Agreed. But we still have to remember that trading is 80% emotions and psychology.
OP doesnt seem to know where to place his TP and SL as he seems to exit(or not) and re-enter back in the same direction(which defeats the purpose of exiting) right after he gets a loss.
Charts should guide you to place these levels.
I have no idea how that is possible.
How do they know when is the right time to exit/re-enter?
OHH! Unless, its for long term trading and not for short term.
If you're just going to buy and hold for a few days/weeks/months and now for shorter term trading.
it doesnt really matter where you place your trades from as long as you're trading with the trend in terms of fundamental analysis, you could just wait off the retracement even if it goes until -100 or so.
The guys that swing 100s or 1000s of contracts on the ZN & ZB are doing it all based on what they see on TTs DOM.
Same for the ES, the guys that build up 5000 lot position only need a DOM and they are often only looking for 5 or 6 ticks.
That's where the big money is.
The retail world where people trade 1 lots and slowly dwindle away their accounts is a totally different world. For some reason, the very thing that makes professional daytraders millions is the opposite of what all retail traders presume trading is all about.
The following 2 users say Thank You to DionysusToast for this post:
Thanks guys.......good info.......Bluemele hit my point right on the head when he referred to the "unlearning" involved in the whole process. I dont want to become so inundated with so much new information that it affects what my instincts are telling me. Im going to focus on price action and retracements for now as was suggested......loved the starightjacket reference BTW....very funny.....Thanks again everyone....
As this point in time I dont believe in using stops.....my logic behind this is based on info i gleaned from a successful trader. Now as i get more involved in this and get some experience with slippage i might readjust my approach. I am concerned with getting in and out of the market but i dont think this will be a problem given the volume of the cl. And I never go short if i am losing in a long position....i go long agn and vice versa. This only makes sense from a practical standpoint. I take some hits, but i also hit back.
Today is a perfect example of my approach, while a tad stressful (which approach isnt?), working. A cl long position early @93.20. Another long at 92.70.......sell positions at 93.30. while the risk is greater, it beats getting stopped out by the big boys......
Also in a recent poll of 250 members, the #1 upcoming webinar they wanted to see was "Minimalist Trading: Price Action" in other words, less indicators - more price analysis. This webinar will be coming soon for Elite Members.
I say stick with it, and don't get distracted with indicators. I would emphasize the use of trend lines and session high/low for day, week and month.
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The following user says Thank You to Big Mike for this post: