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Ready Aim Fire Bullseye


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Ready Aim Fire Bullseye

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  #101 (permalink)
 bluemele 
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From doing this system for over 2 years, I have come to realize that you are playing with fire on major holidays.

I have gone back historically and found that you will have more bad days then not by just trading the week of the Major Holiday. Yes, you can do it, yes, you can be profitable, but why trade when it moves differently than usual? That is at the least what I have told myself.

As someone a bit newer to this technique of smaller stops, longer targets using similar indicators than I would advise to sit out the Major Holiday weeks and do market replay on other days. I am sure someone will disagree, but that is just me....

Around xmas, I won't trade from about the 19th of DEC, to about the 5th of Jan...

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  #102 (permalink)
 bluemele 
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Per today and your video.

I think that days like today are days that you must notice that the big moves will be LONG and that the short retracements will be short.

Days like today can run for several days or even weeks of days like this (spring of this year) and you will find that you are on the wrong side a lot. If I were you, I would study days like today and really figure out why you thought the bigger moves were down and how that could change etc..

Just trying to help. I honestly didn't see the long's except right before the big one and I closed my chart on accident and was pretty much done for the time being anyways....

It would have been a nice long. Today was clearly long in my opinion.

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  #103 (permalink)
 HighRise1202 
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In this episode of Walking Dead, that's just how I traded.


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  #104 (permalink)
 HighRise1202 
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Noted two trading opportunities pre market. Didn't take them, but they worked out. That's encouraging.

Didn't see much opportunity today during the first hour. There was a nice pullback occurring the minute the market opened, signalling a short. Didn't see it as I didn't want to trade right at the opening.

Movement was ranging. Indicators signaled weak movements. I'm pleased I kept my powder dry, rather than fire with fingers crossed.

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  #105 (permalink)
 HighRise1202 
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Holly cats, my best trading day results ever.

But wisdom bumps me and says, "How repeatable is the method you used today?"
  • I entered a premarket order. That wasn't formally entered into my trading rules. It was only entered into my "between my ears rules."
  • For some reason there was no ATM Strategy selected. Must investigate. It has been there, part of the workspace setup.
  • I used a bar setup as signal to exit. My plan says use the mid time period indicators for exits.
When I took the short premarket, I got a very strong emotional response. It was a feeling of dread as if I had just made a mistake that would eventually get me into serious trouble...for example, with the big bosses.

Your comments will surely be appreciated!


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  #106 (permalink)
 bluemele 
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Interesting trading today. Way to reverse! You had the vision.

I saw the long, but I honestly thought the longer term was down, but boy, what a retrace.... 10 points straight up. I am getting better at staying out against the trend, but getting chopped at pivots.

I told myself, stop trading at least 10 times. Not pretty.

Good work today.

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  #107 (permalink)
 Big Mike 
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HighRise1202 View Post
Holly cats, my best trading day results ever.



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  #108 (permalink)
 HighRise1202 
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I saw the long, but I honestly thought the longer term was down, but boy, what a retrace.... 10 points straight up.

The 440 foot at that pivot was so well-formed. Just like to old days. haha

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  #109 (permalink)
 vovan348 
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Great Job!!! Way to go!!!

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  #110 (permalink)
 HighRise1202 
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Didn't see clean entry points until 9:27 Central Time. Made a short at that time and got taken out by a pull back.

I decided it was the end of trading for the day...then a principle from The Daily Trading Coach came to mind. After each goal one should add "or else" and list consequences of not reaching the goal. So I decided to continue trading, and ended with a net profit of two whole dollars. Green dollars, however. Not red ones.


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  #111 (permalink)
 bluemele 
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Well, I hate to burst your bubble, but what about commissions?

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  #112 (permalink)
 HighRise1202 
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Well, I hate to burst your bubble, but what about commissions?

Pls see the attachment. Commissions of $4 per trade taken out. Net: two dollars!!!

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  #113 (permalink)
 bluemele 
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Pls see the attachment. Commissions of $4 per trade taken out. Net: two dollars!!!

Ha-ha... Yes, I did look and saw even numbers on the last few. I guess commissions aren't even so I ASSUMED that you didn't plug them in. GOOD JOB!

You know, counting the days between BE and losses are HUGE. If I had a choice between taking BE and the difference on my Negative days from BE to the difference on my positive days then I think it would be a tough choice! haha...

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  #114 (permalink)
 bluemele 
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Tough day today. You did good staying out of the ranging periods mostly!

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  #115 (permalink)
 HighRise1202 
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TF opened with a foot on 440. I was late getting set up and didn't go for it. There was also huge divergence which I did not notice. I didn't feel good about the indicators...no clear trade set ups. But I did place a short right at the end of my trading period. WHY? Because price had reached the day's high and a double top from last month. 610 was up gently on the rail. Bottom line; I forced myself on the market...or I need 2 point stops. This is the second day I've done this.


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  #116 (permalink)
 HighRise1202 
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Saw one trade I was confident to enter. It worked out. The book The Daily Trading Coach is helping me.


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  #117 (permalink)
 bluemele 
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You did good on the predictions!

Good trade, nice patience!!!

I am happy you are doing better.

I am curious, is that an S&R indicator you are using?

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  #118 (permalink)
 bluemele 
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Days like today are where you learn the most. I believe you were experimenting with stops some right?

I believe there is no need to do that live as visual backtesting will give you plenty of those.

This is all part of the journey and you are getting better and I can see it. Just a matter of making your losses smaller and your profits larger right?

I could hear the emotions in your voice at the end. Atypical for you. Flush this day behind you after you have your lessons and use it as a stepping stone.

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  #119 (permalink)
 HighRise1202 
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Be prepared and relaxed by the time the market opens and the bell rings. Today I was not. Still, I HAD to trade, while thinking "wait." Two quick stop outs, then a good trade to break even. BUT I WANTED MORE. Went click crazy. This is just like sports. You think you've got your swing grove working and ZAP, you're playing like a spastic.

Thanks for the encouragement Bluemele.


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  #120 (permalink)
 HighRise1202 
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Must have been an easy trading day 'cause I see many NFT'ers have uploaded videos.

Missed a decent foot at the opening. It's in my trading plan.

Took short at 8:55 Central Time. Moved my stop loss down and it got tapped. Leaving stop would have provided trade of the day. I need a goal for handling stop losses. Any suggestions please?

Got in late on another nice foot. Did not detect an indicator signal in a timely fashion. Gave to gifts and finally caught the long. I repeated history, moving stop loss up and it getting tapped before price headed higher.

Was happy I tightened up my plan, in writing, and was diligent to execute it. Still, one of my trades was made outside the plan.


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  #121 (permalink)
 bluemele 
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Yes, funny how the vid's always come flying out when the market 'behaves'.

I made that comment before and somebody gave me some gruff over it... hmmm. Who could that be....? ;0

I think I have like 6 or 7 NFT'ers doing this. I sure wish that the open journal was done more consistently by more but I guess not necessary but makes it more fun.

You did good on your vision today. My advice is to work on your trade management as I think you are a bit shy from yesterday. Your entries are GETTING MUCH BETTER!

Try focusing on the longer term targets and just see if it hits. Letting go is the only thing that will do that for you... I still struggle deeply with it. Cost me 6.5 points today all together.

Thank you for sharing....

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  #122 (permalink)
 HighRise1202 
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The indicators did their job today...several opportunities...but volumes sooo low, too low.

WAIT...some of my charts are still on Dec! Lesson learned.


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  #123 (permalink)
 bluemele 
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The indicators did their job today...several opportunities...but volumes sooo low, too low.

WAIT...some of my charts are still on Dec! Lesson learned.

I have a rule that if there aren't at least 15 144 bars prior to market open or close, then I do not trade that day.

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  #124 (permalink)
 HighRise1202 
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I failed to check all systems for "go" before opening. Later I found the 610 and 987 charts stuck. Missed the first long at 8:47 Central Time. My goal today was to trade my rules. My rules kept me out of trading for a while. Then I placed my first trade without a setup included by my rules. It was downhill from there. I will trade my rules. I will trade my rules. I will trade my rules.


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  #125 (permalink)
 vovan348 
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I failed to check all systems for "go" before opening. Later I found the 610 and 987 charts stuck. Missed the first long at 8:47 Central Time. My goal today was to trade my rules. My rules kept me out of trading for a while. Then I placed my first trade without a setup included by my rules. It was downhill from there. I will trade my rules. I will trade my rules. I will trade my rules.


That's the hardest thing for me to follow the rules. You didn't click a lot yet and before you start clicking because you are bored or because you are lost you should remember that it can become a huge problem and will be very hard to overcome. Do not make that mistake. It's like a poker. Wait for a good hand. If you are not sure just fold and wait for the next one. When you see a big pot but you are already fold you cannot get any of it. You have to let it go without you and wait for another hand (setup). You can get a nice pot starting from the blind but that is more luck than a skill. To make money you need skills not just luck.

I guess you already know all that. I just want to warn you that clicking (over trading) can be very serious problem. Don't make that mistake. Seat on your hands if you have to.

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  #126 (permalink)
 bluemele 
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To me, the biggest problem you have now is judging yourself and setting expectations.

It is something that I believe has held me back for a long time. It comes and goes, but in the end, setting up judgements on how we do has no meaning or is useless.

It is good to be technical and just document in black-n-white if you succeeded in holding up your rules. SHOULD is a tough word and this helps me greatly in my journal and trading as I see my own issues in others.. Amazing how that works....

I am sure you are glad you could help!

I wonder what your expectations that you have set upon yourself... I am thinking about my list now...

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  #127 (permalink)
 HighRise1202 
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I rewrote my goal to be consistently profitable, including the "or else" consequences. The 28 K chart said look long, but the lower time frames indicated short. After four gifts I caught a trend down. Took a long time. Thanks to Bluemele for comments on being judgmental. I'm still pondering that issue.


