I just read Ericj's Response to Big Mike ( on the difference between Sim and Real $$$ trading. Forced me to really think about what I am trying to accomplish:
The way you think about making a trade should be identical.
Way easier said than done. I've gone back and looked at my postings and came to the conclusion that I can't do that - yet. But it is a goal I must reach.
Since joining this forum I have completely overhauled my trading, but came to the same conclusion reached years ago when I was a broker:
It is all about Price, Volume and the DOM.
Now that I trust NT7b10 to work reliably, will start trading live - with my broker on speed dial - JIC!
Will enter a position with 1 contract, just to get me in with the following stops:
ES & NQ: 9 pips
6E & FDAX: 15 pips
CL & GC: 24 pips - (What??? I must be crazy trading these)
A second contract can be added with either a limit at the bottom of the range, or with a Buy Stop if the position looks like a skyrocket.
Exits will be all out. Not ready to scale in and out.
Entry Rules: A range chart will be used to identify relative convergence of the CMA, EMA20 and ADXVMA with favorable a DOM. This is the lowest risk set up I have found.
Trades will be entered and exited on a workspace optimized (I hope) for that instrument. nexusfi.com (formerly BMT)Env bands will serve as targets, however the decision to stay in a winning position will be made with whatever I deem most important (resistance, support, trendlines, Indicators), just hitting the 1st target is not good enough. There must be a clear answer to the question:
Should I let this run?
Really simple, and I will find out very quickly if I have an edge.