lancelottrader 

Thank you. I think, like most retail traders out there, this has been an ongoing experiment to find something that can work on a consistent basis. I have made very few changes to my system in the last few years and although I was finally seeing some profitability, I wasn't entirely satisfied. I felt I could be better. I can honestly say that I am starting to get the results that I had originally envisioned many years ago when I was starting out..before the harsh reality struck over and over. If I actually stated the amount of money I've lost and the horrible feelings of failure I experienced over these last 13 years or so, one might doubt my sanity or intellect for persisting at this. But right now, I actually am feeling better about this than at any other time since I started...maybe even a little euphoric. Hopefully, this will continue.

Hopefully? Nah! No doubt you will continue!

Persistence is what built civilizations!

When I have a vision to get something accomplished, my motto is: "I'm gonna stay at this if it kills me". Yet here I am today. I ain't died yet!

Your approach and thinking is completely sane!

Thanks for sharing!

redbarntrades 

Hopefully? Nah! No doubt you will continue! Persistence is what built civilizations! When I have a vision to get something accomplished, my motto is: "I'm gonna stay at this if it kills me". Yet here I am today. I ain't died yet! Your approach and thinking is completely sane! Thanks for sharing!

Thank you for the strong, inspiring words. I appreciate it.

lancelottrader 

If I actually stated the amount of money I've lost and the horrible feelings of failure I experienced over these last 13 years or so, one might doubt my sanity or intellect for persisting at this. But right now, I actually am feeling better about this than at any other time since I started...maybe even a little euphoric. Hopefully, this will continue.

Same time period and same experience for me. Although I only lost a very little bit of money over the 13 years until becoming profitable, I did spend an awful amount of time going back onto SIM (after losing from time to time) and tinkering with my trading plan until I got something that worked - and more importantly worked for me, for who I am. I too went through periods of feeling failure but was determined to be one of the whatever small % it is of successful day traders.

Thanks Lance for your thoughts, it is reassuring to read of others who have been through the same journey.

lancelottrader 

Trades for today. Trade 1- fast momentum move short only about 2 minutes into the open..full 100 tick winner. Trade 2- 2nd wave Pullback to the 13655 area, the 1 minute pin can be seen at that area.. 87 tick winner Trade 3- lousy entry at lows of the day..forgot I'm not scalping these days..lol 50 tick loser Trade 4 Nice pullback 2nd wave..1 minute candle had reached outer EMA bands and 5 range had hit a resistance area I had drawn.. got 90 ticks Trade 5 - Saw a 2nd wave A entry on 5 range coupled with huge momentum-trade was near lows but I felt it could hit target..I got 87 ticks and I had moved target up so that it didn't have to surpass the low of day and possibly bounce. Overall a good day. Statistics are showing big improvement using my 1:2 risk reward ratio of approx 100 tick targets to 50 tick stoploss. trades 5 4 21 1 trades 5 4 21 2 trades 5 4 21 3 trades 5 4 21 4 trades 5 4 21 5

dont mind me how do you derive those levels? very nice level and i see you do trade them quite well. As i mentioned yes i do like your bollinger bands as i do use it the same way

Cals 

dont mind me how do you derive those levels? very nice level and i see you do trade them quite well. As i mentioned yes i do like your bollinger bands as i do use it the same way

I just did a video on this. If you watch the first 6 minutes or so of this video I explain in detail how I get my levels.

For those that might be interested, I have posted a trade I did in the late morning. NQ was dropping to around 13,400. I have found that when price is had such a large move, that there often is a reversal. I have only one futures account and one options account (Nadex). I've finally have remembered to open up the Nadex account when a large move happens.

Awhile ago, the DOW had dropped some 1500 points. I quickly bought a spread. Fortunately, I found a spread on Nadex that had a $6.00 max loss risk. I figured, what the heck, I got in for the $1.00 fee. An hour and half later, I noticed it was up to $96.00.

Probably the best R/R trade I have done.

Today, when the price dropped to the 13,400 level, I purchased an $11.00 OTM contract and later added another for $10.00.

I figured that there would probably be a move to the upside especially in the last 30 minutes.

I only use my futures account for scalping and do not take a 4 hour position, ergo the Nadex account. As you can see the history from today, the 2 contracts (average price $10.50) were closed before the 4:15 expiration for $62.25 each.

I might have stayed in just a little longer and sold them for $80.00 each, but I closed at a decent 1/6.2 ish profit. Had I not taken the profit, I would have not made a cent as the contracts closed just 1.5 points below the strike.

I only share this info for those that would want to be able to place a longer term trade using the indices and not tie up their futures account.

For me, if there is an anticipation of a good move, I can put on a low risk (defined) trade and set and mostly forget while I go back to my futures scalping.

PS. These contracts close at either 0 or 100 dollars at expiration. This trade was for the 4:15pm EST expiration

Hi RBTrades,

Thanks for the insight to the options , here we trade european warrants which is similar to options on your side. Yes it seems interesting, would definitely like to know more (possibly if you did a new thread, we could track it?)
but i dont mind if the threadowner here doesnt. To be honest i dont even know Nadex or how to open an account for non US resident. maybe a intro thread to be done if you are willing too , the works with all the cheese

When you say spread, meaning you selected a OTM, ITM option for long? I would assume it was OTM , oh yes just saw it was for 520.

lol crazy good RRs on it, yes it caught my attention and carry on your edge.

lancelottrader 

I just did a video on this. If you watch the first 6 minutes or so of this video I explain in detail how I get my levels.

thanks for re-highlighting this, apologies i have not gone through the whole thread you have , need more coffee and some time for sure.
appreciate your time to come out and post videos of your trading, how your thought process and how you articulate those trade you have taken and the mechanics behind it.

Cals 

Hi RBTrades, Thanks for the insight to the options , here we trade european warrants which is similar to options on your side. Yes it seems interesting, would definitely like to know more (possibly if you did a new thread, we could track it?) but i dont mind if the threadowner here doesnt. To be honest i dont even know Nadex or how to open an account for non US resident. maybe a intro thread to be done if you are willing too , the works with all the cheese When you say spread, meaning you selected a OTM, ITM option for long? I would assume it was OTM , oh yes just saw it was for 520. lol crazy good RRs on it, yes it caught my attention and carry on your edge.

Good morning, Nadex is available to non US residents. There are videos on youtube and also on Nadex's site. It's all pretty simple once you expose yourself to the concept of binary options. Nadex is not a broker but and exchange. US regulated.

I don't have the time at this point to start a thread, but posted this info for us futures traders who may want to hedge their futures positions or take an alternative trade on futures instruments.

You can find all the info you need by going to Nadex.com

I take only a trade on Nadex periodically. My own main focus is trading similarly to Lancelottrader on this thread.

Best regards!

Trades from today after Non Farm payroll release. Very fast price movement initially and pretty tough to time in entries.