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  #128 (permalink)
 bluemele 
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You did very well today. I have seen a distinct change in your thinking lately.

Sometimes it takes a really really bad day to do that. And, the trick is to keep that thinking.

Trading is like Baseball to me... I remember I used to get into batting slumps... I was never a great player, but I was consistent and above average. I guess not a bad thing to be in trading?

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  #129 (permalink)
 HighRise1202 
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I was determined to be profitable today. I had confidence. Early trades racked my brain and confidence. However, I stuck it out and ended up in the green. Now I will analyze how I did, read and study. I'm not liking the feeling of being determined, but that's where I am now. My best to you and your trading well.


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  #130 (permalink)
 bluemele 
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Exit is more important than entry in my opinion. Any idiot can enter anywhere, but knowing when the odds are in your favor is the key...

Good job in coming back.

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  #131 (permalink)
 HighRise1202 
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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 
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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 
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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 
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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 
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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 
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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 
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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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 vovan348 
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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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 bluemele 
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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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 HighRise1202 
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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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 bluemele 
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"Pro Trader" means someone who is a professional?

Someone who trades with your background, your experience, your 'enlightenment'?

I don't want to argue with someone who is more experienced and/or more profitable, but if you look at the top traders of the world and you were to do a questionnaire and say, "Do you trade the week between xmas and new year" they would probably resoundingly say, "Hell no, I am on vacation!"....

Indicators show the past. The way you interpret indicators is based on a certain trajectory or velocity of the market. If that market condition changes to what you are 'used to' then you will get 'mixed up' and just confuse yourself. Market conditions change.

Does one trade 'their indicators' no matter what if conditions go from trending/volatile to ranging/non-volatile? If your trading buddy says yes, then I don't believe him or he is the greatest trader in the world.

Remember that you have a different background and experience level. If you get to the point of consistent with certain market conditions and then you choose to trade in the off-season than so be it. Your choice really, but think about this...

Do these conditions seem like it is ETH instead of RTH? If so, then why not trade ETH all day and all night? The indicators line up? See my point.......

Be careful of advice you take from people (including my own of course). One thing I believe that Henry imparted on us at the last bootcamp was to be patient, wait for the setups. If it takes a week to grab 3 points than so be it, but challenge yourself to stick with some of the guidelines with holding the trades longer and waiting for those High Prob setups.

That is my new years resolution......

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 HighRise1202 
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"Pro Trader" means someone who is a professional?

Thanks for your comments! I would like to describe this pro. He's been at it 6+ years, trades ES only, and uses Fibs and $TICK as primary tools. Uses 4 to 4 1/2 point stops (that's 16 to 18 ticks in ES) to go for 5 or more points. He says he started studying from the psychological angle, not the technique angle. He developed his style and is VERY reluctant to consider anyone else's style. Otherwise he says he will get "bugs in his head." I feel very privileged that he shares information with me. At the same time I know I must do the same; develop my own style. I am confident I am doing that. The pro says don't pay too much attention to rules about which days and times to trade, and pay more attention to spotting setups. (Part of the setup is sufficient volumes.)

So along those lines I saw a setup today. It predicted a one point move and I got 6 ticks. Not much, but a high prob trade and it worked.

Thanks again for your input. I look forward to a successful year of trading and continued support of each other in achieving that goal.

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 HighRise1202 
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No trades. Many interruptions; electrical inspector, Uncle Rod, cat, car accident call, storage unit break in call. Will turn off phone tomorrow first hour of market. Kept cool, calm, and collected, a feat to be recognized. Frustration level from interruptions and no trades: 3 out of 10. H said “I just noticed it’s Fed minutes” (day). “That’s why (TF) is acting crazy.” H+S, divergence, and 987 helped identify early short op at 8:40 Central Time.
This is the first day of my new 2012 Trading Plan. Goal: 8 ticks per day, 30 per week, for a month. A futures.io (formerly BMT) pro trader recommended this to heighten the emotional component when sim trading. Making the goal means going cash.

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 HighRise1202 
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No trades. No interruptions today; I turned my phone off. Volumes were low. I got sleepy 30 minutes into trading. Didn’t see suitable setups. I’m pleased that I didn’t force a trade.

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 HighRise1202 
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Three trades, 9 ticks. I saw a tempting pre-market short and entered. The slow grind was hard on a guy trying to keep a low stress level. I was nervous and had some hand shaking going on. After an MAE of 5, price went my way and I moved my stop to BE +1. I got stopped out on a pullback, then price continued sideways, then down to what would have been 2.5 points. Jumped right back in with another short, big charts still showing down. Managed the trade same way as first trade, moved stop up to protect profits thus limiting profits which could have been over 4 points. Got 6 ticks. On final trade my scalping ways prevented a gift. The pullback equalled my stop. The 9 ticks met my daily goal. The nervousness is a concern and I feel I am improving on that front.


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 bluemele 
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What I started doing was this:

1. Count up the trades where you moved your stop to BE+1 and figure out how much it cost you.

2. Count up the trades where you didn't move your stop and it cost you.

What I found out after doing this for a couple weeks (got lazy again) is that it was the difference between being slightly above breakeven (where I am today) to being consistent and profitable. After 2 weeks, it would have made the difference of about 14 points. And I think this is even low because one week it was one of those up up up never ending weeks where I was smart for closing them early.

I think if you did this, you will slowly convince your mind that it makes complete sense to not move your stop or TP. I couldn't convince myself otherwise before because I didn't have any 'facts'.

Good job today.

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 bluemele 
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As far as the shaking, may I suggest two things:

1. When you make the trade, get up and walk away. Or, just minimize the 144 chart. Don't do this permanently, but letting go is part of the works.

2. Do EFT's. Emotional Freedom Technique's. They work! You will be like a zombie after you do them in that they will calm you down big time.

People don't realize how putting up a video and showing your dirty laundry can be powerful. Losing on SIM but showing it to others to be possibly criticized creates a similar feeling.

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 HighRise1202 
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Thanks for the advice on not moving stops and the case of nerves. I know intuitively that they will work.


bluemele View Post
As far as the shaking, may I suggest two things:

1. When you make the trade, get up and walk away. Or, just minimize the 144 chart. Don't do this permanently, but letting go is part of the works.

2. Do EFT's. Emotional Freedom Technique's. They work! You will be like a zombie after you do them in that they will calm you down big time.

People don't realize how putting up a video and showing your dirty laundry can be powerful. Losing on SIM but showing it to others to be possibly criticized creates a similar feeling.


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 HighRise1202 
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Following Bluemele's advice, used EFT on “even though trading futures makes me nervous...” Had much more even nerves today, not just for trading. Had thoughts “don’t trade Fridays,” and “big news day, watch out!” Took a long for 1.2 points. Got hand shaking after the trade, not before or during. Feels like progress.


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 bluemele 
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HighRise1202 View Post
Following Bluemele's advice, used EFT on “even though trading futures makes me nervous...” Had much more even nerves today, not just for trading. Had thoughts “don’t trade Fridays,” and “big news day, watch out!” Took a long for 1.2 points. Got hand shaking after the trade, not before or during. Feels like progress.

The key with EFT's is that you have to figure out why you are shaking. So, drill down and figure out what it is that you are suffering from.

Is it:

I fear....

Losing Money
Embarrasing myself
Having a losing trade
blah blah blah

Then, tap to each one that you identify with the first being the one that hurts the worst. Then scale it from a 0 to 10 and do it until you are at a 0....

I used to shake too... haha...

However, what I found is if you do it the wrong way then when you will be trading live you will be too 'calm' and 'confident' and it will cost you. So, the key is to be very square on exactly what the bad things are and what the 'good' things are and make sure you free yourself from the proper emotions.

For me, this year it was:

"Even though I lack confidence in my ability to trade successfully, I deeply and completely accept myself"
"Even though I lack the patience to wait for the proper setups, I deeply....."
"Even though I continue to move my stops and take profits, I deeply and completely accept myself...."

etc..

etc..

Let's see how they work for me. You did good today! Too bad you had to go to the airport! haha...

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 HighRise1202 
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Wasn't prepared at market opening. Had urge to have all ducks in a row including i.e. cleaned off desk. Felt rushed. There were two short opportunities after the opening. Didn't see them in time. Volumes were low and indies didn't fire convincingly. Didn't feel right to trade and I didn't.


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 vovan348 
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HighRise1202 View Post
Wasn't prepared at market opening. Had urge to have all ducks in a row including i.e. cleaned off desk. Felt rushed. There were two short opportunities after the opening. Didn't see them in time. Volumes were low and indies didn't fire convincingly. Didn't feel right to trade and I didn't.

I really wish I could say "It didn't feel right to trade and I didn't". I guess for me it always feels right to trade but comes out wrong.

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 HighRise1202 
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I really wish I could say "It didn't feel right to trade and I didn't". I guess for me it always feels right to trade but comes out wrong.

Vovan, your candid comment is much appreciated. I thought hard on how to respond. I don't feel knowledgeable enough to give advice. However, I do feel comfortable repeating what I've read. Analyze your losing trades (in writing) and don't be unhappy with them. Learn from them.

We are helping each other to succeed and I believe we will.

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 HighRise1202 
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I brought vegetables out from the fridge and placed them before the market price. The veggies got finely chopped and I was spared from all that work! No Trades TF Jan 10 2012


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 HighRise1202 
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Nice lesson today. Traded at the edge. How many times have we heard, "If it doesn't go to here (the deeps), it will go to here (next level of the deeps). Well, I went for the pivot at the first point and stopped out. Then I didn't go for the second point. After 3 gifts I wanted to quit (and likely should have), except that I saw another setup and traded. That trade worked well and the next...well, please listen to the video. I recouped all but a tick. I'm pleased with the lesson.

I was pleased with my level of composure. There were a few times when my "cool, calm, and collected" wavered. They can occur any time; before, during, or between trades.


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 bayfisherman 
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How did you come by the number of ticks you are using for each chart...trial and error or some other logical arrangement?

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 HighRise1202 
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How did you come by the number of ticks you are using for each chart...trial and error or some other logical arrangement?

They are Fibonacci numbers.

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 HighRise1202 
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Whoa! Lost my business and trading plans somewhere today. Also lost over 5 points. At least I was cool, calm, and collected. I'll look around and see if I can find my plans again. Tomorrow looks like a good day to take off. Best of trading to you.

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 bluemele 
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HighRise1202 View Post
Whoa! Lost my business and trading plans somewhere today. Also lost over 5 points. At least I was cool, calm, and collected. I'll look around and see if I can find my plans again. Tomorrow looks like a good day to take off. Best of trading to you.

Good attitude.

I have to admit, it didn't seem super duper clear to me today. So, then why did I trade... Good question. haha...

To me the market is very 'jumpy' or 'unsure' which is fine but it seems like the tempo is speeding up, slowing down, speeding up, slowing down, but maybe that is just my interpretation and all me.


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 HighRise1202 
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Today I was more disciplined. My first trade was a long based on 610 coming from below. I didn’t manage the stop well losing 3 ticks vs. making 2.5 points. Note: The first two trades would have reached my goal of 1.5 points for the day had I “taken them.” Here is a struggle; one wise x-floor trader says go for modest daily gains. Several experienced traders say trade your plan and don’t exit until the plan specifics dictate so. WHAT TO DO?!?

Noted one out of two short pivots turned at the 76/23 Fib.

Had hand shaking going on early. Later it went away.


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 bluemele 
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HighRise1202 View Post
Today I was more disciplined. My first trade was a long based on 610 coming from below. I didn’t manage the stop well losing 3 ticks vs. making 2.5 points. Note: The first two trades would have reached my goal of 1.5 points for the day had I “taken them.” Here is a struggle; one wise x-floor trader says go for modest daily gains. Several experienced traders say trade your plan and don’t exit until the plan specifics dictate so. WHAT TO DO?!?

Noted one out of two short pivots turned at the 76/23 Fib.

Had hand shaking going on early. Later it went away.


Good job!

the eternal question you ask... Watch "City Slickers" movie again and I think you will have your answer... haha... (I have yet to figure it out.)

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 vovan348 
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HighRise1202 View Post
Today I was more disciplined. My first trade was a long based on 610 coming from below. I didn’t manage the stop well losing 3 ticks vs. making 2.5 points. Note: The first two trades would have reached my goal of 1.5 points for the day had I “taken them.” Here is a struggle; one wise x-floor trader says go for modest daily gains. Several experienced traders say trade your plan and don’t exit until the plan specifics dictate so. WHAT TO DO?!?

Noted one out of two short pivots turned at the 76/23 Fib.

Had hand shaking going on early. Later it went away.

I think no one can answer your question but you. You have to figure out what works for you. Nobody can tell you what to do, because if it works for them it doesn't mean it's gonna work for you.

But here is what I see in your videos. You enter the trade with target 2.5 points but you cannot hold your position over a smallest pull back. Maybe you should try to set smaller targets and see how often you can get it. I see that you are moving more and more towards scalping.

I think that in order to be profitable you have to have strategy not just for entries. Exit (stop and target) should be a part of your strategy. I think it's better when you keep it simple and don't hold your finger on "close" button. For example why don't you try to set your target for 1.5 points because it's your daily goal. Your stop is 7 ticks so your R:R is 2:1. Now you have to keep your win% good enough to stay in green.

Another thing. I think that closing trade with a couple ticks instead of taking loss is fooling yourself. You feel good about taking a small profit but then you see that it goes to your target. I think it's important to see if you are right or wrong about your entries in order to see how good they are.

What I'm trying to do for myself right now is keeping my R:R. My stop is 1 point and I don't want to take profit if it's less than 2 points. I do trail my stop to minimize my losses but I give the trade enough room to work out. In case if it didn't work I see that my entry wasn't good enough. Sometimes it's just market conditions and I will reenter if I get another setup in the same direction. Sometimes price stalls after your entry but you took that trade for a reason expecting price to move in that direction. You are not gonna loose more then your stop and that's amount that your are willing to risk for that trade according to your entry. If not, you should not enter at all. Then you wait for it to rich your target or prove you that you were wrong by hitting your stop.

When you are taking small profits your R:R goes down. If you are happy with smaller profits then set you profit for smaller amount. It will rich it faster and it probably will give you better win%. And this is how it works. If your R:R is higher your win% can be lower, and if your R:R is low you have to keep you win% pretty high.

Another thing I wanna say is about turning winning trade to looser. You talk about that all the time. Well for me it's not a winning trade if it didn't go over 2 points according to my strategy. So if it hits my stop before that I was wrong about my entry.

This is just some food for your brain. I hope it helps in creating your strategy.

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 HighRise1202 
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vovan348 View Post
I think no one can answer your question but you. You have to figure out what works for you. Nobody can tell you what to do, because if it works for them it doesn't mean it's gonna work for you.

But here is what I see in your videos. You enter the trade with target 2.5 points but you cannot hold your position over a smallest pull back. Maybe you should try to set smaller targets and see how often you can get it. I see that you are moving more and more towards scalping.

Vovan, thank you so much for your analysis. It seems to me I should stick with my ATM strategy (maybe adjust the target as you said) and not scalp. Instead I will focus on entering into high probably trades and not ones that "are close."


vovan348 View Post
I think that in order to be profitable you have to have strategy not just for entries. Exit (stop and target) should be a part of your strategy. I think it's better when you keep it simple and don't hold your finger on "close" button. For example why don't you try to set your target for 1.5 points because it's your daily goal. Your stop is 7 ticks so your R:R is 2:1. Now you have to keep your win% good enough to stay in green.

Another thing. I think that closing trade with a couple ticks instead of taking loss is fooling yourself. You feel good about taking a small profit but then you see that it goes to your target. I think it's important to see if you are right or wrong about your entries in order to see how good they are.

What I'm trying to do for myself right now is keeping my R:R. My stop is 1 point and I don't want to take profit if it's less than 2 points. I do trail my stop to minimize my losses but I give the trade enough room to work out. In case if it didn't work I see that my entry wasn't good enough. Sometimes it's just market conditions and I will reenter if I get another setup in the same direction. Sometimes price stalls after your entry but you took that trade for a reason expecting price to move in that direction. You are not gonna loose more then your stop and that's amount that your are willing to risk for that trade according to your entry. If not, you should not enter at all. Then you wait for it to rich your target or prove you that you were wrong by hitting your stop.

When you are taking small profits your R:R goes down. If you are happy with smaller profits then set you profit for smaller amount. It will rich it faster and it probably will give you better win%. And this is how it works. If your R:R is higher your win% can be lower, and if your R:R is low you have to keep you win% pretty high.

Another thing I wanna say is about turning winning trade to looser. You talk about that all the time. Well for me it's not a winning trade if it didn't go over 2 points according to my strategy. So if it hits my stop before that I was wrong about my entry.

This will be difficult for me. A trainer I had harped on "cut the losers quickly." I am thinking so hard about this now that there is smoke coming from my ears!

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 Upupandaway 
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Im my personal opinion I dont think a person could learn to trade well, if your always also thinking about what to say to the camera, or your audience. But if it helps you then great.

I think less if more, like Mike says.

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 vovan348 
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I cannot tell you what to do. And I don't want to get you on the wrong way.

What I'm saying is to try make some changes in your trading and see how that works. Don't be afraid of experiment and try to relax. You can always go back to the way you traded. The way I'm thinking "If I'm not profitable I'm doing something wrong. No one can fix it but myself. If I keep doing the same mistakes every day they are not gonna fix them self. I have to change something in my trading and try to do as less stupid things as possible".

It's just an advise. You are the only one at the wheel.

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 bluemele 
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Upupandaway View Post
Im my personal opinion I dont think a person could learn to trade well, if your always also thinking about what to say to the camera, or your audience. But if it helps you then great.

I think less if more, like Mike says.

What I have found is that the days I talk more and explain more verbally, the better I actually do. I think it depends on the person. Recording your trading is a great tool in my opinion. You should try it if you haven't as it is good for review in my opinion.

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 HighRise1202 
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Upupandaway View Post
Im my personal opinion I dont think a person could learn to trade well, if your always also thinking about what to say to the camera, or your audience. But if it helps you then great.

I think less if more, like Mike says.

UpUpAndAway, please elaborate. Are you saying one should not make videos?

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 HighRise1202 
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I'm not a professional, but still...don't try this at home!

I didn't see setups this morning, but as my trading period came to an end...I went a bit crazy and placed 3 losers. Nice lesson; no setups no trading no problem-o.

Went on errands, came back to do home work...and there were setups. Two shorts for over 6 points total. On the long run I told myself I wouldn't exit until the mid charts indicated so. That was an exercise in patience.

Leaving for the errands, I didn't have a problem with being down 3.8 points. I was telling myself trading should be easy. Not simple, but easy...like Jeter playing baseball...he's relaxed and makes it look easy.


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 HighRise1202 
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Yipes! Did poorly during morning trades. Then I heard that there were huge volumes of short positions on the Euro. So I went long around dinner time for an overnight trade. It went 60 ticks.




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 bluemele 
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Funny how are totals are so close together for the last 2 days! haha...

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 HighRise1202 
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OK, I scalped. I admit it. I'm looking around for excuses..."Oh, wait! I'm 3% Indian...I CAN scalp."


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 bluemele 
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Today is not a bad day to scalp!

A good day to have very large stops...

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 HighRise1202 
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Today is not a bad day to scalp!

A good day to have very large stops...

I traded anyway...and got .9 points. The dog had me by the pant leg twice and wouldn't let go! I pulled and pulled while it growled, taking many minutes, before it let go and the trade went my way.

I am pleased with the level of composure I'm maintaining.


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 HighRise1202 
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Many psychologists say we have governors. These governors are like the devices on engines. They keep an engine's RPM's from reaching high levels and causing harm. Our mental governor keeps us within ranges that it deems safe.

This week I received favorable news about my financial situation. In addition, I have begun generating small but consistent SIM earnings in trading. This morning I woke up with a concern in the back of my mind. I fear that my governor is kicking in. I fear that my governor will take action (unconscious to me) and pivot me. It will take me back to a place it considers safe and comfortable.

All I can think of to deal with this is:
  • Watch my thinking and behavior, embrasing what happens while intending to move forward
  • Pray
  • Use EFT i.e. Even though my governor wants to control my progress, I completely love and accept myself

You comments would be appreciated.

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 bluemele 
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Good thinking!

I agree 100%.... Glad you had some good fortune.

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 HighRise1202 
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Got a late start this morning...but felt determination to get all my ducks in a row before even considering trading. "Steady as she goes," I believe the nautical term is.

There was a nice foot near the opening...but I wasn't ready. Stea-a-a-dy, now.

The nice trend up gave pain, not being in it. Steady now.

Finally I saw the head and shoulders at 9:19 Central Time and the MACDs were in agreement.

Now to manage the trade. First, I noticed nervousness. Hand off the mouse. OK, where is the target. I adjusted to the deep Fib, two pivots back. That looked right. Breath deep. Steady now.

Sure 'nuff the price came down and made the target. Ah, that's satisfying in so many ways. I owe you guys and many others for reaching this level of control. Stea-a-a-dy now. I know that control could disappear in the blink of an eye.


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 bluemele 
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Awesome! Nice improvement and calm!

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 HighRise1202 
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I'm beginning to believe Deucalion who wrote, "...I just try to minimize my "stupid" moments." My first two trades were, "Duh..." At least I smartened up a little bit afterwards (if you can call trading on the day of a Fed announcement smart). Got two profitable trades.


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 bluemele 
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Wow, oops, didn't realize FOMC

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 HighRise1202 
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I was determined to wait for the mid charts to indicate a long...but nooooo, I had to trade beforehand. Sure 'nuff, I got stopped out. I'm calling that premature e-trade-ulation. Then I got with it a bit and had two profitable trades. The second went 3 points further after I exited. The mid charts had given no indication to exit. Again, premature etradeulation. BTW, I don't have that problem in non-trading activities.

I guess my governor is set to generate a point or so each day. I need to embrace this and not chastise myself. Thanks to those who have helped me see this!

[yt]http://www.youtube.com/watch?v=jMpwFp9TITQ&feature=g-all-lik&context=G2eecbeeFAAAAAAAAAAA[/yt]

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 bluemele 
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Good work today. Something I noticed on your video was that little hand hovering over the 'close' button again.

You were not doing that for a couple days and I see the 'twitch' coming back.

As per early abandonment of your trades. The guidance I have been given is to just have your target clearly before you enter and hold it. If it hits, good, if not, good, you followed your guidelines...

Way to hang in there. I believe we are headed for a retracement back to that major trendline on the daily. 784 or so is a good area... Just my opinion.

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  #182 (permalink)
 greenr 
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I cant see the 3 point loss you said was at the end of that vid orin, am i going mad

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 HighRise1202 
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greenr View Post
I cant see the 3 point loss you said was at the end of that vid orin, am i going mad

Here's the screen shot.

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 HighRise1202 
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I asked my "governor" nicely to trade the opportunities and move beyond the 1 point ceiling I seem to have. I guess he said OK. I over traded to do it though.



Sticking with the trade...I resolved to stick with my initial stop and target. Well...my second trade went 3.5 points, turned around and stopped out. So I've revised my plan. When the reasons I got into the trade are no longer true...then exit. Sound good?


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 greenr 
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Hey orin

i recorded a trade for you, it was on SIM as i was having a little practice before i started trading at 8. But hey all the same, a live trade in action
got 5+ point move



P.S i cant seem to embed the vid off youtube, whats the correct format?

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  #186 (permalink)
 vvhg 
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greenr View Post
Hey orin

i recorded a trade for you, it was on SIM as i was having a little practice before i started trading at 8. But hey all the same, a live trade in action
got 5+ point move

{youtube}NQcT0N3c4is{/youtube}

P.S i cant seem to embed the vid off youtube, whats the correct format?

Use these--> [ and not --> {

vvhg

Hic Rhodos, hic salta.
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  #187 (permalink)
 greenr 
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vvhg View Post
Use these--> [ and not --> {

vvhg

Cheers vvhg

still cant seem to get it to work ;-/

its not finished uploading, may be thats why

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  #188 (permalink)
 greenr 
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well its completed the upload now, still not working. can you post the fourmat you guys use and just put spaces in it

cheers

Ryan

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  #189 (permalink)
 vovan348 
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Here you go: How-to embed YouTube videos in a post - Big Mike's Trading Forum, but you have to use full address.

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 HighRise1202 
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I couldn't see trades today. Nothing made sense. Golly, gee, had to try one though.

Now I see two big trades! Funny how that works.


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 HighRise1202 
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greenr View Post
well its completed the upload now, still not working. can you post the fourmat you guys use and just put spaces in it

Ryan

Great video. Thanks.
Regarding the black background. Did you experiment and choose black? Is it easier on the eyes?
Where do you get that yellow circle around the cursor?
You watch the DAX so I assume it correlates with CL?

Thanks.


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 greenr 
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HighRise1202 View Post
Great video. Thanks.
Regarding the black background. Did you experiment and choose black? Is it easier on the eyes?
Where do you get that yellow circle around the cursor?
You watch the DAX so I assume it correlates with CL?

Thanks.

Dont know why black, just what i have always used. Suppose this is the clearest way i see things
Yellow circle comes with the recording software i use lol, i cant see it when recording

Its not the DAX its the DX dollar index. i have done a lot of speculations and the dollar in negatively correlated to most of the US markets. If you interested I’ll show you some of my findings

Its most correlated with Euro and other currencies but we get reactions on the crude regards direction and off levels such as testing and breaking the HOD and LOD

Hope this helps

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 greenr 
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 bluemele 
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greenr View Post

Why do you have difficulty recording?

(you did good today)

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 greenr 
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bluemele View Post
Why do you have difficulty recording?

i really dont know may be i should just try set and forget but i will end up making 2-3 hr long vids as i trade from 8 EST-11 EST

I think because sub consciously i know im recording a vid for people to watch, i feel under more pressure not to make mistakes leading to me making them lol. May be in the future when i am a master i will feel confident for a live trade room or live vids :-D

When i go from SIM to LIVE i really have trouble not letting my emotions not affect me, in SIM im fine because i know there will be no consequences for my actions. Were on my live account i know there is consequences from my actions

I found this one of the hardest thing, going from SIM to LIVE

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 HighRise1202 
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The TF market was cranking out bars faster than Hershey's today. That kept me out.


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 HighRise1202 
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greenr View Post

I highly appreciate your video!

You chose to place the Fib at 98.86 because that's where the push up started. That's a new concept for me. Do you see this working with other instruments or just CL?

T+S, do you pay for that feed?

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 bluemele 
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greenr View Post
i really dont know may be i should just try set and forget but i will end up making 2-3 hr long vids as i trade from 8 EST-11 EST

I think because sub consciously i know im recording a vid for people to watch, i feel under more pressure not to make mistakes leading to me making them lol. May be in the future when i am a master i will feel confident for a live trade room or live vids :-D

When i go from SIM to LIVE i really have trouble not letting my emotions not affect me, in SIM im fine because i know there will be no consequences for my actions. Were on my live account i know there is consequences from my actions

I found this one of the hardest thing, going from SIM to LIVE

This is how the videos help me. I show the world my stupidity even on SIM and I don't like it!

I just leave the videos running and then I can clip them later. Either way, I think it is also good to review your daily trading which I do less and less of.

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 greenr 
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HighRise1202 View Post
I highly appreciate your video!

You chose to place the Fib at 98.86 because that's where the push up started. That's a new concept for me. Do you see this working with other instruments or just CL?

T+S, do you pay for that feed?

Well i have seen henry, Horst and other use FIB`s to measaure the move from the pull back that started it. It depends tho, i always seem to make it fit so it makes sense at the time. You can normally tell if its placed correct of not with the way the markets act around the levels on the way back up or down. I would imagen this will work in every market like the method does

As of the T&S no i dont pay extra, i have a CQG data feed with AMP futures and obviously you get the T&S window in ninja

P.S if you are thinking about watching T&S it took me 2-3 years to actually makes sense of it because it moves so fast, it hard to train you brain what to actually look for. If your intrested tho i can give you a few pointers

Hope this help

Ryan

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 greenr 
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bluemele View Post
This is how the videos help me. I show the world my stupidity even on SIM and I don't like it!

I just leave the videos running and then I can clip them later. Either way, I think it is also good to review your daily trading which I do less and less of.

Ha Ha the toruble is the software i am using at the moment will not let me edit, they want lots of money for a licence upgrade. May be i will invest shortly, we will see

I think your doing good, just learn for your mistakes. Least your not trading live and losing lost of money like i was in desperation!

Just learn to wait for your perfect trade set ups and exacute them with precision. A few weeks ago i was laughing at henry for useing such a tight stop (5 ticks) but i see why now.

The method is to trade on the edge, so you either get filled 5 ticks from the highs/lows of the edge and it reverses. Or you get stopped out and look for a re-entry. The further away from the reversal the more risk you have in the trade. Idealy your stop need to go 1-2 tick above or below the high if the reversal bar

Working well at the moment. I just need to dicipline my self to hold my position and take profit at the correct extension rather thank getting a quick target filled to take the emotions out the trade because it becomes risk free. But this is not efficent

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