogether
Nice Job following your plan. Congratulations.. Concerning the plan however. I don't understand Buy#2 on the chart. Did you realize that the S&P was being pegged up to yesterdays close(948 area) and the Dow Jones at yesterdays high(8950 area). After both had just bounced up at 11am from almost exactly their 50 Day Exponential Moving averages. It is imperative that you draw previous days high, low and close: (regular session numbers) on your chart.
I was looking for a move to about 951ish, to about where we were before the numbers hit, the highest it got was 949.50. I find that usually numbers moves retrace to where they were at 10:00. Today I was wrong. H
5 trades, 3 winners, 2 losers for +1.50 pts. Net for the day: +51.00 Net for the week: +17.40 Net for the month: -742.00 Trading the 5 minute chart tomorrow.