Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I can see were having some issues with this weeks developing vwap at the moment
+ the 100 and 200 daily EMAs at .62 and .79
I have been adding to my position at RTH developing vwap.......seems to be the line in the sand at the moment along with todays developing POC
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
I am not sure I will ever figure out where to place stops, when to move them, etc. That is not really the most difficult part of trading. To me, I would rather be out and right than in and wrong, but as I showed today, I left some good money on the table by going for higher probability and lower R:R.
The more important things are, wins bigger than losses, understanding when "trends" are likely to change, reading where support and resistance are in real time, instead of using some arbitrary MA or fib or whatever, accespting your risk, not getting angry, not being scared, etc.
Just keep at it, take your expectations of how fast you can learn and multiply that time by way more than you want to, and keep learning.
Forget about TPO, POC, trend, risk/reward for a moment.
What feels comfortable to you? If keeping your stop out and being wrong is something you are not comfortable with, try to figure out why. Is that particular fear, in that particular situation, valid or not? Conducive to you moving forward, or not?
Here is an example; Today I was comfortable to take heat early, but have givne back profits so many times over my history that I start valuing opportunites less as the day goes forward. I may take a 30 tick emergency stop on one trade, but then not be willing to take less than breakeven later. Not that it is the best thing, but for me to survive, I had to learn that I was making money and then giving it back, over and over, and had to develop some memory or system or defense to stop doing it.
I KNOW, not guess, or backtested, or bought some training, or read in some book... certain things about myself and what I see and interpret compared to what actually occurs in the market, and certain things about how I respond to various situations. Today, I was trading in my own comfort zone. I am ok with having a wide stop at the beginning of the day, if the trade makes sense to me. But if it starts to not make sense to me, all of a sudden that R:R is out the window and I might close the trade. Right or wrong? I don't care anymore. What is important to me is that I am listening, observing the outcome, trying to digest, and coming back tomorrow with maybe one drop more understanding than I had the day prior, or year prior, or whatever time it takes to grasp that particular lesson.
