I watch your video each time and I found that very interesting. You are a good trader and keep up the nice work.
I'm happy for you that your transition for 5 contracts work well.
So I'm interested to see more video and by the fact like you said I think it a good learning process to stay on the good path to fallow your rule. I think if the temptation of breaking your rules come back, and you know you have to show us the video, you will will think twice before doing it
Congrat for your success
When you want to succeed as bad as you want to breathe, then you will be successful
The following user says Thank You to Dervakon for this post:
first post and i have been a long time lurker. I want to thank you for your videos and i do appreciate them and watch every video. It just demonstrates that there are different styles of traders that can achieve success if you follow your rules which you define. It takes guts to show your losses and your mistakes on video and discuss why you took the trades. I hope you continue to make the videos because i learn something new each session. My hats off to you and i wish you much future success!
The following 4 users say Thank You to pivotaltrader for this post:
I came into the day only needing about 5 ticks to hit my minimum 60 tick weekly goal. I wasn't planning on trading unless I felt there were some pretty good setups. Won 10 ticks on first trade. Scratched the 2nd trade and won another 10 on the 3rd trade. So finished up +75 ticks on the week after commissions. Charts are below.
Failure is not an option
The following 7 users say Thank You to lancelottrader for this post:
Strong day in Cl- Adjusting strategy for varying conditions
Today is the type of day when you have to be more agressive and really try to extract as much as you can from the market. It became very obvious early on that Cl was in a huge uptrend.
This is a day where you have to go for bigger targets and forget about 10 tick scalps...and weekly goals. You don't get days like this too often. You just ride out the swings..wait for nice pullbacks and hop back aboard the train. I had a great day.
It also made me realize how important it is to adjust your strategy for what type of conditions you get. Some days the best way to play the market is to wait for price to fail at support and resistance and play little reverse scalps. Oil often respects these areas and tips it's hand when it is going to fail. Other days you can get extended periods where price moves randomly and is noisy. I try to stay out unless I see a real change in price action.
So, to me..the number one thing is to try and ascertain as early in the session as possible what type of conditions are underway..and if we are in a consolidation phase, the early stage of a reversal..or a pullback. This is one of the reasons every 5 minutes or so, I will scribble on a notebook what type of conditions the market is in. The more I describe the prevailing price movement by speaking out loud or in writing, the more in tune I get. If I rely on my silent thoughts, I don't seem to do as well. Maybe it's my ADHD (I think I have it, although I haven't bothered to get diagnosed)..but I am way more focused by articulating what I think the market is doing.
I have also resumed SIM trading Gold. My setups and system work well on it when there is some volatility. If I continue to do well, I will go live with that in the near future..along with my Cl trading.
Failure is not an option
The following 4 users say Thank You to lancelottrader for this post: