imo CL is by far the most unforgiving symbol of breaks in discipline. Let down your guard even once... pull stops or add to losers or whatever else, and CL will steamroll you dead right then & there. imo it is impossible to successfully trade CL on a consistent basis with any real outside distractions or lack of complete focus. Trying to dabble ones way around or learn on the fly will only result in failure and loss. You are trying to play the fastest game in town that absolutely demands everything you have to offer as a serious trader.
BINGO! Not sure why people seem to feel obligated to trade CL especially on a fast time frame. When doing the combine why not just wait for the most obvious setup even if it is only 1 per day. If you don't see one on the CL look at 6A, 6E,YG, 6J, ZN. A set up is a setup who cares what you are trading? Once you have a cushion then push it with size or take a few 50:50 trades. I'm sure you will pass this thing with another try FCX. Do you work at night or something or is your job pretty boring which allows you time to trade? I sit at home all day with 2 kids but still don't have time to "day trade" I'm starting the combine next Monday now that I got all my trees cut up that fell.
Austin, spot on in every way. I just sent a message to FCX before reading this post of yours and I told him, "Also notice how I'm very careful to patiently wait for price to...before contemplating a reversal from longs to shorts or shorts to longs. This was critical to my success, absolutely critical. The 5-min chart is the main time frame I use as my framework. If you get sucked into trading off a 1-min chart without paying attention to the 5-min environment, you will be eaten alive as a new trader. You met Jeff the other night; he calls the 1-min chart "The Devil's Chocolate". I once found myself down 51 ticks in 10 minutes trading off the 1-min counter to the 5-min environment."
Surf, it ain't gonna happen. But I do believe you'll have the pleasure of seeing FCX participate again in the combine after he completes a semester at my school and can commit a couple weeks to pure trading, and I believe you'll see results that will knock your socks off
I wanna play. 1. What is very first price action event that occurs when price turns back in the direction of a trending move? Price will go above/below the high/low of the last retracement bar. 2. What is the second price action event that occurs? Price will break above high/low of earlier trending move (beginning of retracement) 3. Once the second price action event occurs, what needs to happen next to ensure the trend is intact? Higher highs and higher lows if in uptrend. 4. What price action event would convince you the chance of a 20-tick profit being reached have diminished to the point it would make more sense to take a small loss than to continue to hold? Inability of price to get above high/low (beginning) of retracement., if we entered aggressively. Or if entered at a tick or 2 above the previous trend (beginning of retracement) high/low inability of price being able to clear the high/low which in essence becomes previous resistance/support. If you were playing this as a trend resumption, I would think target would be open ended and set a trailing stop, assuming PA cooperated.
Don't be too bothered by this. Remember a mistake is just something to learn from. Make sure you don't repeat your mistakes and you will eventually find success. Please don't waste the remainder of your combine. See how many criteria you can still meet. I don't think doing a more expensive combine to raise the loss limit is the right answer. Make yourself take smaller losses...(and save $$ on combine fee)
I support this totally. I hope FCX continues to trade aggressively for the remainder, follow his basic rules, and let us know how he does. I also agree that a more expensive combine is not the answer. When I was a beginner I thought that more leverage would be the answer to my problems. Thankfully, I was set straight in a hurry by a long time professional, and eventually I learned to trade well, instead of trying to use leverage as an edge.