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The Crude Dude Oil Trading System


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The Crude Dude Oil Trading System

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  #1201 (permalink)
 lancelottrader 
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trepidation View Post
So is the reason why you only trade the morning session and sometimes only the beginning part is because that's where you expect there to be consistent volatility? One thing I noticed is that later in the afternoon there are bursts of momentum that seem amazing in hindsight, but are very difficult to catch. Also, I assume that means if there isn't a move in the morning, you'll just skip trading that day? Thanks!

I mostly trade between 9:30 am est and 12 PM. I do sometimes trade the afternoon if it is moving well. I often will set price alerts at certain levels and if I hear them go off, I'll take a look. Also, if my Tickstrike indicator starts really going off, I also will monitor what is happening. From my experience, NQ moves best for my system between 9:35 am to 10:10 am. Then it can get choppy. Sometimes at 10:20 there is a push. Also 11 am and 11:20 am are often times when a move comes out of nowhere. Why it happens at those times I'm not really sure. Sometimes 12:20 pm is good too.

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  #1202 (permalink)
 trepidation 
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My understanding is that the market open is where there is "dumb" money or orders that must be filled regardless of technical analysis or levels enter the market which is why volatility and momentum are high. Then towards the end of the morning session is lunch time for the big bois. Though, it's interesting you're saying that the second move occurs an hour before noon. I always thought it occurred just before noon, but I never bothered to crunch the numbers.

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  #1203 (permalink)
 lancelottrader 
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trepidation View Post
My understanding is that the market open is where there is "dumb" money or orders that must be filled regardless of technical analysis or levels enter the market which is why volatility and momentum are high. Then towards the end of the morning session is lunch time for the big bois. Though, it's interesting you're saying that the second move occurs an hour before noon. I always thought it occurred just before noon, but I never bothered to crunch the numbers.

Well, when an instrument moves 100's of ticks..and you catch good portions of the moves on a daily basis..it's hardly "Dumb money." Only the people with "huge money" that move the market can make it move like that anyways. Dumb money is getting in when there is no real direction or momentum and losing everyday.
The time periods I mentioned come from observing this instrument on a daily basis for over seven years straight.

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 trendwaves 
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lancelottrader View Post
I mostly trade between 9:30 am est and 12 PM. I do sometimes trade the afternoon if it is moving well. I often will set price alerts at certain levels and if I hear them go off, I'll take a look. Also, if my Tickstrike indicator starts really going off, I also will monitor what is happening. From my experience, NQ moves best for my system between 9:35 am to 10:10 am. Then it can get choppy. Sometimes at 10:20 there is a push. Also 11 am and 11:20 am are often times when a move comes out of nowhere. Why it happens at those times I'm not really sure. Sometimes 12:20 pm is good too.

11:00 - 11:30 ET is the 30 minute rotation into the European Market close at 11:30 ET. I concur and also look for a sustained directional price move opportunity during that half hour window. I will take a closer look at the 10:20 and 12:20 times you mentioned. Thanks for sharing.

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 lancelottrader 
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Trades for today.


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 Tap In 
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lancelottrader View Post
Trades for today.

This is motivating. Thanks!

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 Rrrracer 
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Good to hear from you man, nice day!

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 lancelottrader 
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Tap In View Post
This is motivating. Thanks!

Thank you.

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 lancelottrader 
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Had a fair day. Not a ton of momentum, but the video explains the setups pretty well.


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 noobforlyfe 
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Great stuff Lance, always a pleasure hearing updates from you.

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  #1211 (permalink)
 lancelottrader 
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noobforlyfe View Post
Great stuff Lance, always a pleasure hearing updates from you.

Thank you very much. I appreciate that. I think what this Virus crisis has taught us, is that if you can have a viable thing to do at home like trading, you can still keep afloat compared to a lot of people. I have simplified my system down to where I have taught my girlfriend to do it..and she's already getting a good win rate. She's only been at it a few months.

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 lancelottrader 
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This short video is Trades taken today by my significant other, who I have been mentoring the last couple of months. This is in preparation for a Funded trader combine. Not mentioning which one yet, but just having her follow the rules to see if she can do it on first in practice.


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lancelottrader View Post
This short video is Trades taken today by my significant other, who I have been mentoring the last couple of months. This is in preparation for a Funded trader combine. Not mentioning which one yet, but just having her follow the rules to see if she can do it on first in practice.


Im sure you've answered this question before but what are you using to record your screen and is it a burden on your system?

Thanks

-P

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 lancelottrader 
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MiniP View Post
Im sure you've answered this question before but what are you using to record your screen and is it a burden on your system?

Thanks

-P

I use an old program called Screen movie Studio. I doesn't appear to use much CPU or memory when it's running.

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 josh 
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MiniP View Post
Im sure you've answered this question before but what are you using to record your screen and is it a burden on your system?

Thanks

-P


If it's helpful: I have a good GPU (rtx 2070) and using OBS I can record 2 1080 screens or 1 4k @ 60fps. Using the GPU is key, and it gets to 50% or so usage, but the CPU doesn't take any hit at all. I tried external capture but this is absolutely the way to go. All integrated and absolutely zero effect on actual trading.

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 lancelottrader 
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josh View Post
If it's helpful: I have a good GPU (rtx 2070) and using OBS I can record 2 1080 screens or 1 4k @ 60fps. Using the GPU is key, and it gets to 50% or so usage, but the CPU doesn't take any hit at all. I tried external capture but this is absolutely the way to go. All integrated and absolutely zero effect on actual trading.

Thank you. Much appreciated.

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 matthew28 
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MiniP View Post
Im sure you've answered this question before but what are you using to record your screen and is it a burden on your system?

You could also try Flashback Express. The Express version is the free one, Pro is the paid for version that has editing. I use Express to record my screen for a couple of hours when trading.
I have recorded two screens before. I don't find it uses much resources but depends on your computer I guess, and as it's free it's easy to give it a try.
https://www.flashbackrecorder.com/express/

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 lancelottrader 
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Here is another video of my "protege" Maggie's trades for today. As I mentioned in the last video, she is preparing for a Funded Trader combine so we are practicing using the rules that must be followed.


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  #1219 (permalink)
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Thanks for the videos as I will let my wife watch them as I want to teach her also .

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 lancelottrader 
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Here is probably my last video of Maggie, who I have been mentoring for a few months, showing today's SIM trades in preparation for a 100K funded trader combine. Very good session. Every bit as good as I could do.


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  #1221 (permalink)
 Big Mike 
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Hi guys,

It is my pleasure to welcome Lance Stranahan aka @lancelottrader , for our 418th webinar event, on Thursday, March 18th @ 4:30 PM Eastern US.

The title for the event is "Nasdaq Futures Trading Strategies: Taming The Beast", and bullet points include:

This webinar is a continuation of our special series "An Afternoon With" an FIO member!

Spend an afternoon with Futures.io's own Lance Stranahan, AKA Lancelottrader, as he covers his early start in trading, struggles and challenges along the way, and his path to taming one of the ultimate wild rides in futures, NQ.

- Lance is a 13-year trading veteran, join us for "An Afternoon With" style webinar with futures io member "Lancelottrader"
- Follow his trading career development, Forex to Crude to Nasdaq
- Learn what he did right, and what he did wrong, for your benefit
- Nasdaq characteristics and his trading strategies
- Learn different market conditions
- Know when to stay out, when to scalp, and when to hold runners
- Live Q&A session with this 13-year trading veteran



Register for the event:
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  #1222 (permalink)
 Big Mike 
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Just a quick note Lance, you don't have to wrap the YouTube URL's in special bbcode any longer... you can just throw the URL out there and the system will auto-embed it.

Looking forward to your event!

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 Big Mike 
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Sorry I have not kept up entirely with this thread -- is the thread title "Crude Dude Oil Trading System" still accurate, or should it reflect something about Nasdaq? Or is there another Nasdaq journal I am missing?

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 lancelottrader 
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Big Mike View Post
Sorry I have not kept up entirely with this thread -- is the thread title "Crude Dude Oil Trading System" still accurate, or should it reflect something about Nasdaq? Or is there another Nasdaq journal I am missing?

Mike

Actually, I did switch to trading NQ a while back, but I never got around to changing the title. This is the only journal I have. I will change the title probably in the next week or so. Thanks.

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 Big Mike 
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lancelottrader View Post
Actually, I did switch to trading NQ a while back, but I never got around to changing the title. This is the only journal I have. I will change the title probably in the next week or so. Thanks.

OK, you can do so by editing post #1. If you have trouble, just use the Report Post icon and let a moderator know the new title you want so it can be changed.

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 Daytrader999 
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Looking forward to your webinar @lancelottrader, I really enjoyed your videos a few years ago and I'm always trying to learn something new from a seasoned fellow who trades my one and only favorite beast as well.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 Boilmakrjs 
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Daytrader999 View Post
Looking forward to your webinar @lancelottrader, I really enjoyed your videos a few years ago and I'm always trying to learn something new from a seasoned fellow who trades my one and only favorite beast as well.

I was a big fan of this thread too and have missed his updates for almost a year now - excited that he's back in webinar form!

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 lancelottrader 
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Daytrader999 View Post
Looking forward to your webinar @lancelottrader, I really enjoyed your videos a few years ago and I'm always trying to learn something new from a seasoned fellow who trades my one and only favorite beast as well.

Thank you so much. I'm looking forward to presenting this and I hope you enjoy it and pick up a few things that might be helpful to you.

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 lancelottrader 
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I was a big fan of this thread too and have missed his updates for almost a year now - excited that he's back in webinar form!

Thanks a lot. I appreciate it.

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will the webinar be recorded?

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 mongoose 
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They usually are (maybe always). Unfortunately I will be at the dentist so will have to catch the recording unless I can get the assistant to hold a screen in front of my face.
maurofuture5io View Post
will the webinar be recorded?

Sent using the futures.io mobile app

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 lancelottrader 
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maurofuture5io View Post
will the webinar be recorded?

Yes..I think it should be available in the next day or so.

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 Rrrracer 
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Lance! Great presentation man... in addition to substance, you have wit and style! Thanks so much, let me know when you're ready to do another

The recording of the presentation will be posted here and over on the Futures.io YouTube page within 48 hours.

We did have a few questions that were not addressed in the recording due to time constraints:

@eminitrdr: "Can Lance show a "few" trades (his patterns) that happened today?"

@MaxFutures: "On your thread, you have a few videos of your partner who you were mentoring for a combine. How has she got on?"

@adam6540: "Why do you trade range charts versus tick charts?"

@adam6540: "How do you determine if the V bottom setup is going higher versus just a pullback?"

@luvlife365: "This AM was a huge chopfest (after the fact.) Is there anything you use to determine when to stay out or not trade?"

----

Also, a link to the video that @syswizard requested:

" How I Overcame My Trading Mistakes" (ECM Inventory)

... and a link to Lance's YouTube page where there is a ton more information about his trading and methodology.

I hope everyone enjoyed the presentation; I certainly did.

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  #1235 (permalink)
 avall38486 
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Hi Lance,
Can you comment on the use and settings of Pricesquawk software.
Thank you
Amin

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  #1236 (permalink)
 lancelottrader 
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Rrrracer View Post
Lance! Great presentation man... in addition to substance, you have wit and style! Thanks so much, let me know when you're ready to do another

The recording of the presentation will be posted here and over on the Futures.io YouTube page within 48 hours.

We did have a few questions that were not addressed in the recording due to time constraints:

@eminitrdr: "Can Lance show a "few" trades (his patterns) that happened today?"

@MaxFutures: "On your thread, you have a few videos of your partner who you were mentoring for a combine. How has she got on?"

@adam6540: "Why do you trade range charts versus tick charts?"

@adam6540: "How do you determine if the V bottom setup is going higher versus just a pullback?"

@luvlife365: "This AM was a huge chopfest (after the fact.) Is there anything you use to determine when to stay out or not trade?"

----

Also, a link to the video that @syswizard requested:

" How I Overcame My Trading Mistakes" (ECM Inventory)

... and a link to Lance's YouTube page where there is a ton more information about his trading and methodology.

I hope everyone enjoyed the presentation; I certainly did.

Thank you very much for giving me the opportunity to present this webinar. I am going to answer the questions on here a little later after I do my trading and some other things. Thanks to everyone who took the time to watch yesterday. Lance

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  #1237 (permalink)
 lancelottrader 
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avall38486 View Post
Hi Lance,
Can you comment on the use and settings of Pricesquawk software.
Thank you
Amin

Hi there. I don't know much about that software since I haven't used it. The little order flow audible indicator you see in my videos is something called Tick Strike. I feel it is pretty good for helping confirm some moves by giving an idea of how strong the order flow is.

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  #1238 (permalink)
 Daytrader999 
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Thank you very much for this great webinar, Lance! I just watched the recording and I really enjoyed it!

And as a fellow trader who trades NQ for several years, I fully subscribe to your bullet points, especially to the heads up you gave regarding the variety of dangers of this particular market, which IMHO can't be stressed enough....

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #1239 (permalink)
 ssber 
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Thank you very much, Lance! I really enjoyed the live session!

The big question for me is how do you trace the significant lines, it's a question I've always had

and I think it's one of the most important aspects of your trading.

Thank's

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 lancelottrader 
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These are answers to some questions from the webinar from yesterday that we didn't get to.
@eminitrdr: "Can Lance show a "few" trades (his patterns) that happened today?"
I was pretty busy and only took one trade yesterday. Here it is.

trade example from 3 18 21

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 lancelottrader 
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@MaxFutures: "On your thread, you have a few videos of your partner who you were mentoring for a combine. How has she got on?"

She was doing quite well for having only just started a few weeks before those videos. She ended up taking a full time position with a company her brother owns and may do a combine at a later date.

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  #1242 (permalink)
 lancelottrader 
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@adam6540: "Why do you trade range charts versus tick charts?"
I trade them mainly out of familiarity. Back when I was trading Forex, I was using range charts. I had watched price move on them for so many years that I really learned to get a "feel" for the price action on them. I have tried other bar types and of course I watch higher timeframes on 5 minute and two minute charts at the same time. For my entry and timing chart I seem to like the 5 range. However, the system could certainly work with tick charts. I have tried different ones 250 tick chart, 450 tick chart..They work pretty good. I guess I am just used to range charts and prefer them. I do think at some point in a trader's journey, it's best to not constantly switch bar types etc..otherwise you never have a consistent frame of reference to view price movement through.

