Thanks for the link. I downloaded the indicator and applied it to a few charts. Honestly, though..I don't think it will be something I will use. ...especially since none of the colors and lines mean anything to me. I really don't see any point in changing anything up. However, I sincerely appreciate you giving me the link.
I am finding some success trading TF and GC along with Cl. It has taken a little adjustment in getting used to the different ways these instruments move . The most consistent trades for me are always the one's that have real strength behind them.
TF is a little trickier to time in since you don't always get the same type of retracements as Oil. Often when Oil makes a fresh reversal and the volatilty picks up, there is usually a small pullback opportunity to be had. You get the strong first impulse wave and then you can get the 2nd wave moves very consistently.
TF can make a move and then travel in a fairly vertical manner without any real pullback. So, if the volume is there, there are some nice runners to be had...but you have to catch the move early on. If not, you end up waiting for a pullback that never comes. The good news is that you can enter slightly late and not have price suddenly back up on you 10 or 15 ticks..like it often does with oil. With oil, you have to be meticulous with your timing or else you need to drastically widen your stop (which I seldom do.)
Gold can spend huge amounts of time doing nothing, and then suddenly take off. Kind of reminds me of my pet monitor lizard (in the pic below.) lol
Today's Gold chart shows why I am happy I have been keeping my eye on it. I hit my live CL goal already this week, so trading it tommorow is optional. I will SIM practice either way on TF and GC . I hope to go live with them very soon.
Failure is not an option
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What's wrong with this Lance guy? That last video is nuts!
Ok..some of you may have watched the video I posted yesterday and thought, "This guy has really flipped out." Yes, I admit the video is quite absurd...but there's a reason for that.
A few days back, I was in the midst of having a trade hit my stop..and my girlfriend apparently was watching me from outside my office. She said, "You should see your face right now. You look like you are about to get killed or something."
It made me realize how strong I react emotionally when I am taking a loss. I definitely feel my adrenaline start to surge. Now with more contracts, the reaction is even stronger.
One thing I have always done is try to find solutions to my trading issues...even if they are unconventional. Sometimes you have to do some strange things to interrupt your pattern. So as I mention in the video, I now smile (and sometimes laugh a bit) as my stop is getting hit. Believe it or not, this seems to derail the whole anger/adrenaline problem I get from losing a trade.
I have the confidence of knowing if I follow my system and all it's steps 100%, I can hit my goals virtually every week. The steps are :
1. Doing my research and putting together a basic trading plan for the day before the markets open.
2. Doing a constant verbal commentary on the state of the market and describing several "what if scenarios."
3. Announcing the type of setup before entering a trade ( a rare exception is an extreme sudden momentum move where I need to enter immediately).
4. Doing a quick checklist before taking a trade to see if there are any valid reasons not to enter.
5. After two consecutive losses, taking a brief timeout. I then regroup , assess my emotional state and re-examine my trade plan and market conditions.
6. If I hit my max daily drawdown, I must shut down my platform and P.C.s. If necessary, place my modem in a special safe I have that will only open after a programmed time has elapsed.
If all these steps are done, I know I will be consistently profitable. If I skip any of the steps, then it is likely I end up like the majority of traders who are not profitable.
Failure is not an option
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Lance, I hope you are doing well. I thought I would share my results from September with you. I am starting to try and build some statistics around my trading style and edge to discover finer edges for improvement. Any thoughts are welcome. Cheers Michael (BlueRoo)
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