Entry is just as important as any other aspect of trading..i.e. management..risk..PT...drawdown...execution...psychological aspect....etc. I agree 100% we should all attempt to get good entries. The problem is that even at our best we can be wrong 40% of the time, except in rare occasions, such as in strong BO’s, that percentage of being wrong can be less. Hence,we have to discover and develop things of a tactical to overcome those times we are off on our entries. One thing I use is averaging down if the context supports it. The ability and skill to identify and read correctly the contexts In which PA is taking place is one of the most important skills to develop. This ability can go long ways in tempering entry mistakes.
Oh man, here we go with the FedEx thing again! lol! Last time I saw that was over a year ago. And you've been using it for over 3 years. Volpri, I never said it "looked" like magic, I simply said it WAS magic(s). As I have capitulated to before, it is whatever works. I can make no sense of the logic unless the account is super-well-heeled, because you can wind up in a position so deep into the hole that by providing yourself the deadline of BMC, you could take a severe hit to the account balance, since you do not carry overnight positions. (I am assuming because of the performance bond issues?) And since that bit I have quoted above from https://www.elitetrader.com/et/thre...es-95-of-the-time.345152/page-11#post-5108194 you have Fedexed me at least three times in follow-up posts in the thread. Do you miss me or something? Heh.
Good entry isn't about probabilities. It's about risk management. To get the best entry is to lose the least if wrong. To get the best entry is to be able to leverage our wins. To get the best entry is to be able to scratch or to BE our BS trades. Probability is about context or conditions. It's not about the setup itself. The best entry is like having the best seat. You don't know what's going to happen but you're ideally located. WHATEVER HAPPENS Either you enter 10 ticks above or below, It doesn’t influence what the market’s going to do next. Entry shouldn’t influence SL and TP neither. Entry is just a risk/reward optimization. 1 tick saved is 2 ticks earned.
Ken does teaching wear you down, in the sense of, trading in itself is challenging, teaching it to someone who might not be as motivated can pose its own challenges and make you ask wtf i am doing this? besides the money Maybe its just me but i feel like those "wanting to learn" that barely put in any effort on their own are the ones looking for handouts, and wears you down being around them, whats the view like from your side?? personally i wouldn't teach no matter what the money i am getting, i just dont have the patience for it or for people. but again thats me, whats it like on your end? whats ur view on humanity? dark like me ? lol
Good point; it depends on the audience a) I love teaching, I came from Fortune 500 corporate training background: http://daytradinguniversity.com/clients.htm b) I focus on smart experienced traders; many of my longtime customers are age 40+ and are pilots, engineers, healthcare professionals etc totally agree re who wants to learn, I'm not patient enough to work with newbs or lazy gamblers lol
you paid too much for the masters degree & likely your experience not the academic qualification made you what you are today, or you were born intuitive!