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1. Do not hold on to a Long position losing trade when the market is oversold.
2. Do not hold on to a Short position losing trade when the market is overbought.
Note: Oversold/overbought does not mean the market will move to your direction! I listened to my ex-mentor (who told us the market was extremely overbought and would be sold off very soon - never happened) and held on to my SPX credit spreads for weeks until I closed the position at $2K loss (paid the market 10+ times more than what I got)!
3. Do not make your trade decision based on HOPE! (I used to hope a lot that my losing trades would eventually work!)
Some very important DOs for me:
1) Want what the Market wants.
2) Trade with the TREND (Trade according to the candle in front of you).
3) Only do high probability trades. For example, minimal or no counter-trend trades and avoid trading during lunch breaks.
4) SOH (Sit On Hands) when there's a news announcement that will move the market. I forgot once and was in a trade when the Chicago Sentiment came out. Got stopped out within seconds and filled at an 8-point slippage - gosh! Luckily it's YM and not ES.
I am day trading the NQ futures, with a modest system to make modest profits, aiming for 60 to 200 per day only, on 2 contracts to start. Have a twitter.com/emacro, which I try to journal the trades as they happen.
I also trade the fx.
I hope to network and learn to expand my trading horizons.
Beth,
Sounds like you're headed down the right path. I just have one bit of advice. (if you don't already know?) When you have multiple indicators, unless you need them all to agree before taking action, some will say yes and some may say no. Just be sure you have written(and therefore repeatable) rules for each case. And as you said, simple is usually better.(Occam's Razor)
However, don't forget what (Einstein ?) added," but no simpler". Just my two cents. Enjoy the journey!
Thanks Kurt for the reminder. Yes, if and when all or most indicators align, I will dive in without hesitation .. smile .. If the 7500 and 3350 volume charts do not agree and I decide to enter, I will minimize the no of contracts to 1 + having a tight SL. I plan to use mostly the top 3 indicators for trade set-up and entry plus certainly the KP rules like 2Up/2Down. The bottom 2 may warn me "choppy or undecided market" and SOH.
I've polished my indicator list a little bit and will settle with the enclosed for now. They are on a 23" monitor and I can see them clearly.
Mixed feelings (both excitement and "fear") for the new year when I will trade on live. It's great that my daily game plan will keep me focus. I will not over-trade for sure esp when I hit my profit target or SL (hopefully not) quota.
I guess like many here I am fairly new to trading and the insight that I have seen in this community looks great. I'm still trying hard to understand if I can really make some money doing this.
It's the second video from the left. They have a short promo v-clip (less than a minute) before you can choose the featured video you want to watch. I forgot if it's a 60 or 90 minutes video. Enjoy!
Just joined this Forum. Moving over from Tradestation to Ninjatrader. Been trading for 3 years. Equities, Options and YM and NQ. Looking forward to soem great leaning experiences.
I am very concerned when I see all that stuff on your chart. Has this set up proven itself to you over a reasonable amount of time? If so, then perhaps my concerns are misplaced.
This thread is for introductions. Please take method discussions out of this thread and either start a new thread or find an existing one where you can discuss this in more detail.
to all the new members!
