I went through my NT and training logs for Tuesday. I had so much fun experimenting multiple-contract trades on NT (most were green) in the morning. I deserved the enclosed losing one for the program. Why?
I was 2 bars late and I entered 4 ticks worse than the suggested price. It went +9 if one was prompt (SL would be manually adjusted to BE). Now I recall my thinking then .. "Still around the suggested price even it went +9 already .. a small pullback for me to enter and it would drop more."
Note: Need to add an hour to the enclosed for EST.
Well, no chasing! I simply couldn't resist the temptation + I always think CL drops or rises really hard .. +9 is nothing and will fall harder. I forgot it loves reversing too .. oooo
I will do my very best to tame my "chasing" trait in the coming days.
Believe you have had a Relaxing weekend. Fruitful one here .. and I was occupied with baking and domestic tasks lol. It's again time to make a birthday cake for UKNOWHO. When my preferred cream cheese was out-of-stock, I suggested making one next weekend. Oh, no no no .. he found another organic one .. light version. Well, it's softer .. still tasty. Want a glimpse:
Thanks MetalTrade for your tip. I have not been reacting to strawberries .. it's not my favorite fruit. I reacted to not fully riped kiwi and cactus pear so far .. and occasionally grapefruit (too acidic). No more strawberries in the fridge .. no worries.
I did 14 trades as of this moment (13 CL and 1 6E). My first 3 CL trades all went +7 before reversing. I could not even flatten my position (the button is not working - gosh). All ended up full SO with one has 3 pips slippage. I am really mad with the platform.
Same dilemma continued .. +8 .. +9 .. all ended up losing at the end because my PT 10 was not touched. I did strive to adjust my SL diligently to minimize the damage. The 6E one was profitable for +20 (2x10) for a short while and closed at +6 (2x3). Tried to give it more room to run.
When I was getting close to $1K daily loss maximum, I reduced the trade size to 1 contract. Made a few profitable trades and regained some lost ground.
In conclusion, I don't like the MT platform. It may work for slower markets and definitely not CL. Could also be me lol.
Anticipating a quiet morning turned out to be an extremely busy one for me. Life always offers nice surprises.
Beth, I love this thread! I have been out of the game for about a year and returned to this forum and spent the past 3 hours reading through it. I have yet to finish it and perhaps this question has been asked already but here goes...
As you have grown in your trading experience, what set of indicators are you using currently? I would love to see what you have found that works, and what doesn't work so well. Thanks for your contributions!!!!!!!!
Thanks Caveman for your kind compliments. Considering your Advanced status, we love sharing your tips too.
Having performed diligent testing/exploration of systems/indicators for almost two years (over 10,000 hours), I estimate that most functional systems are at least 60-70% profitable. It's up to the trader to make it or break out .. haha ..
My favorite systems include and not limited to the following:
1. Jeff's Inside Bar (extremely easy to manage/SL cushion is my only concern)
2. Sniper's Divergence Signal (both visual/audio alerts when divergence maybe in progress with suggested entry on the chart/timing and frequency are my issues)
3. Perry's System and The Wizard's Hopping Clouds (simple and straight-forward systems/trade management (when/where to enter) had been my challenge as I was either too early or late to the party)
My favorite indicators:
1. Price Action Swing (save me scratching my petite head on where to plot HH/HL/LL/LH labels)
2. Momentum osc such as DMPlus (incl ADX), Forex Index, MACD BB and SMI
3. SuperTrend .. so many versions available all give me a good idea on the current trend or trend reversal
4. Support/Resistance such as Dynamic SR, Bollinger, Keltner and MM .. I love their visual impact so that I have something to look up/down even the market may not respect these levels
5. MP with accu volume .. still learning how to benefit from HVN/LVN (potential PT/SL areas). Only figure out how to make it work for 6E (other currencies) and not CL/index futures yet. Will take a break until I experience a breakthrough unexpectedly. My weakness has always been spending too much time to uncover/solve myths ..
My favorite period type for my chart: I am using 5-RangeNoGap (from 3R) and feel quite comfortable with a 6- to 8-pip stoploss cushion for 6E/CL.
April was a special month (not only because I have started a 4-week training program). I spent more hours in reviewing my set-ups (many new comers in and out after market replay/sim)/trading plan/trade management. It hit home that System A works well for Traders A-B-C-D yet it did not work for me. Same for Systems B-C-D-E-F-... There was frustration when I got mad at my incompetence in making their "profitable" systems worked for me.
Then I started drafting out my preferred system and its features. Believe it or not, I created my system (not very crowded with indicators this time) and have been testing it for some weeks now. It's a simple color system .. no need to think too much. You know me .. when I think too much .. I will get myself into trouble.
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 2 users say Thank You to wgreenie for this post:
I did 1 6E (around 2:00 am) and 1 CL (closed it 2 minutes before US open) so far.
1. 6E went +11 (my PT @12) and I exited +6.
2. CL went +20 (my PT @20 .. not filled) and reversed against my trade -8 max (SL @10). I held on even my fingers were really itchy to close my position when my gains dropped from +18 something to +10 .. +4 .. -6 etc. I ended up closing it +13 when it ran +40 (my PT 20 would be filled) without me. Well, no open position close to market open (one of the rules) .. ..
Even I chose to hold both trades, I still cannot understand the logic behind. Why not go for +10 (for 6E) and +10 (for CL) when pullback/retracement started?! Maybe it's a strategy for one to hold without a PT + it's the last contract when one has already realized some gains for the first batch. Just a myth that I need more time to digest.