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Ready Aim Fire Bullseye


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Ready Aim Fire Bullseye

  #131 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
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Took short premarket. Made 5 ticks but movement is so slow.

Took another short with good bar set up but not at area...that's not in my rules...not in my rules.




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  #132 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
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This is notoriously a tough trading week. I'm diving in anyway.

I'm reading the book High Probability Trading. So that's what I looked for, only sweet entries. The result today met the goal; three profitable trades.


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  #133 (permalink)
 
bluemele's Avatar
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
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How far into the book are you? I really enjoyed it and wished I read it before I ever got started. Very simple and very broad.

I like the author...

Good job today.

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  #134 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
Thanks Received: 274


bluemele View Post
How far into the book are you?

I just started reading High Probability Trading. That's all it took to keep that goal in mind; enter only into high probability (also spelled profitability) trades.

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  #135 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
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TF was volatile today...but couldn't see the indicators lining up. Several times an indicator would signal green but others would refute the information. There was one at 9:27 Central Time with BBs from below on 610. That's easy to see...now.


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  #136 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
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Was patient and identified a high probability trade. The MFE was 2.6 and I let it slip to + 1 tick.
Second trade had good bar setup but didn't see indies saying no; not a high prob. trade. Third trade was high prob and saved the day.


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  #137 (permalink)
 
bluemele's Avatar
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
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One thing you may want to point out (at least for me.. ) is the targets in advance. Something that I have been doing for several months is not having a clear and defined target.

I believe if you hold till your target then you will be profitable and consistent.

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  #138 (permalink)
 
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 vovan348 
Moscow
 
Experience: Beginner
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I would agree with Bluemele! It's harder to get your target, but I think you get direction of the market by finding the target. I think you have to know where it's going to get in in the trade. Don't be afraid to be wrong. That's the only way you can learn.

I think that you are afraid to take a loss. You don't want to turn winning trade to loosing. I can tell you that it all depends on your definition of winning. If it went 2 ticks in your direction and then came back and took you out. Is that turning winner to loser or not? You could get out with +1 tick right?

I don't wanna tell you what to do or not to do. I understand that for you is more important to stay green now. Even if it's just a few ticks, but one loosing trade will take all your profit. You do need bigger profits to stay green on the long run.

As Bluemele said before: exit is the most important to be profitable.To take high probability setups is good, but taking profit out of those trades is better.

To me it's better to have target. As you said you had target but you didn't have Limit order waiting. You could hit "Close" as soon as it got there, but you were waiting for bigger move. I think it's better to set your target and try to hold it without moving it any further. You can try to set firm target on every trade and see how many times it will get there. If it goes further that's fine. You can try more advanced management when you see that it hits your target for exp. 8 out of 10 times.

Another thing I wanted to say that even if you are scalper your R/R ratio has to be at least 2:1. When you target for 5 ticks risking 7 ticks it works for a day or two but one bad day will wipe the whole week of profit.

Just my thoughts.

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  #139 (permalink)
 
bluemele's Avatar
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
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Trading: TF
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Just an opinion, but even 'practicing' on volume like this is a bad habit and not High Probability Trading.

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  #140 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
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Danger, Will Robinson. Don't trade during the holidays! Bah Humbug. Or so says a pro trader here in Houston. Trade any day if you see your indicators line up. (These opposing opinions don't confuzzzze me!)

Nice short term indies foretold of good trade a few minutes after the market opened. A few other decent setups presented themselves.

Looking forward to a year of satisfying activities including trading. Activities that are dowsed with patience, supported by the wisdom I can muster and gather from those wiser than me, and that are assertive.

Thank you for all your help this year.


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Last Updated on November 2, 2012


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