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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1141 (permalink)
Sharpening mental edge
the congo
 
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rassi's Avatar
 
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devdas View Post
Brian,

Any specific reason for 9 min...from 10 minute.

1 x 3 = 3

3 x 3 = 9


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  #1142 (permalink)
Site Administrator
Manta, Ecuador
 
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Enjoy the trip.



Mike

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.

If you want
to support our community, become an Elite Member.

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  #1143 (permalink)
Elite Member
Holland, Michigan
 
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Have a GREAT/SAFE trip Brian!!!

:car::car::car::car::car::car:

Rick

"If you're going to panic during a trade............. panic early."
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  #1144 (permalink)
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tigertrader View Post
The answer is simple, Brain. If I'm long and I think the market is going higher, I am looking to add to my position. If I'm short and I think the market is going lower, I am looking to add to my position. Its pretty automatic for me and really doesn't require much conscious thought. The reason that it has become so instinctual is that I know my game. I have a pretty good understanding of current price action and how it relates to the overall context of the market and this allows me to have a gauge on the duration and distance of the trade. Scaling out of a profitable trade, obviously provides the trader with more flexibility and expands his choices. Do I look to add on every trade I make? Of course not. I look to add when conditions have become favorable to support pressing and adding. Nevertheless, it does not mean that it will work. The difference between unsuccessful traders, net-profitable traders, and big money making traders is smaller than you think. It usually boils down to a small but perceptible edge, and while it can be related to poor money management, inadequate knowledge of the market, or a bad methodology, it is usually an internal factor - a lack of: discipline, emotional control, patience, and especially an improper attitude about losing and risk.

@tigertrader, can you provide some details on the average time duration of trades to give some context? Or just tell us an idea of how much you are targeting in points on each trade?

Mike

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.

If you want
to support our community, become an Elite Member.

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  #1145 (permalink)
Elite Member
Philly, Pa
 
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Big Mike View Post
@tigertrader, can you provide some details on the average time duration of trades to give some context? Or just tell us an idea of how much you are targeting in points on each trade?

Mike

As I mentioned earlier, It all depends on a variety of inputs; current volatility, type of day, time of day, previous day, news, price levels, et al. I probably shouldn't be giving any advice, the way I've been trading lately (especially in the ES), but on the other hand, my recent lack of success is a perfect example that conditions have to be favorable to support this strategy, especially when you are an aggressive trader.

Currently, the market is locked between near-term highs, and downside sell levels. Long term and intermediate term cycles are still bullish, but are historically overbought. The minor cycle has begun to unravel recently due to these overbought conditions. Market internals are subsequently mixed and traders at the margin appear to be waiting for the next catalyst before jumping back into the market.

This is both good and bad. Its a bad environment for trading aggressively, but it is good because, we are hopefully at an inflection point that will set the stage for larger market swings, and perhaps, a trending market. Until then, trading aggressively, is certainly not a strategy "you want to try at home".


Last edited by tigertrader; September 30th, 2012 at 01:33 PM.
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  #1146 (permalink)
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tigertrader View Post
As I mentioned earlier, It all depends on a variety of inputs; current volatility, type of day, time of day, previous day, news, price levels, et al.

How about just a vague idea if your stop and target is closer to 10 ticks or 100 ticks per trade.

Mike

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.

If you want
to support our community, become an Elite Member.

The following user says Thank You to Big Mike for this post:
 
  #1147 (permalink)
Elite Member
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Big Mike View Post
How about just a vague idea if your stop and target is closer to 10 ticks or 100 ticks per trade.

Mike


If conditions warrant it...I usually risk 1.5X the ATR15m, and look to capture 70% of the ADR 20D intra-day, with the intention of taking the position into the ETH, if feasible

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  #1148 (permalink)
Site Administrator
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tigertrader View Post
If conditions warrant it...I usually risk 1.5X the ATR15m, and look to capture 70% of the ADR 20D intra-day, with the intention of taking the position into the ETH, if feasible

Perfect, thanks Gary for providing that context.

Mike

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.

If you want
to support our community, become an Elite Member.

The following user says Thank You to Big Mike for this post:
 
  #1149 (permalink)
Elite Member
In the heat
 
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I'm tired from my long weekend trip, so just did one today and now back to bed I think. It went to my BE target, came back and missed my BE by one tick twice. Then went on to fill my target.

Last week I extended my R:R multiple out a bit. I've been working with 1.5xR and decided after seeing a 2xR multiple working well to stretch it out a bit. I still go BE after 1XR at this point. Its what I've tested over time and so going with it for now.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1150 (permalink)
Elite Member
In the heat
 
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I'm still learning and suspect I will always be learning the nuances of MTF.

I have a short bias from the daily chart at this point and the highest time frame I watch was long. However, I decided to go with my bias and when that trade was stopped out, had trouble reconciling current price action with the bias and also reconciling the charts together.

The point is that this point, I was guessing but not an educated guess. Lack of patience to wait for the charts to present an alignment I could recognize easily was also an issue.

I know for 100% certainty, that if I wait for the periods of confusion to elapse, I will get a good trade. Most of the time, I am reasonable good at waiting for this to happen. I was impatient today and the PnL shows it.

Funny thing is that eventually the charts did get in sync which produced a pretty good trade.

The actual MTF trade would have produced enough profit to offset all losses plus have a tidy profit but I was already at my daily stop limit.......had I waited, the trade was enough to provide 6X my daily average. Major opportunity lost.

Its better to wait than to be confused.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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