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For those looking to glean something useful from these videos to apply, two things that lancelot does very well is that he (1) does not try to pick tops and bottoms, but goes WITH momentum (which works well when there's momentum; one must be extra careful on range bound, rotational days to not fall into this trap), and he (2) flips quite easily (that is, he will be short, sees momentum turning up, scratches or takes a small loss, looks for the market to confirm the long side, and then gets long). Flipping is one of the hardest things to do, because it requires the ability to let go of something, and take an exact opposite position--something humans are notoriously bad at.
It's very easy to mess these up, and get cut to pieces on rotational, non-momentum days, but lancelot does these very well.
Good points. The problem with those range bound, rotational days you mentioned is that sometimes you can't always recognize them initially. Sometimes there can be a big fast move which tricks you into thinking you're going to have more of the same. Then, you find out none of the next moves have the same follow through and you end up getting chopped.
I'm getting a little better at seeing this, but it's not something you can always figure out.
Global markets in turmoil caused some very chaotic moves on NQ today. Very dangerous to trade with a small stop.
After some losses early on, I recovered and had a good day.
Today's trades. Ridiculous volatility caused ,I suspect, by Algos running amuck.
I show several trades in real time so check out the speed NQ moves at. Crazy! Nutty of me to even try and trade it. lol
I had a video that I was posting to youtube of today's session, but had some technical issues with it. Anyhow I ended up losing about $475 for the day. I had forgotten about the Fed guy Evans talking and went into some trades that were moving erratically. I also traded too soon after 10 am news.. Decided to quit early since I felt I was a bit off.
Generally on weekends, I do a little practice. I am a great believer in screen time, repetition, and developing the ability to instantly recognize patterns.
I like to do some speeded up replay sessions. I pick days where I don't recall what happened ..so as to not be able to predict the price movement. I will have it at about 5X normal speed untill I see something setting up..Then I slow it down to real time and decide to either take the trade or not. This type of practice really has sharpened my skills.
I also will pick random weeks and just manually scroll through charts and when I see a setup, I will ask myself whether I would take it or not. Then I scroll to see if I was right. I will also mark the charts with arrows and exits and save them onto a flash drive. I have a collection of 1000's of charts showing entries and exits. I then will often pull them up and stare at them.
This allows my brain to process what everything on the chart looks like at the moment of a high probability setup.
All of this has been helping me to act..almost on autopilot while I am trading. It's no longer about trying to predict what price will do..nor relying on any lagging indicator. It's about my brain recognizing a pattern that I have seen frequently through live trading, SIM trading, replay trading, chart studying..etc..and acting on it... without hesitation.
What I don't do is constantly change my chart setup, indicators, and bar types. I have watched price action on virtually the same chart configurations (except a few minor changes) for several years in a row. This has given me a consistent frame of reference instead of having to process the market with an unending set of experimental variables. Yes, in a trader's early stages, experimentation and finding the chart setups and bar types that resonate with them is important. But once you find something that is effective, it is best not to end up in an interminable search for that "Holy Grail."
