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Hi Lance, thanks for the great videos. Appreciate your patience and time to post these. It is impressive to see how you bounce back from earlier losses in the day.
I was wondering if you could throw some light on money management. In other words, what is your daily exit criteria?
Thank you.
Can you help answer these questions from other members on NexusFi?
I generally don't have a daily target, but I do use a maximum loss limit. Typically, it's two full 30 tick stopouts..or 60 ticks down. I came fairly close to it on Friday and was within about 20 ticks of my drawdown amount. Luckily the next few trades were winners.
Thanks for the comments.
Great trades and inspiring stuff. It's always good to get reminded that the market is like the ocean splashing it's waves around and it's not out to get anyone (who has sufficient skill).
How do you measure volatility? I've been watching NQ and sometimes NQ is docile like a lamb and then the next moment it just smacks you in the head.
That's a good question. It's generally a combination of watching it on my 5 range chart. If the bars start printing very fast and my audible order flow indicator, Tick Strike starts firing off ..I can tell things are picking up. Also if price suddenly moves directionally and stays within certain ema's before pulling back..that's a good sign. Also, often the volatilty is of course strong in the opening 45 minutes ..9:30 am est until 10:15 am est. Then, price can often chop around then until close to 11 am. Then at 11:20 am moves often happen. So I stay especially alert around those key times.
Couldn't agree more. Making the system/strategy is one of the hard parts and comes after years of failing and learning flaws about yourself. I still do all the time ...
This was a pretty rough day. I spent most of the session down. Then the market started selling off with momentum and I was able to have several winners.
I have a 5 range chart up for Sim out of corner of my eye to try to pick up on this kinda action and I was looking at this meltdown and just knew you killed it...perfect for that setup.
Great day....
Craig
Until you make the Unconscious conscious, it will direct your life and you will call it Fate...
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!
