I agree with you, Mike. I was just repeating something I was told, today. Besides, I feel a sort of camaraderie to the members of this site.
I have learned so much from others on here , so if someone gleams only one small piece of advice...and it ends up helping them... then I am happy with that.
Failure is not an option
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Why is the methodology not important? Why do you believe it is useless? Not every one can hold on to a losing trade like you and have it become profitable.
Day traders like @lancelottrader work very hard on their entry and methodology and going after relatively (in your opinion) small targets work for them. Not everyone can afford to be $10K or $20kdown. Maybe you can, but not me.
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If that is what you think of my trades, you have the completely wrong idea. I've posted months worth of my trades in my thread, you should read it.
Most people think of methodology as a script of when to buy, when to sell. That is what I was referring to. Over the years people want to protect their secret indicators, it just shows a lack of understanding.
That alone is not enough. People that put all the emphasis on "method" are the same ones that think indicators can make them profitable.
The truth is a "method" is much more than that, and is largely context and execution which is not something easily "given away".
Today, Monday the 26th ..is one of those weak, choppy days that can get you into trouble. I won a couple of small trades early on ..then lost them back. So..broke even and am currently staying out..probably the rest of the day. Remember, Cash is a position.
Failure is not an option
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..
I have been also watching Tf..it happens to move in a manner at times that works well with my style of trading. I don't like the tick value of NQ and Dow..which are only $5. I've never really liked trading the S&P..
So..right now just SIM trading TF..and putting together some statistics. If it goes well, I will include that along with my live CL trading.
Pretty much broke even again on Cl today. There was one fast strong move after about 10:30 eastern..but I failed to jump in while it was moving.
Made about 60 ticks on TF (on SIM). I am starting to definitely get the hang of it. I have had many good days on it the last couple of weeks. A couple more weeks and I should be able to trade it live successfully.
The one area where I feel I have improved greatly is in controlling my emotions and impulses. One thing I strive to do is always observe the market and price movement in as objective a manner as possible. It's very easy to lose that objectivity when you have a strong directional bias, have just had a string of losses..or even a string of wins. The losses can suddenly make you unable to see that you are possibly in terrible market conditions. Your mind is clouded with the idea of recovering your losses. Any little setup or volatility can suddenly cause you to have an extreme desire to jump in. Your mind no longer is perceiving what the market is telling you. It is creating a false reality.
After several wins, this can also occur. You may get euphoric and extremely confident. You may fail to notice that price is now consolidating and you keep firing off trades. Suddenly you have given back all your wins.
This is why, no matter what happens, I keep verbally describing exactly what I see the market doing and not allow myself to fall victim to a faulty, emotionally driven perception of price movement. In other words, I don't impose my goals, fears or desires on the markets. I, now..wait patiently for the best possible setups that I believe are occurring.
Had, I mastered this ability sooner, my learning curve would have been significantly shortened.
Failure is not an option
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lancelottrader, I think your trading style very close to mine. TF has a lot of the characteristics of the CL. You might already know that there are some market indicators for the TF.
The indicators are very similar what is available for the ES and NQ and also for the YM but I don't trade the YM very often. When I day trade the ES or NQ I do glance at $VOLD for the ES, ($UVOL/Q-$DVOL/Q for the NQ) $ADD for the ES ($ADVN/Q-$DECN/Q for NQ - the symbols naming convention per TOS).
I glance these values so I have an idea what the overall market is doing however I am watching very closely the 1 minute $TICK chart to go long or short or do nothing. So you may want to incorporate the market indicators into your TF trading. For the YM I use the ES stuff most of the time, but the TF quite often acts on its own.
Please note if whatever you are doing is working for you than don't bother, just keep doing what works.
Trading the CL I do look at what the HO and RB is doing. ex.: if RB and HO already at new highs or lows with a strong move and CL is a few ticks away from new highs or lows than most likely CL goes as well.
I did not read the whole thread therefore my apologies for my annoyance.
Hope this helps,
atata
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Thanks a lot for your suggestions. I will look into some of those values to see if the correlation is helpful..although I try not to give myself too much info at one time. I mostly like to trade an individual instrument in Real Time. Again, I am always open to trying new things to see if they help...if I like the new thing ..I use it. If not, I won't . Thanks again.
I appreciate it.
The market will be there tomorrow. Was this one of your better days on CL? That 10:30 move was ridiculous. On the way up and down had some nice opportunities.
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Yes it was ..on CL. Made 90 ticks. That's very good for me. On Monday and Tuesday, I broke even.
Made about 80 ticks on SIM TF trades and they were all after 2 pm.
It just shows that on a strong day, you have to take more chances and keep trading. I used to get to 30 or 40 ticks and call it a day. The problem is..then you can have a 40 tick losing day and end up back to nothing. So, on a day like today, it's "Pedal to the Metal!"
Failure is not an option
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Yes...I have several volume charts of various timeframes..Sometimes I go as low as a 2 second chart...if big orders are coming in on a 2 second timeframe plus my tick strike indicator is showing fast volume accumulation, I have the confirmation to help decide on an entry.
My last video shows how I use Tick Strike in my trades.
Failure is not an option
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I hope that some my posts showing results aren't interpreted as me "Showing off." I have been struggling with trying to be consistent with my trading for many years as this thread can attest to.
If anything, I hope these posts show that there has been improvement that has come after many years of failing and not having any real consistency.
I will probably not post anymore results or videos of me trading for a while. My goal now is to incorporate TF live along with my CL trading. Once I start doing that successfully, I will probably show what kind of results I get trading both instruments.
Failure is not an option
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On the contrary. Your posts are an inspiration to those of us who are struggling that this thing can be done. In addition, I find your recent posts of charts of your trade locations very helpful to compare to what I am seeing. I hope you continue to post, though I know it can be a hassle.
Congratulations on your hard earned success!
The following 3 users say Thank You to Tap In for this post:
I too hope you continue posting. Being a complete novice myself, I find comfort in knowing this can be done. I've read this whole thread in a couple days, inspiring stuff and I am now completely hooked, and this thread is a big reason why I feel I now have to master this.
The following user says Thank You to NQbeginner for this post:
I just had to emerge from my perpetual "lurker" state to let you know how much I've appreciated the enormous amount of time and effort you've put into this journal/thread. I think this is the only thread I've ever subscribed to (here or on any forum I frequent) and it's been immensely helpful to experience your ups and downs over the years.
When I first came across this thread, it immediately "clicked" with me, since we share a similar style of trading as well as having freakishly similar thought processes and emotional responses to our trades. Your posts have been truly inspirational and I don't think I can overstate just how much I (and I suspect many others here) appreciate your efforts.
Your videos in particular deserve recognition. It's apparent just how much time and effort have gone into them and--on top of everything else--you're quite simply a fantastic teacher.
Thanks again, and keep up the good work!
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Wow! Thank you for the nice words. The fact that my journal has resonated with someone such as yourself makes me feel that it was definitely worthwhile for me to have posted on here.
To be perfectly honest, trading has been the most difficult endeavor I have ever been involved with..in my entire life. After being fairly successful at a few different things, I was totally unprepared for the pyschological challenges and the skills necessary to do well at trading.
I'm embarrassed to say how much money I have lost at this over the years and how discouraged and depressed it has made me. Matt Z, my broker at Optimus can tell you of phone calls I made to him..telling him to close my account because I wanted to quit. He never tried to stop me or talk me out of it, but instead would listen and offer some great advice. After a day or two of contemplating his suggestions, I would decide to hang in there. Matt is not only a great broker, but an exceptional human being as well. If you read this, for some reason..Thank you, Matt. I appreciate everything.
I would not say I've "made" it yet. But I see no reason why that I can't eventually earn a full time living from this: provided I keep my emotions in check, follow all my rules...and keep 100% focused at all times. And that...is not easy. I have an impulsive side to me that I have to constantly keep under control..that can cause me to do some truly epic stupid things, while trading.
Thanks again for your nice comments and the best of luck to you in your trading.
Lance
Failure is not an option
The following 16 users say Thank You to lancelottrader for this post:
@lancelottrader You made my day, my week and year.
I have a lot of respect for you because you trade live and share your real experience with trading in the most honest fashion without coloring it. You give them pure reality of trading, the pain, the happy moments and frustrations.
The underlying philosophy the runs me as a broker is the fact that I get compensated while you are the one taking the risk. I think if some other brokers would get this through their thick skull, they would stop treating retail in the sales fashion that it is treated today. I wish I could tell you that things are getting better in the industry, but it is not. Salesman disguised as brokers, sales companies disguised as software providers, etc.
If you end up with someone decent it's a miracle.
I wish you a good weekend, and again thank you for being an inspiration on this forum. I give you my "Market Wizard" crown, you deserve it 10 times more than me.
Matt
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thanks a lot for the latest video posted and this thread at all. This thread is such inspiring to me that i decided to give this scalping system a try on SIM. So i started SIM-trading the CL in a similar way (basically an EMA and Supertrend as helpers) in conjunction with BookMap to see the levels of liquidity and activity. Its not my intention to imitate in detail - its more to enrich my approach.
So far the first week was a good one (+58 SimTicks) and i want you to know that all your efforts you have put into this thread helped me. Of course i need to know the CL much better and i will do much more extensive practicing and collecting experiences.
So thanks again and have a nice weekend
Michael
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That sounds really cool. I wish you all the best.
The more you watch the market..the more your brain will begin to see patterns. Most people don't allow their pattern recognition aspects of their brain to really develop. I like to do market replay (if you have that feature) and watch it a a fairly high speed . I don't even trade it...I just allow my brain to absorb it..even though it's playing at a high speed. You'd be surprised how this can activate parts of the brain. I do this on the weekends and go through a few days of trade sessions. I think it helps.
Failure is not an option
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Lancelottrader,
Your after trade entry thought process is very important to many traders, specifically newbies and intermediate trader (like me) , and may be some advanced traders. Anyone can enter into a trade, but few can exit with consistent profits. Please keep it up. I know it takes a lot of time and effort. Today I learned to tailor the profit target with market context in mind. Very much appreciated.
Amin
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What I need to re-learn..is..even if there's tremendous volume..it can be hazardous trying to scalp when you are up against resistance. It's sort of a Battle zone of buyers and sellers right now and I was dumb enough to jump in long and lose back my 12 ticks.
Failure is not an option
The following user says Thank You to lancelottrader for this post:
Lance, it has been interesting to see where you are taking trades. Your charts have given me a lot of insight into what you are looking at for trade opportunities. In general, we are often looking at the same things but you tend to enter 10-15 ticks sooner than I do and are often taking profits where I would be just getting in. You also find trades where I don't see anything. Admittedly we are looking at different sized charts so that has a lot to do with it. However, based on the fact that we take similar risk (10-15 ticks per trade) I am probably waiting a little too long to get into some trades. Thanks again for posting your charts. Very helpful.
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No..not really..just going by the fact that things may appear to be breaking out because of order flow..but then when the level rejects..you can easily get stopped out.
I felt strongly we were going to get a breakout..and I entered a trade earlier and decided to give myself a little more room to withstand the bounciness..but ended up losing 20 ticks.. I ended up being right..but my timing was off.
So after being 20 ticks down, around 12:40 I tried again for the breakout long and ended up making a 13 tick winner.. and then a 45 tick explosive runner. So, almost made 30 for the day.
Failure is not an option
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I think by the time a lot of people get the confirmation they are looking for, a good portion of a move has already happened. I credit my years of screentime watching Cl on the same chart setup for some of my timing.
Failure is not an option
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hey man
quick question.. I've been looking for that momentum/volatility indicator (the one that sounds like a machine gun) for a while couldnt seem to find it anywhere. Could you give me the name of that particular indicator or was that package with something else? thanks man
I have noticed that on many post Non farm payroll days..oil tends to go into a period of choppiness. I think from now on..I will probably just avoid it on Non farm days.
Below are some examples of what I mean from today's Cl charts. That's what lousy price action looks like.
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I choose targets based on the market conditions and the potential of each trade. The one's I took today never went much beyond where I got out. No sense holding for 30 or 50 if it has little chance of getting there. Unfortunately I wasn't in front of my screen for the bigger moves. But I don't mind taking 10, 20 or 30 ticks . If someone can average 20 to 40 ticks a day, and they can eventually leverage large amounts of contracts...then they should be able to generate a very nice income.
Failure is not an option
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Pretty good day again.... I think I will be taking a hiatus from posting anymore videos or charts for a while. There seems to be an overall lack of interest. I suppose it gets repetitive seeing the same types of setups etc.. I think I have pretty much explained things by now throughout this thread and there is no need to keep going over it...especially since there is very little interaction. Maybe there isn't enough experimentation and "The Eternal Quest for the Holy Grail " type thing that seems to intrigue more people?
If anyone feels like posting any questions about trading Cl..or even TF, I will be happy to respond.
Failure is not an option
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Selfishly I wouldn't mind seeing you continue to post, but I understand not wanting to if you are not getting much out of it. Thanks for sharing. It has helped.
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Thought I would write a bit about the system and how each step has a function. Many of the steps evolved from observing common mistakes I would make.
1. Research and Battle plan- By researching all relevant support and resistance levels and scrolling through the overnight session, I can assess what has happened, where a potential influx of buyers or sellers might come in ..and come up with a pre market open strategy that reflects that research.
Often when a market would open, I would trade without having that kind of info in front of me. Then I would be surprised when price reacted to certain levels I hadn't thoroughly assessed. It's helpful to have a plan of action before the market opens. Now this plan can be adjusted as the conditions reveal themselves. My plans often take both short and long trades into consideration. Even if a strong trend appears to be in place, things can change quickly in Cl. I always think in both directions.
2. Commentary, Trade setup announcement and checklist- As I have mentioned I do a verbal commentary on what I feel is happening at any given moment in the market and when I am about to enter a trade I announce the type of setup it is. Often..there are many moments that tempt me to want to enter a trade..even if that trade setup doesn't meet my criteria. I have specific names for my 3 or 4 setups I use...and if the opportunity does not fit into one of those setups, I take a pass. This prevents random entries that simply "look good" or they "feel" like they are moving up..or down.
Then before entering I do a quick checklist for possible adverse conditions. These may include price congestion in the way of a target...the stop placement requires more risk than I want..the entry is already late and way past my designated entry point...the conditions are weak and there is no momentum. Maybe news is coming out in 5 minutes or has just come out a few seconds ago..So, in other words even if I see a setup that structurally is one of my favored types, I will not take it if there are too many adverse conditions at the same time. This, in my opinion, is the main reason traders fail. They may have a system or setups..but they don't have the ability to process real time adverse market conditions. So, they hop from one "Holy Grail" system to the next..because they never learn how to read market conditions. It's the same reason most automated systems have long periods of drawdown. They simply can't adjust to changes in conditions.
3. After a few losses, I take a brief time out and review my emotional state...and the state of the market. I then decide if my trade plan needs re-evaluating. Some days..the only valid trades turn out to be when price reaches an extreme price level and reverses. This means the path to those price levels is often to bumpy or choppy to take anything that leads to the destination. In other words..stay out until those price levels are reached. In the past I would take 4 or 5 losses in a row because I kept thinking, "Well maybe this one will work." Now, I know better.
By the way, in my last post..when I mentioned this thread doesn't get much interest, I wasn't directing that at the few people who consistently come on here and put their thanks and replies on my posts. I know who you are and I appreciate all of you. I like making the videos and sharing my ideas...but it is a bit time consuming..and I would prefer this to be more interactive. I don't think you find, on trading forums in general, someone like myself that actually shows their recorded sessions...and explains in detail the reasons for taking the trades. I am glad there are a few on here that appreciate that and again thanks for following this thread. You few are the only reason I continue to post in this journal.
Lance
Failure is not an option
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Hi..While it doesn't happen every day, it is fairly common to see CL suddenly run up 200 + ticks and then quickly reverse almost the entire move. I've mentioned that in some of my posts on this thread..If one is flexible and can think in both directions..these moves provide some great opportunities.
I don't use Twitter, but there will undoubtedly be Oil related feeds.
Most sites that quote news are not going to be 'real-time' unless you pay for it ie the move in oil will be well underway before the news site relays it.
But having said that, this one is only a few minutes delayed and amalgamates several sources:
I have to stop posting while trading..because weird mistakes can be made....I thought I was typing on my thread..and I was writing 100 ticks...but I was actually Typing on Ninja in my trade quantity...and it had 100 lots in the window...lol. Not that I have an account that could trade it.... so no more posting and trading..I don't want an accident one day.
Failure is not an option
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