Thanks, monpere, for taking the time to write a great post.
1) I traded on the Sim exactly the way I would trade if I were trading live. I'm unfortunately accustomed to taking a lot of heat in a trade as I freeze up under pressure. You're right, having more Sim time would give me an opportunity to work through that bad habit and give me more experience in general. Regarding contract size, I will be trading live with 11 contracts so that is what I'm practicing with. I didn't pick this number out of the air and did a lot of soul searching first. The prime reason is that I want to take as few trades each day as humanly possible (but still have a goal that turns me on or I will lose interest, not be as focused, make lazy mistakes, and overtrade). Nothing made me happier today than taking only two trades.
2) I now understand how trading real time is a lot different than looking at the chart at the end of the end in hindsight. I do see the setups as they form in advance, but I need more practice front running the last indicator before it fires. I'm worried that if I place a limit order before the last indicator fires and then it doesn't go off, my limit order will get triggered needlessly. But that's wrong thinking. So I should use the Sim, as you suggest, to practice more.
3) I guess I really have to check out that entry-signal indicator you have referred to a couple of times now. Thanks for being persistent. I can probably find it on the other thread and will ask someone there which one it is.
I'm a newbie to Mike's, looking for the FoceIndexV2 file for NT7. Is it no longer available?
If it is not, is an alternate indicator available for Perry's trading method?
Would a version of Elder's FI work?
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
I played around with setup1 this weekend using the 6B 4Range like one of the most recent charts posted. I added the following filters to filter out trades and to try to get better entries: long setup bar has to be green, bar prior to setup bar has to be red (to insure we're pulling back to 5ma), bar prior to setup bar has a low > 5ema (to avoid congested bars), Enter at the close of the setup bar (open of new range bar for best entry price) , fixed 10 tick target, fixed 6 tick stop, Breaken+1 at 6 ticks. Here's what it looks like it would have traded like on Friday. Not bad, especially since reward/risk is almost 2:1 Arrows with circles are losers, arrows with horizontal bars are break even.
By the way, I am a mechanical trader, I use no discretion, I follow the rules of a system rigidly, I take every trade because I rely on the expectancy of the system for profitability, and as a fixed target scalper I want systems that give me between 10 to 20 trades a day.
The following 11 users say Thank You to monpere for this post:
5EMA, 20EMA, 50EMA. I use 20EMA/50EMA on every chart to determine trend. The gray and yellow squares on the 50EMA are indicating congested price action. As a scalper, I love chop, but I don't like congestion.
The following user says Thank You to monpere for this post: