Well I'm sorry if it isn't relevant but that is how I trade - 20 to 30 cent moves. I do take trades which go 1.00, but not very often. The biggest trade on Friday would only have booked me .90. Trading is trading - no matter whether you are targeting the next 4 ticks or the next 4 dollars. I scalp the CL contract after the inventories and have been known to hold a position for a few weeks (although I've not done this in a long time). Trading is trading. I don't find it hard not to book "early" - I take trades as far as I believe they have to run in that timeframe, and then free myself up to work other markets. I'm not a fan of holding longs through a 45 minute range because I expect it to move up after - I'll just get back in before the next breakout. Hello JS. Those who know, know; those who don't....don't! +1. Excellent. Indeed! Looking back at my comment there, I can see how it could be provocative. I stand by my initial thoughts that this thread had a very negative, self deprecating tone...I was trying to convey the sentiment that a trader ought not to berate themselves for "missing out" on what are not even real opportunities. You cannot blame yourself for not trading every turn in the market when you do not have the skills to read it. Concentrate on what you can do, stay profitable, continue to learn and improve your skills. The alternative is to bring out the sack cloth and ashes. I would submit that what I was stating was not obvious to anyone who posted on this thread discussing which was worse as between "missing out" or "giving back". If it appears obvious now then that is credit to my explanation, is it not? You are right - they are one in the same. I didn't say it was simple, I just stated it in a simple manner which everyone appears to have now grasped, to their benefit. Lets have no more self punishment for "missing out". When you understand something you can explain it in simple terms. If you and I traded the same market during the same hours and you consistently made more points per contract than I did then it follows you are a better trader. That may or may not mean you understand more about the market, but beyond dispute it would qualify you as a better trader.
I trade limits in advance in sim a lot, but trade differently live. I imagine after enough experience I'll be better at knowing where to scale into a reversal zone. Also only trading 1 lot now, except for a brief moment of 4-lot insanity Friday. Trading 1 lot is quite a challenge in terms of letting winners run without giving all the profit back.
My hats off to the CL Redux bunch, you are putting it on the line everyday. I have total respect for all of you. Not quite ready to join you, but soon i will be there.
If you miss the move entirely, you either do not know how to catch the move profitably on average, or worse, lack the courage to catch it and ride it. If you give all your profit back (or ride losses), you have a trade management problem. IMO the second is much easier to fix. The first is mostly psychological and most will struggle all their life without finding the solution. I haven't read the previous replies, but they are surely mostly crap as usual.
The first case is a rule break due to bad discipline. The second case is nothing to sob about, it's perfectly fine to give back not-yet booked profits because it is part of the trading plan, ie the price reversed before the profit target where met.
Yes, I had some time today so took the bait. Please see my posts in CL Redux for Monday April 26. I hope and expect that this demonstrates to your satisfaction. Good trading,
You still seem to operate in absolutes. Sounds a bit amateurish. You take your setups as they come. If you miss a setup because you aren't following your own rules, then you have room for improvement (fear). If you miss a trade because your setup wasn't to the exact tick, then that's trading and you go on (lack of greed). I don't see how either one of these have to do with "not having skills to read it [the market]". You are implying perfection. And for someone who doesn't like "negative, self deprecating" tones, yoiu have a funny way of reinforcing positive behavior with others. To each his own. Good trading. JS
which brings me to my absolutely absolute opinion of what is worse: The worse one is the one where you didn't obey your own rules. Moves come and go, and we can never control them, but we can and must control ourselves if we want to be traders.