NexusFi: Find Your Edge


Home Menu

 





Short term time frame YM (Beginner needs help)


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one cmmichaels with 6 posts (6 thanks)
    2. looks_two indextrader7 with 4 posts (5 thanks)
    3. looks_3 Big Mike with 1 posts (1 thanks)
    4. looks_4 Quick Summary with 1 posts (0 thanks)
    1. trending_up 3,402 views
    2. thumb_up 12 thanks given
    3. group 2 followers
    1. forum 11 posts
    2. attach_file 8 attachments




 
Search this Thread

Short term time frame YM (Beginner needs help)

  #11 (permalink)
 indextrader7 
Birmingham, AL
 
Posts: 1,065 since Apr 2012

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

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Futures True Range Report
The Elite Circle
Deepmoney LLM
Elite Quantitative GenAI/LLM
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Are there any eval firms that allow you to sink to your …
Traders Hideout
 
  #12 (permalink)
 cmmichaels 
London England
 
Experience: Intermediate
Platform: Metatrader
Trading: Spot $
Posts: 91 since Apr 2012
Thanks Given: 1,081
Thanks Received: 149


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.

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:




Last Updated on February 25, 2013


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts