Two trades for me today. Still using trendlines. Placed volumestop on my
chart but not sure how to use it. If anyone has any suggestions let me
know. This is the best forum I've ever been in. I have learned alot. Thanks
Jeff for starting it and all that have posted.
I think it depends on volatility. The past couple days ES was not volatile at all (same for euro & CL). If you go back to 6 we'll have some high volatility days and then a few days later you'll say you prefer 7.
Right now my daily goal is only 150.00.
If I can make this every day I will move it up.
I'm learning to cut my losses quicker. I don't know why this
has been a problem in the past. I guess my ego got in the way
but after losing thousands of dollars the ego had to go. lol
Also I felt I need to give it some room to work but I find alot of
times it still turns into a losser. Right now on the TF I go for 8 ticks
with a stop of 10. two trades give me my 150.00 a day. I know this
is not a ratio of 1:1 but its close. And I seem to be getting better at
having more winners than losers which helps the ratio. No losses at all
today! Two trades and done!
Now that your a scalper what is your target and stop loss Jeff? I
know it use to be 7-11.
The following user says Thank You to Skid for this post:
I consider the 7-11 more of a scalp in that it did not include a runner. I've been using a +10 target lately, with a 15 point stop. But this is still a work in progress. (YM)
Did you check out the excel spreadsheet that cunparis posted? If not I would highly recommend it as it will give you a long term prospective of what daily consistency will do for you. I believe that the best trades in the indexes occur at certain times of day. Note these times and focus on these set ups.
A R/R that is greater than 1:1 is ok as long as your winning percentage is high enough to justify it.
I think you are on the right path.....keep it up.
Do you have a daily "tilt" number in your plan? It is as important as your daily goal.
Last edited by Jeff Castille; October 6th, 2009 at 02:35 PM.