It's been going very well. I think I've been making extra progress in some areas such as holding for bigger targets when I see large amounts of volatility happening. Also, I've been getting better trading TF along with my CL. It can move very quick so I have been using an ATM trailing strategy that works well on fast moving trades. It basically breaks even at 15 ticks and then trails 15. I often target 40 to 50 ticks and the trail leaves a little room without giving up too much profit. I don't use it on all the TF trades. Only under certain conditions.
That strategy is not for CL.

Lance,

Your initial stop for TF is 20 ticks?

I just want to say that this is such a helpful thread. When I was researching a system and how to trade futures when I first started about 6 months ago, I wish I had found this thread. The system I was designing with soft code was sort of along the same lines as this. I traded for about 4 and a half months and ended up blowing up an account due to not following rules or restrictions that I had set for myself. I'm currently recovering psychologically from my loss, the account was not worth much but I focus on percentage PnL rather than actual amounts. I'm just now revisiting the system and am using your trading style to give the improvements I'm making to my system some direction. Please keep this thread going, and from a true fan, good luck!

5. One must be aware of their emotional weaknesses and formulate measures to correct them. I found that taking two to three losses in a row would cause me to shift and start trading erratically. I found ways to finally get this under control. One thing that helps is to verbalize a commentary of price movement throughout the session..including how I am feeling at that moment. I will verbalize that I am "tempted to jump back in" or that I am angry..etc. This way, those feelings aren't silently in my head influencing me. I might talk about how the market is choppy and that it's "Ok not to trade right now..and that there is no hurry to go back in and win my ticks back..and that I will win in the long run." The idea is be in total control at all times. One moment of erratic behavior can have devastating consequences. Been there, done that!

The whole post is good, but I think this will turn out to be very helpful. I've definitely been there, and need a way to get it under control.

Thanks for the idea.

Bob.

Personally my attitude to this based on an obvious fact that, when people keep looking at all these formulas , ratios, indicators and search for all these systems. In a trending smooth market, lots of systems will work! There is one single BUT - when market conditions change, the system no longer works. And then, the real search begins.

I agree with you a 100%. which is why I wrote this in my last post : It is not enough to have some price action setups..You must understand the conditions they work best in. You need to know the prevailing conditions of the day and be aware what's happening in real time. Pullback trades work well in certain conditions..Range reversals work in certain conditions....Know your setups, know the type of volatility they work best in and only trade those setups during those moments. This eliminates excessive speculation and guessing.

Lance, I just would like to say, that I always read your posts with constant nodding with my head. Sometimes I feel that you write down my thoughts. Thank you for the great thread!

To a beginner trader, I’d also recommend these:
a) Don’t try to look for a magic system, forget holy grails entirely. Not even Lance’s system. As Lance wrote, it is impossible to duplicate a system, one can boil down his very own method, tailored to his experience, personality, and risk taking ability. What works for Lance, won’t work for you, but of course you can learn a lot from his method. Use his thoughts as bricks to your system. (Once I had a mentor in option trading, I copied his system entirely. I had a terrible loss on a trade, and I asked him if he took a trade around that time. It turned out, that on the very same day, at the very same price he took exactly the trade I took. Surprise! He won on the very same trade, simply he had more balls to sit…)

b) Be patient. Very patient. It will take years to become succesful, nothing beats screentime.

I’m happy that you made it, and you definitely in the 5th stage of „ 5 steps to becoming a successful day trader”. Unfortunately, it seems it’s happening as it’s written in the 5th step: „you grow out of the chat rooms and find a few choice people who you converse with about the markets without being influenced at all”, I’m sorry to see you post less.

May the probability be with you