@adam6540: "How do you determine if the V bottom setup is going higher versus just a pullback?"
That's the real challenge of it all and it's not always easy to determine that. Some of it has to do with having a new fresh wave at a good price level. If price is going long and hasn't hit any real resistance level..even if the overall trend on large timeframes is short, the first couple of pullbacks can still have a good chance for success. If you watch NQ, it usually has these moves, that for at least a few minutes are going in a strong directional manner. If you can get in on a V or W pullback and it hasn't hit any resistance, they have good probability. If price is making a big swing, don't try to always jump in a tiny pullback. There's a good chance the pullback could be sizable, if the swing was big.

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 lancelottrader 
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@luvlife365: "This AM was a huge chopfest (after the fact.) Is there anything you use to determine when to stay out or not trade?"
Sometimes it's not always easy. One thing I do is generally do what I call "Feeler trades" on SIM for the first 20 minutes of the open. Generally if I find I'm losing virtually every trade and price is chopping around, I am going to really try and wait until I see the type of price movement I like. Monday's sometimes have a lot of that before price finds a direction. Also, if the market is waiting on some sort of news or already made some sizable pushes. Generally if my 5 range chart is showing a lot of what you see here in this pic, then obviously I'm going to wait. The 5 range bars tell me a lot as opposed to watching higher timeframes when it comes to choppiness.
trade chop suey

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  #1244 (permalink)
 lancelottrader 
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Daytrader999 View Post
Thank you very much for this great webinar, Lance! I just watched the recording and I really enjoyed it!

And as a fellow trader who trades NQ for several years, I fully subscribe to your bullet points, especially to the heads up you gave regarding the variety of dangers of this particular market, which IMHO can't be stressed enough....

Thank you very much for watching! I appreciate your comment.

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 lancelottrader 
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ssber View Post
Thank you very much, Lance! I really enjoyed the live session!

The big question for me is how do you trace the significant lines, it's a question I've always had

and I think it's one of the most important aspects of your trading.

Thank's

I tend to draw them over swing highs and lows that I feel are ones where price will react. Some of those swings are areas where price has interacted and tested a few times. Also where there was a range that price broke out of is a place I will mark up. And then I adjust them on my 5 range chart throughout the session. Here's just a screen shot from a trade from today. You can see price pulled back to an area I drew earlier and provided a nice V formation setup.


trades 3 19 21 3

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  #1246 (permalink)
 snax 
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Hey @lancelottrader, just wanted to say fantastic job on the webinar! And shout-out to @Rrrracer too for a great job hosting!

It was nice to hear you talk about your path and to see some of the parallels with my own. I thought I saw somewhere in your journal that you used to struggle with closing profitable trades too soon (I can't seem to find that piece at the moment). I have been fighting to overcome this for some time. I finally think I know what I need to do after a massive amount of soul-searching, but was wondering (assuming I did read this in your journal) if you could talk a little about how you overcame this tendency? Always neat to see how different traders overcome these common obstacles many of us seem to share.

Keep up the great trading and I wish you continued success!

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 lancelottrader 
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snax View Post
Hey @lancelottrader, just wanted to say fantastic job on the webinar! And shout-out to @Rrrracer too for a great job hosting!

It was nice to hear you talk about your path and to see some of the parallels with my own. I thought I saw somewhere in your journal that you used to struggle with closing profitable trades too soon (I can't seem to find that piece at the moment). I have been fighting to overcome this for some time. I finally think I know what I need to do after a massive amount of soul-searching, but was wondering (assuming I did read this in your journal) if you could talk a little about how you overcame this tendency? Always neat to see how different traders overcome these common obstacles many of us seem to share.

Keep up the great trading and I wish you continued success!

Yes, I think early on, like many traders, I had trouble holding trades long enough to hit the targets. When price starts hesitating and moving against our position, it can be very tempting to just close it out prematurely. In my case, I noticed the main reason my SIM results were so much better than live was because I didn't interfere with my trades. Since there wasn't much at stake, it was easy to just sit back and watch them work their way up to the target. Here are a few things that helped with this problem.
I began to really learn how my instrument moved. In the case of NQ, I saw that it really liked to retest certain areas like previous swing highs and lows and little areas where small ranges had just been broken out of. Having my stop clearly behind these "retest" areas meant that even though a trade might take some heat, as long as my stop didn't get hit the trade was still valid. Also, I realized my targets needed to be in a place where price didn't have to travel through little obstacles (real time support and resistance that form during the session) to reach. Then, learning not to move my stop to quickly to breakeven. Eventually, taking so many live trades that I trained myself not to exit too early. However, I still get that bit of adrenaline when I am in a trade and it's always tempting to take profit early. I just restrain myself for the most part.
Thank you so much for the nice words and comment.

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  #1248 (permalink)
 Blue Eagle 
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Really enjoyed watching the recording of your webinar. As usual you did a great job explaining your trading and set ups. I've taken a crack at similar activity on NQ and CL. Even though I am focusing more on the 5 min right now I still have a little 5 range NQ window up in the corner of one screen because I see what you see...and sometimes those tiny little swings that are invisible on most other time frames are great clues.

Like this moment where the 5 min has doji's that could go either way but NQ on 5 range looks exactly like a market getting ready to pop down.




I do have a question that I thought of before but in watching your webinar want to ask now. Do you have hot keys or some other method for quick entry? I use just mouse click and then choose the order I want but in those super fast micro swings it seems like it would be too slow. And I've tried hitting buy or sell the bid and ask but that too can change significantly in 2 seconds on NQ.

I guarantee there are some guys out here with new 5 range charts up having a crack at the Beast... as you make it look quite simple but I know for sure...it's not. Thanks again for the detailed webinar...good job.

Craig

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 lancelottrader 
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Blue Eagle View Post
Really enjoyed watching the recording of your webinar. As usual you did a great job explaining your trading and set ups. I've taken a crack at similar activity on NQ and CL. Even though I am focusing more on the 5 min right now I still have a little 5 range NQ window up in the corner of one screen because I see what you see...and sometimes those tiny little swings that are invisible on most other time frames are great clues.

Like this moment where the 5 min has doji's that could go either way but NQ on 5 range looks exactly like a market getting ready to pop down.




I do have a question that I thought of before but in watching your webinar want to ask now. Do you have hot keys or some other method for quick entry? I use just mouse click and then choose the order I want but in those super fast micro swings it seems like it would be too slow. And I've tried hitting buy or sell the bid and ask but that too can change significantly in 2 seconds on NQ.

I guarantee there are some guys out here with new 5 range charts up having a crack at the Beast... as you make it look quite simple but I know for sure...it's not. Thanks again for the detailed webinar...good job.

Craig

Thank you very much for watching the webinar. I appreciate it. I do use hotkeys sometimes..For example, I have the F8 button on my keyboard set to allow me to move my stop to breakeven..which is much faster than dragging my stop loss bar on my chart trader to the entry. Also, I have the F12 button set to close out the trade in the event I am using my mouse hand to drag and drop my target or something else. I have another set for an entry but I usually enter on a mouse click.

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 lancelottrader 
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Just noticed when I looked the at the webinar on youtube that the view count was at an "interesting" number. Taming the Beast now looks like the Number of the Beast..if you get my drift. If you saw any of those Omen movies, you'll understand what I am saying. Should I be scared ?
666 views presentation

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redbarntrades
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Hi Lance!

