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Sharky,
Don't mean to take words out of your mouth... Only out of respect of course. I am slowly migrating towards a style that is incorporating your trading style, LBR, and Jeff's stuff. Seems to fit my personality... So thanks.
Jeff and Cunparis, I trade four units per position. The equity curve shows each contract as a trade so if you see 20 trades that's really only 5. When I was revenge trading I was doing like 10 or 20 contracts. Crazy, I know. Very recently I've been averaging around 5 trades or so per day, although I usually start late and end early so over the entire course of the day there are a few more places where I might trade. My method involves scalping, taking profits at targets, and leaving a runner or two. I try to be real defensive in the management of stops.
Thanks for the comments and the 2 minute warning recommendation. I'm going to add that one to my plan.
yes thats what i do,you guys need to remember there is no holy grail,no indicator is perfect,no trading day is perfect you just have to look at what all the different timeframes are telling you and make educated guesses and hope for the best,no matter how good of a trader you are its still gambling...sharky
I always thought trading was like gambling only if we are "the house" ?????
Every casino knows that they will be profitable because they have an "edge." They know their risk/reward and they know that over a given period of time their "edge" will enable them to come out on top. This is all Mark Douglas stuff if I'm not mistaken. "Trading in the Zone."
i think that if you understand price action and you have a solid method then its a stacked house gamble yes, but how many traders do you really know that walk away a winner more then not?...sharky
Well..... I don't know too many traders but...... in my experience I found that I have a good wins to losses ratio. However, that alone was not enough to be profitable because my losses were bigger than my wins !!!!! So, it became clear to me that not only must I have a good winning percentage but...... I must keep losses contained.(risk/reward) The co-owner of FuturePathTrading, Damon Pavlatos, once told me, "protecting capital is job #1" So, I suppose if a trader really has an "edge" and can execute it with consistency he will eventually become profitable. Just like a casino. Anyway, that's my goal.
