It seems to me you jumped on the eminisniper chat room and became profitable and you are trowing away everything else and are following a payed system now, one that might not work anymore in the near future.
@MetalTrade, I confess but are you going to start a second journal soon? I'd like to read more about your method and what you've changed in the last two or three months from your first journal.
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.
BM, I have thought about this. And personally I feel ethically obliged to futures.io (formerly BMT)rading Forum to do so. So I will. Give me some more time to wrap it up. I took it all from your site. I increased my account size substantially (more than 10 times what I used to do) and changed my methods. I have very few indicators on the chart and I use 2 systems on 12 instruments. 1 system gives only an entry signal 1 out of 2 days but is highly profitable, I got the idea from a post but I tweaked it myself, the other system is right here in on futures.io (formerly BMT)rading and that's what I use to actively daytrade with success.
The following user says Thank You to MetalTrade for this post:
I tried ES, YM, TF, CL and 6E so far. Am staying with 6E as it seemed more manageable. I am not capable of trading multiple instruments at this point (tried before) and decide to focus on one market UFN (= less charts).
2. Trading System
I tried over 20 systems and hundreds of indicators. I don't think there are 100% profitable systems anywhere. It's the trader who will make a system profitable on a consistent basis. I go with a simple system (rather than one that's crowded with indicators) as I am really exhausted after months of research. There're tons of friendly reminders in my thread that I should stay with the same set-up for some time. Soooo, finally I am doing that. Plus I've not been adding indicators and rather removing my safety wheels.
I have to confess that some trading friends continue sharing their new indicators and systems with me on an on-going basis. For indicators, I put them on my chart for a week or two. If I could not see any difference, I removed them. For trading systems, I read the set-ups for 1-2 times. If I did not understand (for example there's one on RSI), I chose not to pursue. The Sniper one happened to be one that I can understand. Its simplicity esp the suggested small SL cushion meet my expectation. It's not an impulsive switchover decision. I had my own system (4R BetterRenko and 8R) and Sniper on concurrently for one week. Weighted the pros and cons. The SL cushion won.
I realize trading is very personal. The system and instrument have to meet one's trading style, risk/reward ratio and personality preference just to name a few. After months of research/studies, if I can start all over again (remembered what I went through), I will choose to learn the following and NOT spending months on systems/indicators:
1. Price Action (HH/HL/LL/LH and retracement/pullback. Learn a few methods on how to identify when/where to Buy at HL and Sell at LH and choose one method to trade.)
2. Market Profile
3. Moving Averages (pick 1-3 to identify the trend)
5. Momentum osc indicator (1 or maximum 2. Really need to understand how they work and choose 1 or 2. Having too many don't serve well as they basically tell you the same thing .. quite often at the same time else will only cause confusion.)
6. Read a few books like High Probability Trading (My No 1 Pick as I learned how to create a trading plan, importance of preserve precious capital and daily game plan) and Trading in the Zone. Having read over 100 books since May 2009, only these two stood out for me.
I honestly don't know if I may consider a simple system IF I have not gone through what I have experienced. Knowing me .. possibly not. For my current state, yes. Let me simplify my life in 2011 .. haha ..
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 8 users say Thank You to wgreenie for this post:
Should I decide to stay in, all had their PT 6 (or even 8) got hit .. I took warning to heart and chose to exit with baby green pips. Today's one (per enclosed) went straight to 4 pips with my SL adjusted to BE. Then horsed around for a minute or so .. certainly reached my PT 8 (which I chose based on the previous Low) after my early exit.
My logic then: It's better to get 3 pips than end up hitting my BE.
Well, post-trading review now: It's better to let the trade work out itself. I was at BE already. Missed considering the risk/reward ratio was BE/8 .. oooo
I'm confident that I will get better in the coming days. Am glad that I have 2 green days in a row .. haha ..
It's good to see you are still working at this game. You are determined and we can all see that. I can certainly share in your experiences. On the surface it looks so easy, but in reality its not. One thing always rings clearly in my head that Big Mike always says and that it's "with in you". The success of trading is with in all of us. Its not with in the indicator or indicators and I don't think its with in any paid for system. Don't get me wrong. The paid for systems may be the thing that sings to you, so whatever works and feels right is good, but also as Big Mike says, "its not the method" that makes one successful.
One comment or question. You use small time frame charts that there is a lot of wiggles in price. The Euro moves 100 pips a day or more, but you shoot for small targets. I know you are a scalper, but with intraday trend moves there should be more than 6 tics. How do you decide where to take trades. What are the areas of support and resistance based on?
Something to look at over the holidays if interested. Very good blog on tech analysis. KEWLTECH Good luck and Happy New Year.
The following user says Thank You to David_R for this post:
Thanks for your best wishes. Yes, Trading is a challenging business and I've been working very diligently to make it profitable. Certainly, I have to confess that there were occasions when I felt like collapsing. I agree with you and Mike that it's not the method that makes one successful and more the trader who makes it or breaks it.
For example, I got +3 pips for one of the trades I took this week. There're other traders taking the same trade based on the same signal. They followed their plan and held on until their targets of 20-40 were hit. I learned not to compare my trade result with others as we're the only one responsible for our trades. As of this moment, I am happy to nimble here and there .. haha ..
For the set-up, it's based on retracement. To me, it's like Buy at HL and Sell at LH when the 3 indicators used (incl a momentum osc one) are telling the same story. Quite often I will double-check DX and make sure it's pointing the oppositive direction to reconfirm a 6E signal. For Support and Resistance, I have been using the previous LL/HH for reference. If I do not have enough room (less than 6-8 pips) to reach my profit target (6-8), I will wait for another signal.
It's my plan to do occasional 2-contract trades in mid January, ie when most of the trading mornings are green. If yes, the second contract will serve as a runner to catch more pips.