My wife and I really enjoyed your presentation on Thurs. We did want to miss even a minute of it. We both trade the MNQ. We certainly could relate to all that you presented.

Lots of great info that you put in to words. Thanks!

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 lancelottrader 
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redbarntrades View Post
Hi Lance!

My wife and I really enjoyed your presentation on Thurs. We did want to miss even a minute of it. We both trade the MNQ. We certainly could relate to all that you presented.

Lots of great info that you put in to words. Thanks!

Thank you so much. I appreciate that very much. Thank you for watching.

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 Rrrracer 
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lancelottrader View Post
Just noticed when I looked the at the webinar on youtube that the view count was at an "interesting" number. Taming the Beast now looks like the Number of the Beast..if you get my drift. If you saw any of those Omen movies, you'll understand what I am saying. Should I be scared ?

I tried to capture the flip side of this but the views went from 998 to 1002 in about a minute I remember watching The Omen when I was a kid way back in the day, loved those old school kitsch horror flicks LOL, good stuff...

Regardless, doing these webinars, I inevitably have to go back and watch them again so I can focus on the presentation instead of all the stuff that is happening behind the scenes. There is so much here Lance... you lay it all out from the perspective of someone who has been in the trenches and found a way to not only survive, but thrive in one of the most competitive environments in the world.

My hat is off to you sir, much thanks and appreciation.

Watch it again folks, and learn:


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  #1254 (permalink)
IaskQs
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Lance, thank you so much for this wonderful webinar. I am focused on trading the NQ, so this was really great for me. A few questions for you:

1. What order types do you typically use to enter trades? Limit, market? Do you ever use stop buy or stop sell to enter trades? What's your experience with slippage on NQ?

2. Even before I watched your webinar, I had settled on a 40 tick stop loss after much observation of the NQ because it seems like enough to withstand the NQ's common whipsaw snapbacks, and at the same time is not too painful a loss to take if you get full stopped. Did you find this to be true in your own experience, or do you feel an even bigger stop loss can be prudent for someone with a larger risk tolerance?

3. You have a 1:1 rr ratio for scalping. I have struggled to find the proper stop loss for scalping. When I scalp, I'm typically targeting 7.5pts and I want a positive r/r ratio, but that would require a stop loss of 4-5 pts. Is this realistic, and if not, what do you suggest? 1:1 ratio with 7.5 stop loss? Perhaps I have to accept that I cannot accomplish a positive r/r ratio for scalps?

Thanks again.

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 lancelottrader 
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Rrrracer View Post
I tried to capture the flip side of this but the views went from 998 to 1002 in about a minute I remember watching The Omen when I was a kid way back in the day, loved those old school kitsch horror flicks LOL, good stuff...

Regardless, doing these webinars, I inevitably have to go back and watch them again so I can focus on the presentation instead of all the stuff that is happening behind the scenes. There is so much here Lance... you lay it all out from the perspective of someone who has been in the trenches and found a way to not only survive, but thrive in one of the most competitive environments in the world.

My hat is off to you sir, much thanks and appreciation.

Watch it again folks, and learn:


Thank you so much. I was honored when you suggested that I do a presentation and I am very pleased to see all the great comments and questions I have received from this. I also wasn't expecting all of the views I am seeing either. I thought you did a great job introducing the webinar and also afterwards. Your voice is like "broadcaster perfect." lol Honestly, as I was putting this together, it also reinforced many of my rules etc..and I ended up having some really good trading days last week. So, it helped me as well.
Thanks again.

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 lancelottrader 
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IaskQs View Post
Lance, thank you so much for this wonderful webinar. I am focused on trading the NQ, so this was really great for me. A few questions for you: Hi. Thank you for watching my presentation and your nice comment.

1. What order types do you typically use to enter trades? Limit, market? Do you ever use stop buy or stop sell to enter trades? What's your experience with slippage on NQ?
I generally use a limit order or a market order (if price seems like it's moving fast.) I don't use buy stops or sell stops very often although with a chart trader platform, it's not that hard to drag the order over a price area. I don't get too much slippage on NQ because I don't generally jump in while it's spiking up or down too fast. I do have an issue with orders being partially filled on limit orders sometime. For example , if I have two contracts, maybe only 1 gets filled. That's generally because price moves quickly. However, it will often retrace and fill the other order in a few seconds.

2. Even before I watched your webinar, I had settled on a 40 tick stop loss after much observation of the NQ because it seems like enough to withstand the NQ's common whipsaw snapbacks, and at the same time is not too painful a loss to take if you get full stopped. Did you find this to be true in your own experience, or do you feel an even bigger stop loss can be prudent for someone with a larger risk tolerance?
In most morning sessions, 40 ticks seems about right. Again, even with that amount of stop, I still need great timing on my entries. The important thing is to generally have my stop behind a previous swing hing or low so that it doesn't get hit by a quick retest of those price areas. 40 ticks tends to allow me to do that without being excessively large of a stop loss. If someone wants a bigger stop, 50 or 60 is even better. But then , they should at least target 50 or 60 tick targets as well.

3. You have a 1:1 rr ratio for scalping. I have struggled to find the proper stop loss for scalping. When I scalp, I'm typically targeting 7.5pts and I want a positive r/r ratio, but that would require a stop loss of 4-5 pts. Is this realistic, and if not, what do you suggest? 1:1 ratio with 7.5 stop loss? Perhaps I have to accept that I cannot accomplish a positive r/r ratio for scalps?
I don't scalp a whole lot these days unless it's a slower afternoon session that I am trading. The 40 tick targets in the morning are hit very easily and often I go now for 80 ticks. But at slower times, I like to scalp 25 tick targets with a 25 tick stop loss. At these slower paced times, that seems to give enough room but it is still pretty tight. One of my favorite scalp setups (and I kind of forgot to show this in my webinar) is when we have a sudden counter trend move that appears to be breaking through a support and resistance level. You'll recognize the move when you see it because it will tempt you to play the breakout and order flow will seem to indicate it's going to really break out. Then price will pause just as it's broken through the S/R and start reversing. That little bounce after the breakout is sort of a reverse scalp and I get in very quickly and it's usually good for a fast 25 ticks or so. What price does after that doesn't concern me because I just nailed the little bounce. That scalp can even work well during the morning session as well.

Thanks again.

Hope you have a great trading week.

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IaskQs
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Thank you for the detailed responses -- very helpful. Two more question, if you don't mind:

1. Can I do this using candlestick charts or do I need tick or range bars? I currently use 5 min. chart, which I'm comfortable with. I assume that the letter formation will not be there and the pullback will look different. What do these letter formations look like on candlestick charts, like the 2 min. and 5 min. you watch? Are they simply double top or double bottom retests of the level?

2. How do you know to enter a V instead of waiting for the W, and same for A and M? Isn't V just a single test and W a double test?

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 lancelottrader 
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west palm beach florida usa
 
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IaskQs View Post
Thank you for the detailed responses -- very helpful. Two more question, if you don't mind:

1. Can I do this using candlestick charts or do I need tick or range bars? I currently use 5 min. chart, which I'm comfortable with. I assume that the letter formation will not be there and the pullback will look different. What do these letter formations look like on candlestick charts, like the 2 min. and 5 min. you watch? Are they simply double top or double bottom retests of the level?

2. How do you know to enter a V instead of waiting for the W, and same for A and M? Isn't V just a single test and W a double test?

1. The formations are not going to always be evident on the higher timeframe minute charts. Remember when price is moving quickly a V or A can show up in a few seconds while even a 1 minute chart takes a minute form a bar. 5 minutes even longer. I suppose you would see a wick start to form possibly, but for me it would be hard to judge it by. The 5 range bar shows me much more info in a short span of time..plus I can gauge momentum by how fast they are printing up on my chart.
2. In a new fresh wave with fast pullbacks, they are often just the single A or V formations that show up. Plus they don't always retest a previous swing high or low..or a previous support and resistance. Now if we have a sizable retracement and I'm not entirely sure if price is going to resume it's same trend, I am more likely going to wait for the added confirmation that the W and M formations give me. Also the M and W's work better on the big pullbacks if the S/R levels have only been retested but not penetrated with a breakout of sorts. Now, for example, if the S/R level does get a breakout of sorts, and it starts quickly reversing with an A or V shape, then I will enter on that instead of waiting for the W or M . Hope that makes sense.

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  #1259 (permalink)
 kashmiami 
miami
 
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@lancelottrader
Thanks for generously sharing your process & ideas. As a on/off trader "trying" to get back into trading (mostly NQ as well) there were bunch of pointers for me.
Looked up the video on page 113 as well & loved the concept of ECM inventory.
I am a huge fan of Meditation & mindfulness (thanks mainly to Robert Koppel & his underrated book The Intuitive Trader)
I use a free app called Insight timer which has meditation courses by a bunch of people that I admire. Feel free to check it out.
Thanks to the moderators for getting @lancelottraderto do this. Hopefully we see more of traders (with scars) like this in webinar format.
Cheers!

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  #1260 (permalink)
 lancelottrader 
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west palm beach florida usa
 
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kashmiami View Post
@lancelottrader
Thanks for generously sharing your process & ideas. As a on/off trader "trying" to get back into trading (mostly NQ as well) there were bunch of pointers for me.
Looked up the video on page 113 as well & loved the concept of ECM inventory.
I am a huge fan of Meditation & mindfulness (thanks mainly to Robert Koppel & his underrated book The Intuitive Trader)
I use a free app called Insight timer which has meditation courses by a bunch of people that I admire. Feel free to check it out.
Thanks to the moderators for getting @lancelottraderto do this. Hopefully we see more of traders (with scars) like this in webinar format.
Cheers!

Thank you for your comment and the mention of the Insight timer app. I will check that out.

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  #1261 (permalink)
 lancelottrader 
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Took a few trades only minutes into the open today.


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  #1262 (permalink)
 joe s 
sacramento ca us
 
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good info thanks

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  #1263 (permalink)
 MrTrader 
ITAJAI SC/BRAZIL
 
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Thanks!
BTW, what screen recorder would you recommend?


lancelottrader View Post
Took a few trades only minutes into the open today.


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  #1264 (permalink)
 lancelottrader 
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MrTrader View Post
Thanks!
BTW, what screen recorder would you recommend?



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Not sure really because I haven't kept up on all the new software. I have used something called Screen Movie Studio for many years. It works well and doesn't use too much memory or CPU. There may be better ones out there now.

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  #1265 (permalink)
 joe s 
sacramento ca us
 
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I use Camtasia its not free but you get what you pay for It will do alot

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  #1266 (permalink)
 lancelottrader 
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Nice 100 tick winner a few minutes ago. Rode it down and just trailed the stop over the swings.
nq 100 tick winner

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  #1267 (permalink)
 lancelottrader 
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And...another 100 tick move! Not sure why, but NQ really selling off this afternoon.
nq another 100 tick winner

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  #1268 (permalink)
 tvaughan4 
Los Angeles CA
 
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lancelottrader View Post
Hi there. I don't know much about that software since I haven't used it. The little order flow audible indicator you see in my videos is something called Tick Strike. I feel it is pretty good for helping confirm some moves by giving an idea of how strong the order flow is.

Can you go into how you use TickStrike?

I'm really interested/curious in this product. I trade NQ as well. I'm wondering if it will help on those trades where it pokes it's head through a support/resistance quick only to pull back down for a whipsaw (which can be a decent move) then go back screaming through. Does TickStrike maybe help in that you would hear no order support on that initial peak through the support/resistance? so you don't get drawn in on that fake?

Thanks

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  #1269 (permalink)
 lancelottrader 
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tvaughan4 View Post
Can you go into how you use TickStrike?

I'm really interested/curious in this product. I trade NQ as well. I'm wondering if it will help on those trades where it pokes it's head through a support/resistance quick only to pull back down for a whipsaw (which can be a decent move) then go back screaming through. Does TickStrike maybe help in that you would hear no order support on that initial peak through the support/resistance? so you don't get drawn in on that fake?

Thanks

It's a pretty good tool, although I won't generally take entries based mainly on it. It does tell me when we get a lot of extremely strong buying or selling. The bars will move quickly up to higher levels and it takes on kind of machine gun sound. It can be tricky since sometimes near the end of a move or..one of those failed breakouts..it can have a big quick flurry of sound...Then it can go silent and get some reversal ticking that is rather subdued. Those are when we can get those little reversal bounces of the failed break..or let you know maybe it's time to pay attention to exiting a trade. Again, order flow is tricky and using tick strike properly takes a bit of practice. If you google how to use it, there are some videos from the vendor on it.

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  #1270 (permalink)
 tvaughan4 
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lancelottrader View Post
It's a pretty good tool, although I won't generally take entries based mainly on it. It does tell me when we get a lot of extremely strong buying or selling. The bars will move quickly up to higher levels and it takes on kind of machine gun sound. It can be tricky since sometimes near the end of a move or..one of those failed breakouts..it can have a big quick flurry of sound...Then it can go silent and get some reversal ticking that is rather subdued. Those are when we can get those little reversal bounces of the failed break..or let you know maybe it's time to pay attention to exiting a trade. Again, order flow is tricky and using tick strike properly takes a bit of practice. If you google how to use it, there are some videos from the vendor on it.

Sounds like something I need to check out and mess around with, seems like it might be a good addition. I will watch the videos more. And looks like they have a 7-day free trial.

I wasn't looking for a signal, really, just more of confirmation I guess you could call it. Just another box to check when getting into the trade. I've been looking for something in the order flow department because I believe it is valuable info, but just haven't found anything that suits me yet...

Thanks for the help

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  #1271 (permalink)
 Blue Eagle 
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I am taking a mental health break from my normal trading and have spent some time (again...) playing around on SIM with the 5 range NQ chart as I'm sure many of the viewers of your webinar have because clearly it's like taking candy from a baby.

I am no stranger to this chart...I've had it up for a couple years. And there are days when I have done ok as a scalper...and then there are the other days. I just wanna say right now that I am a fan of yours...and goofing around with this chart again as my "trading chart" has only deepened my respect for the fact that you can make sense out of this thing on NQ...and I'm sure I am not alone, as most who are giving it a go are surely getting their ego's pounded. My hat is off to you.

I do have a question that I realize may not have an answer beyond gut feel and experience. You posted a big winner and I pulled it up when I got home. Your trade is marked 2 and I see exactly why you would take it but I also see the box marked 1 that had a very similar look and poked down after a little consolidation...threatening the last swing.

And the box marked 3 showed a series of pushes down with LH's and a pop below last couple pushes. Any thoughts on what keeps you out of these kinda ups and downs...or do you get sucked in to some of them but the winners still come out ahead? And lastly, how frequently do you get in and then decide, nope...don't like it anymore and bail? or do you let your stop just do it's thing?



Appreciate any ponderings you have. If nothing else I'm having a stress free blast playing scalper on SIM for a few days. I love the speed and the fact that, like my old CL days, you know almost immediately if your right or wrong. The only problem I have is that at this small TF I can see a reason to get into a trade about every 10 seconds...

Thanks,
Craig

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  #1272 (permalink)
 DavidBodhi 
Milwaukee, WI, USA
 
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MrTrader View Post
Thanks!
BTW, what screen recorder would you recommend?



Sent using the futures.io mobile app

OBS is totally free and does a great job. Low overhead and it can save to flv, by default. That format can be cut off abruptly (if your computer crashes, say) without ruining the file, which is a good thing. Program also can convert from FLV to mp4, if you prefer that format.

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  #1273 (permalink)
 lancelottrader 
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Blue Eagle View Post
I am taking a mental health break from my normal trading and have spent some time (again...) playing around on SIM with the 5 range NQ chart as I'm sure many of the viewers of your webinar have because clearly it's like taking candy from a baby.

I am no stranger to this chart...I've had it up for a couple years. And there are days when I have done ok as a scalper...and then there are the other days. I just wanna say right now that I am a fan of yours...and goofing around with this chart again as my "trading chart" has only deepened my respect for the fact that you can make sense out of this thing on NQ...and I'm sure I am not alone, as most who are giving it a go are surely getting their ego's pounded. My hat is off to you.

I do have a question that I realize may not have an answer beyond gut feel and experience. You posted a big winner and I pulled it up when I got home. Your trade is marked 2 and I see exactly why you would take it but I also see the box marked 1 that had a very similar look and poked down after a little consolidation...threatening the last swing.

And the box marked 3 showed a series of pushes down with LH's and a pop below last couple pushes. Any thoughts on what keeps you out of these kinda ups and downs...or do you get sucked in to some of them but the winners still come out ahead? And lastly, how frequently do you get in and then decide, nope...don't like it anymore and bail? or do you let your stop just do it's thing?



Appreciate any ponderings you have. If nothing else I'm having a stress free blast playing scalper on SIM for a few days. I love the speed and the fact that, like my old CL days, you know almost immediately if your right or wrong. The only problem I have is that at this small TF I can see a reason to get into a trade about every 10 seconds...

Thanks,
Craig

Hi there. The 5 range chart is fast for sure, but for many years I was taking entries on a 2 range chart...lol. I definitely don't recommend that.. Now, keep in mind I also am watching a 2 minute chart and 5 minute chart as well..but the 5 range really shows me the patterns and helps me time in a move. It's very important that I enter soon enough to have my stop behind one of those A or V swings..or W and M ones. NQ is notorious for multiple retests of swings.
As far as ignoring certain setups and taking others, it's very hard to look at a static chart and understand that. It depends on how fast price is moving...how many times it's tried to break through a price..what my Tick strike indicator is doing. Obviously I have plenty of losing trades as well. The good news is my wins are finally eclipsing the losers..usually. But I believed, on the trade you mentioned, that the area that had been tested a few times already, and would give way..especially with the momentum I was seeing.
As far as knowing when to get out..I ,sometimes on smaller trades 40 ticks or less..will let it play out and not interfere. On bigger targets, if I suddenly start seeing a reversal pattern..like a series of swing highs or lows being taken out or some sort of double top or double bottom forming..I will at least move my stop to breakeven and A.) see what happens or B.) take profit and wait for another setup.

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  #1274 (permalink)
 lancelottrader 
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Still plenty of afternoon action in NQ. Just got this nice W formation 2nd wave for 80 ticks.
trade march 25 80 tick move

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IaskQs
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lancelottrader View Post
Still plenty of afternoon action in NQ. Just got this nice W formation 2nd wave for 80 ticks.
trade march 25 80 tick move

You are absolutely killing it with these trades. Is your chart 5 tick range or 5 point range? It looks like 5 tick range but just want to make sure I understand correctly.

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  #1276 (permalink)
 joe s 
sacramento ca us
 
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Great trades lancelottrader

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  #1277 (permalink)
 lancelottrader 
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IaskQs View Post
You are absolutely killing it with these trades. Is your chart 5 tick range or 5 point range? It looks like 5 tick range but just want to make sure I understand correctly.

Well, on instruments like NQ, it's a 5 tick range chart. For every 5 ticks it prints a bar. Now when you have something like YM, where a tick and a point equal the same amount it's still the same 5 range bar.

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  #1278 (permalink)
 mmaker 
Toronto Canada
 
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May I ask what the name of that blue yellow red indicator that looks like a median line crossed with a supertrend?

The reason i ask is I have seen it on twitter.

Thanks in advance.


Blue Eagle View Post
I am taking a mental health break from my normal trading and have spent some time (again...) playing around on SIM with the 5 range NQ chart as I'm sure many of the viewers of your webinar have because clearly it's like taking candy from a baby.

I am no stranger to this chart...I've had it up for a couple years. And there are days when I have done ok as a scalper...and then there are the other days. I just wanna say right now that I am a fan of yours...and goofing around with this chart again as my "trading chart" has only deepened my respect for the fact that you can make sense out of this thing on NQ...and I'm sure I am not alone, as most who are giving it a go are surely getting their ego's pounded. My hat is off to you.

I do have a question that I realize may not have an answer beyond gut feel and experience. You posted a big winner and I pulled it up when I got home. Your trade is marked 2 and I see exactly why you would take it but I also see the box marked 1 that had a very similar look and poked down after a little consolidation...threatening the last swing.

And the box marked 3 showed a series of pushes down with LH's and a pop below last couple pushes. Any thoughts on what keeps you out of these kinda ups and downs...or do you get sucked in to some of them but the winners still come out ahead? And lastly, how frequently do you get in and then decide, nope...don't like it anymore and bail? or do you let your stop just do it's thing?



Appreciate any ponderings you have. If nothing else I'm having a stress free blast playing scalper on SIM for a few days. I love the speed and the fact that, like my old CL days, you know almost immediately if your right or wrong. The only problem I have is that at this small TF I can see a reason to get into a trade about every 10 seconds...

Thanks,
Craig


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  #1279 (permalink)
 Blue Eagle 
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mmaker View Post
May I ask what the name of that blue yellow red indicator that looks like a median line crossed with a supertrend?

The reason i ask is I have seen it on twitter.

Thanks in advance.

It's the amaADXVMA by Lizard Indicators...(aka Fat Tails on FIO). It's in the Ninjatrader downloads. Not sure about other platforms. Nothing magic about it...don't base trades of it...just a quick reference visual aid for shortest term strength.

Craig

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  #1280 (permalink)
 mmaker 
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Blue Eagle View Post
It's the amaADXVMA by Lizard Indicators...(aka Fat Tails on FIO). It's in the Ninjatrader downloads. Not sure about other platforms. Nothing magic about it...don't base trades of it...just a quick reference visual aid for shortest term strength.

Craig

Thanks.

I have seen it used as part of a trading system. A trader on Twitter. He charges for his trades. He is also on collective 2 i think.

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  #1281 (permalink)
 lancelottrader 
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west palm beach florida usa
 
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Trades today

trade 3 26 1 60 tick win


trades 3 26 2 40 tick loser


trades 3 26 3 40 tick winner

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  #1282 (permalink)
 lancelottrader 
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More from today
trades 3 26 4 40 tick winner


trades 3 26 6 42 tick winner


3 26 5 60 tick breakout move

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  #1283 (permalink)
 tvaughan4 
Los Angeles CA
 
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lancelottrader View Post
Trades today

trade 3 26 1 60 tick win


trades 3 26 2 40 tick loser


trades 3 26 3 40 tick winner

Do you find, or have you done any research, on if you would be better of if you hit a winner on your first trade and call it for the day? As opposed to keep on trading in your time slot and taking what setups come? I'm trying to journal the stats on this, but I'm just getting started. My gut feel so far, for me, is that if I hit on the first trade it seems better and more productive to walk away. Maybe if not just for the simple fact that my mental capital gets depleted pretty quickly and my decisions, I feel, get exponentially worse the longer I sit in front of the screen. Or maybe that's just my lack of experience...

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  #1284 (permalink)
 lancelottrader 
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tvaughan4 View Post
Do you find, or have you done any research, on if you would be better of if you hit a winner on your first trade and call it for the day? As opposed to keep on trading in your time slot and taking what setups come? I'm trying to journal the stats on this, but I'm just getting started. My gut feel so far, for me, is that if I hit on the first trade it seems better and more productive to walk away. Maybe if not just for the simple fact that my mental capital gets depleted pretty quickly and my decisions, I feel, get exponentially worse the longer I sit in front of the screen. Or maybe that's just my lack of experience...

I used to feel that way..and often would quit if I had a decent winner on the first trade. It does truly suck to be up on the day and then lose a few trades and end up down on the day. I no longer do that. Statistically speaking, if you have an edge and understand the conditions that comprise a great setup, then some days it makes sense to keep going. There are days when the conditions are so good that I see lots of high probability trades appearing. Since in any good setup, there will still be a distribution of some losses with your wins..to really become profitable, you have to have the focus and the courage to keep going . Otherwise your losing days will overshadow your small winning days and you will just spin your wheels.

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  #1285 (permalink)
 tvaughan4 
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lancelottrader View Post
I used to feel that way..and often would quit if I had a decent winner on the first trade. It does truly suck to be up on the day and then lose a few trades and end up down on the day. I no longer do that. Statistically speaking, if you have an edge and understand the conditions that comprise a great setup, then some days it makes sense to keep going. There are days when the conditions are so good that I see lots of high probability trades appearing. Since in any good setup, there will still be a distribution of some losses with your wins..to really become profitable, you have to have the focus and the courage to keep going . Otherwise your losing days will overshadow your small winning days and you will just spin your wheels.

Thanks for the honest feedback. Not what I was hoping for... but probably what I need to hear. Back to the journey.

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OttoBlink
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We can't always get what we want, but if we try, we get what we need (even if that means a few losers to keep us humble).

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 ark321 
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Thanks for the great webinar.

One of the important aspect of this method is finding good support/resistance lines. Are these just the swing high/lows on 5 range, 5 min and 2 min bars?

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 lancelottrader 
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ark321 View Post
Thanks for the great webinar.

One of the important aspect of this method is finding good support/resistance lines. Are these just the swing high/lows on 5 range, 5 min and 2 min bars?

Thank you for you comment about my webinar. I first identify what I call "Macro" areas of Support and resistance on usually a 30 minute chart. I also look for areas on the 5 minute chart and 2 minute charts. I want to find first areas that I feel will have a significant impact on price when they are hit such as a major bounce or even a possible reversal. The 5 range chart, during the session, I am drawing lines on many swing highs and lows and range breakout areas..lows and highs of certain time periods etc, and adjusting them.
Now, on a day like today, where price was very bouncy and choppy, I am not going to mark up every swing high or low due to the chaotic price action. For example, if I saw a directional move down and then I get a swing high after a pullback..and the next wave or push is extremely strong..I am likely to mark up that swing high. The reason is that this was price where lots of selling came in and if it's hit again on a pullback, it could sell off from there again. So not all swing highs and lows are of equal importance.
Also let's say for some reason price has had trouble breaking through an area, attempts it 3 to 5 times and finally breaks. That is now an area of real time S/R that I will mark up. Some areas where I feel price will bounce, but maybe not too heavily I sometimes mark with a yellow horizontal line. I call that a Speed Bump.

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 lancelottrader 
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Very ugly and difficult price action for most of the morning session. I basically would lose a trade..then win one...etc Wash, rinse repeat. After finally breaking even again for the 3rd time I decided to end the festivities and shut down the platform. You have to know when to walk away.
NQ 06-21 (5 Range) 2021_03_29 (12_03_40 PM) Choppy nightmare

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 lancelottrader 
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Little update. Had some smoother moves in the afternoon and was able to grab a few small winners. So...sometimes walking away and coming back in the afternoon is a good plan.

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enagyzer
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lancelottrader View Post
I used to feel that way..and often would quit if I had a decent winner on the first trade. It does truly suck to be up on the day and then lose a few trades and end up down on the day. I no longer do that. Statistically speaking, if you have an edge and understand the conditions that comprise a great setup, then some days it makes sense to keep going. There are days when the conditions are so good that I see lots of high probability trades appearing. Since in any good setup, there will still be a distribution of some losses with your wins..to really become profitable, you have to have the focus and the courage to keep going . Otherwise your losing days will overshadow your small winning days and you will just spin your wheels.

Amen to that. The psychology of trading

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IaskQs
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@lancelottrader

Very curious to know how you handled the NQ today. After the initial uptrend, it was mainly in a range till close. How do you do on days like this? Are there any trading opportunities in your system during a range day?

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 lancelottrader 
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IaskQs View Post
@lancelottrader

Very curious to know how you handled the NQ today. After the initial uptrend, it was mainly in a range till close. How do you do on days like this? Are there any trading opportunities in your system during a range day?

I really don't like days like today. My feeling is that the market has been subdued, as far as volatility the last two days because of Easter this weekend. I took two trades only. Just waited until it looked like price would move down and did some small 25 tick scalps when it bounced up off of some small support areas.
So, basically, just wanted to only take longs and wait for support breakout fails.

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 lancelottrader 
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Two emotions that have plagued me for years and often made my trading experience very unpleasant and unhealthy were Fear and Anger. Due to the psychological “damage” that resulted from years of failure and lost money, there has often been an inner fear that has gripped me not only when I put on a trade, but even was I about to place one. This would manifest in a large surge of adrenaline and I could literally feel my heart start to pound. My shirts would be soaked in the underarm area. I would see some perfect setups and simply could not pull the trigger. Then as I saw that these setups would have been easy winners, I felt frustration along with anger that I was missing the moves. Then finally, when price was no longer in that high probability area, I would go in..way late. Then, when the trade would lose, I would get upset. This would then trigger a wave of negative thoughts such as, “Here we go again”..”Why do I keep doing this stupid trading”..”I’m never going to really make it.”

