I would be interested in a live session

mwf2220 

I'd love to see you trade live, too. In watching some of your videos, it looks like you trade for just a couple hours in the morning (US time) with 3-4 trades per day. Is this your normal schedule/trading frequency? I'm an overtrading fiend, so I'm trying to visualize how people who know what they're doing approach their trading day. I'm also in a different time zone, so I often trade the European open. I've reduced my target and stops to around 20 ticks for these sessions, but is there anything else you'd recommend outside of the general principles you've mentioned in the webinars and your trading videos? Thanks for the time you put in sharing your knowledge and experience. Mike

Thanks for your comment. I took many more trades in the past when I had smaller targets which were mainly 40 tick target and 40 tick stop. On that type of trade, there seems to be many opportunities during a session. There are, however, many days where the market conditions are either choppy or overly volatile and it's not always easy to initially be able to read the price action. What would happen is I would have many good winning days but also several days where I would hit my max daily loss limit. This resulted in only being slightly profitable at the end of many months.

Since I wanted to see if I could improve that, I have been trying a different risk/reward ratio of 100 tick targets and 50 tick stop losses. This change has reduced my trading frequency since there are less 100 tick target moves then 40 tick trades. This means I wait for setups that are at certain levels and that I feel have room to run at least 100 ticks. This alone helps me not overtrade. Since you said you are only going for 20 ticks, it is much easier to take too many trades and get caught up in "noisy" moves.

Also, I have found that there are certain time periods where price is more likely to make a sizable push. I call them Hotzone times and they generally occur as follows: 9:40-9:50 am est, 10:16-10:25 am est, 10:35-10:45 am est, 11:00-11:10 am est and 11:17-11:25 am est. I try to limit my trades to around those time periods since that is when things can happen. Perhaps if you scroll through a few months of charts during the European session, you might see some time brackets that tend to make "pushes".

So, I generally am done by 12pm est and start at 9:30 am est. However, sometimes in the afternoon I will set some price alerts that give audible signals when they are hit. I will then scan my charts and if I like something enough, I will take an afternoon trade.

I would enjoy following a live stream. I also trade NQ


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I'd be quite interested in a live stream of your trading.

lancelottrader 

Thanks for your comment. Also, I have found that there are certain time periods where price is more likely to make a sizable push. I call them Hotzone times and they generally occur as follows: 9:40-9:50 am est, 10:16-10:25 am est, 10:35-10:45 am est, 11:00-11:10 am est and 11:17-11:25 am est. I try to limit my trades to around those time periods since that is when things can happen. So, I generally am done by 12pm est and start at 9:30 am est.

I found your comment regarding "10:16-10:25 am est, 10:35-10:45 am est," interesting.

I've always paid attention to the 10:15 to 10:45 ET time period, watching for a Counter Trend move to develop,
("Counter Trend" being Counter to the direction established off the RTH Open)

They don't always materialize, (as in the following screenshot) but often times they do.

CL Post NYMEX Close (2021-05-19_15-25-16-ET)


Trade well,
Botts

Good morning,

In relation to trying out Lancelottrader's 100 tick strategy, I took this trade yesterday the 20th. I have company and only had a few minutes to turn on the PC just a couple of minutes after the 6:30 news. There was tight consolidation in the European session. and price kept banging up against the 13250 level earlier. After the news, price broke to the upside. As soon as it retraced down to the 8ma on the 10 sec. chart, I went long with a 17 tick stop. I just didn't feel that it needed a wide stop on this trade. I trailed price once it started rocketing by placing stop just below the low of each new level. I was stopped out at 99 ticks. Shut down after that and made breakfast for the company.

The attached chart is an adaptation of Lancelottrader's TrendGraber. I seem to be more drawn to the 5-10 second chart vs. the 5 range. Maybe one day!

It was great to pocket some change before breakfast.

Thanks Lance!

redbarntrades 

Good morning, In relation to trying out Lancelottrader's 100 tick strategy, I took this trade yesterday the 20th. I have company and only had a few minutes to turn on the PC just a couple of minutes after the 6:30 news. There was tight consolidation in the European session. and price kept banging up against the 13250 level earlier. After the news, price broke to the upside. As soon as it retraced down to the 8ma on the 10 sec. chart, I went long with a 17 tick stop. I just didn't feel that it needed a wide stop on this trade. I trailed price once it started rocketing by placing stop just below the low of each new level. I was stopped out at 99 ticks. Shut down after that and made breakfast for the company. The attached chart is an adaptation of Lancelottrader's TrendGraber. I seem to be more drawn to the 5-10 second chart vs. the 5 range. Maybe one day! It was great to pocket some change before breakfast. Thanks Lance!

Wow. Very cool trade.

lancelottrader 

Wow. Very cool trade.

Thank you! Slight correction about the chart. It is a 10 sec. chart with an 8 SMA (10sec), an 8 SMA (based on a 1 minute chart) and a 10SMA (based on a 5 minute chart).

When price came back down to the 8SMA (1 minute), that was my "get ready" location.

Great weekend to all.

steve2222 

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.

Best Trading Book for working through Trading Flaws "The Mental Game of Trading" by Jared Tendler

steve2222 

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.

Best Trading Book for working through Trading Flaws "The Mental Game of Trading" by Jared Tendler