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Short term time frame YM (Beginner needs help)
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Created: by cmmichaels Attachments:8

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Short term time frame YM (Beginner needs help)

  #11 (permalink)
Membership Temporarily Revoked
Birmingham, AL
 
Futures Experience: Advanced
Platform: Sierra
Broker/Data: several
Favorite Futures: several
 
Posts: 1,065 since Apr 2012
Thanks: 713 given, 2,758 received

Hey man,

I haven't seen you around in a while, and I hope you continue your journal. As painful as it may be at times, it will be of great benefit to you.

Nice review on the videos... here's what I see:

1. You're getting too caught up (I've done it plenty) in the bar by bar short term ups and downs. Take a step back, get a feel for the rhythm of the full swings on your trading timeframe.

2. You don't seem to have a clear definition of what the trend is. Get a clear definition of whether you're uptrend, downtrend, or range bound. This is the first step. Know this, and then only take trades that make sense within that context.

3. Know where you are wrong, before you get in a trade. If you're expecting a double top or something (which you shouldn't be ANTICIPATING trades, you should be going with the flow of the market on some confirmation) know exactly where that will be an invalid trade idea. Get out there, not at -20 just because you can. Along the same lines, also know what price should do if you are RIGHT. If it doesn't behave accordingly, be on high alert to scratch the trade.

Hope this helps,

-IT7

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  #12 (permalink)
Elite Member
London England
 
Futures Experience: Beginner
Platform: Metatrader
Favorite Futures: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,073 given, 135 received


indextrader7 View Post
Hey man,

I haven't seen you around in a while, and I hope you continue your journal. As painful as it may be at times, it will be of great benefit to you.

Nice review on the videos... here's what I see:

1. You're getting too caught up (I've done it plenty) in the bar by bar short term ups and downs. Take a step back, get a feel for the rhythm of the full swings on your trading timeframe.

2. You don't seem to have a clear definition of what the trend is. Get a clear definition of whether you're uptrend, downtrend, or range bound. This is the first step. Know this, and then only take trades that make sense within that context.

3. Know where you are wrong, before you get in a trade. If you're expecting a double top or something (which you shouldn't be ANTICIPATING trades, you should be going with the flow of the market on some confirmation) know exactly where that will be an invalid trade idea. Get out there, not at -20 just because you can. Along the same lines, also know what price should do if you are RIGHT. If it doesn't behave accordingly, be on high alert to scratch the trade.

Hope this helps,

-IT7

Hey man, its been a while.

I'm really sorry to hear about the fund and everything that happened but it sounds like you are turning a negative into a positive and I'm sure what you're working on now will workout. I'm routing for you as I'm sure everyone else is.

Thanks so much for taking the time to find the thread and for your amazing comments above. Basically I stopped this journal for a few reasons. I do keep another journal so I always carried on doing that also I new my trading needed to change so I just felt that instead of intensively journaling a trading style that I was looking to adapt anyway my time could be better spent as I don't have a lot of it due to my day job.

So my trading has changed a fair bit since the last post here, I couldn't agree more with everything you wrote above and that is exactly what I set out to change. My trading focus now is less volume of trades longer hold time, let trades play out either rightly or wrongly. I now try and formulate a plan of how I think the day will be unfolding and look to best position myself around that move as the price action plays out. I have a bigger focus on S/R levels now and look to trade between them when I can rather than trying to catch all these small moves.

I read the Lance beggs stuff which is good but I've now added Al brooks and some of the things he talks about has really helped my trading. Also again like your excellent analysis above pointed out the -20 stop out had to go, now I place my stop exactly where I think I am wrong and leave it, sometimes even on the YM this can be as tight as 7 ticks sometimes 15-20 but my stop is not a fixed -20 now it is tailored to each trade.

I also trade multiple positions so I can scale in and out, I think it is crucial for this type of trading and has benefited my trading massively.

Thanks again for what you wrote and I may look to start another journal with my new trading style soon but I will be stopping in on yours whenever I can.

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