Even when I started to be mostly profitable, I couldn’t shake the fear and anger. It finally dawned on me that when I’m on SIM, none of these things occur. I just take the trade and see what happens..No fear or anger flooding through me. Why? Because I don’t care that much if the SIM wins or loses and I know I generally will win more than I lose. Then it dawned on me…How much better would I be and how much more pleasant an experience would it be if I just divorced myself from the outcome of these trades while live? Of course, follow my drawdown rules etc..but just trade with no fear and if the trades lose..or if I lose the day..so what? If I don’t care that much, why will I get angry or fearful? I know I’m good enough to come out ahead in the long run. I know when conditions are lousy and when they are good. I know when to stay out and when to take several trades in a session.

So every morning I read a little essay I wrote about how I will have no fear of losing and no anger when losing..just acceptance. If it’s a losing day, no more being depressed for several hours afterwards. I’m not there yet 100%, but I am way better. Slowly the fear and anger is getting less and less. I treat it like a game, and I am getting better at it.

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redbarntrades
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lancelottrader View Post
Two emotions that have plagued me for years and often made my trading experience very unpleasant and unhealthy were Fear and Anger. Due to the psychological “damage” that resulted from years of failure and lost money, there has often been an inner fear that has gripped me not only when I put on a trade, but even was I about to place one. This would manifest in a large surge of adrenaline and I could literally feel my heart start to pound. My shirts would be soaked in the underarm area. I would see some perfect setups and simply could not pull the trigger. Then as I saw that these setups would have been easy winners, I felt frustration along with anger that I was missing the moves. Then finally, when price was no longer in that high probability area, I would go in..way late. Then, when the trade would lose, I would get upset. This would then trigger a wave of negative thoughts such as, “Here we go again”..”Why do I keep doing this stupid trading”..”I’m never going to really make it.”

Even when I started to be mostly profitable, I couldn’t shake the fear and anger. It finally dawned on me that when I’m on SIM, none of these things occur. I just take the trade and see what happens..No fear or anger flooding through me. Why? Because I don’t care that much if the SIM wins or loses and I know I generally will win more than I lose. Then it dawned on me…How much better would I be and how much more pleasant an experience would it be if I just divorced myself from the outcome of these trades while live? Of course, follow my drawdown rules etc..but just trade with no fear and if the trades lose..or if I lose the day..so what? If I don’t care that much, why will I get angry or fearful? I know I’m good enough to come out ahead in the long run. I know when conditions are lousy and when they are good. I know when to stay out and when to take several trades in a session.

So every morning I read a little essay I wrote about how I will have no fear of losing and no anger when losing..just acceptance. If it’s a losing day, no more being depressed for several hours afterwards. I’m not there yet 100%, but I am way better. Slowly the fear and anger is getting less and less. I treat it like a game, and I am getting better at it.

Man, are you dead on in your analysis!

Sounds so very familiar.

I wonder if this is a condition that plagues people who are perfectionists or OCD? The tendency to protect every last cent of their account. I can completely agree and relate to your struggle/journey.

I have had to also reprogram my own mind in a similar fashion. For 38 years I bought construction tools for my work and lots of them. The amount of money spent on those tools would build a new house and buy a new car. Those tools were used to construct buildings. I never went to work with fear. I just went to work and used those tools.

And yet, our trading accounts are nothing other than a tool. Yet, we have a tendency to not want to get them dirty etc.

Putting drawdown, loss or my relationship to leverage into perspective of the big picture is a necessity. Telling myself that I am not going to go bankrupt by taking a calculated trade is what I have to and must do.

I have to force myself to look at the account as a tool and just go ahead and use that tool.

Thanks for highlighting this issue. You explained this challenge so well!

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 Daytrader999 
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Oh well....I fully subscribe to that @lancelottrader and @redbarntrades!

For me this describes exactly the psychological issues I'm still dealing with today, and in addition there is the fear of giving anything back after I had a good trade with my 'standard' profit objective....so I feel that I'm still not really ready for the game yet.

And being a perma bear who only wants to take short trades, I'm doing even harder in these times....

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 lancelottrader 
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redbarntrades View Post
Man, are you dead on in your analysis!

Sounds so very familiar.

I wonder if this is a condition that plagues people who are perfectionists or OCD? The tendency to protect every last cent of their account. I can completely agree and relate to your struggle/journey.

I have had to also reprogram my own mind in a similar fashion. For 38 years I bought construction tools for my work and lots of them. The amount of money spent on those tools would build a new house and buy a new car. Those tools were used to construct buildings. I never went to work with fear. I just went to work and used those tools.

And yet, our trading accounts are nothing other than a tool. Yet, we have a tendency to not want to get them dirty etc.

Putting drawdown, loss or my relationship to leverage into perspective of the big picture is a necessity. Telling myself that I am not going to go bankrupt by taking a calculated trade is what I have to and must do.

I have to force myself to look at the account as a tool and just go ahead and use that tool.

Thanks for highlighting this issue. You explained this challenge so well!

Great analogy! Thank you.

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redbarntrades
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Daytrader999 View Post
Oh well....I fully subscribe to that @lancelottrader and @redbarntrades!

For me this describes exactly the psychological issues I'm still dealing with today, and in addition there is the fear of giving anything back after I had a good trade with my 'standard' profit objective....so I feel that I'm still not really ready for the game yet.

And being a perma bear who only wants to take short trades, I'm doing even harder in these times....

I'm glad that I am not the only one who is drawn to short trades.

I love short trades. Going long is a struggle. I don't mind long trades when there has been a severe quick sell off and price is way far from where I believe it should be. But even then, I don't seem to stay in the trade long enough. But then, if I bank some green, then so what?

I was encouraged when Tom H. of Trader Tom said that he has an overwhelming tendency to be a short trader.

As you wrote this post, the NQ was at a point for a good short. A nice 17 point drop of the high on my pitchfork, but I wasn't looking at the screen. But that's ok, as I enjoyed reading these recent posts.
Cheers!

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 lancelottrader 
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Daytrader999 View Post
Oh well....I fully subscribe to that @lancelottrader and @redbarntrades!

For me this describes exactly the psychological issues I'm still dealing with today, and in addition there is the fear of giving anything back after I had a good trade with my 'standard' profit objective....so I feel that I'm still not really ready for the game yet.

And being a perma bear who only wants to take short trades, I'm doing even harder in these times....

I hear you..On NQ at least, I seem to do better on the days where it is moving down. When it goes up, often it just stays up and bounces around a little.

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 Daytrader999 
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redbarntrades View Post
I'm glad that I am not the only one who is drawn to short trades.

I love short trades. Going long is a struggle. I don't mind long trades when there has been a severe quick sell off and price is way far from where I believe it should be. But even then, I don't seem to stay in the trade long enough. But then, if I bank some green, then so what?

I was encouraged when Tom H. of Trader Tom said that he has an overwhelming tendency to be a short trader.

As you wrote this post, the NQ was at a point for a good short. A nice 17 point drop of the high on my pitchfork, but I wasn't looking at the screen. But that's ok, as I enjoyed reading these recent posts.
Cheers!

Absolutely! I missed that move as well because price action was slow and boring during the first hour and therefore my attention went to futures.io following this great thread....

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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