$245 looks right by my calculations. I thought originally that the commish would eat you up, but I guess not. Very interesting setups. I will follow your journal along as you continue to update it. Good luck to you.
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Good job Beth.
Like others have said, take it nice and slow. Try naming one specific goal for you to focus on each day and grade yourself on how well you did. The goal could be to not over trade, or the goal could be to stop after hitting a certain target, or to let your runner run, etc etc. If you name just one goal it helps you focus on it.
Do it for a week and then you can slowly add another goal and another, after you've become proficient with the prior ones.
Trading is about consistency. You've got to take consistent winners and not let any one trade or any one bad day derail you.
Thanks to Big Mike. I would like to add that I've accomplished 2 goals today, ie
- Managed a few trades "to my satisfaction" that went or intended to go the opposite direction. To have a Money Management order while waiting for the profit target to be hit is EXTREMELY IMPORTANT for my developing a Consistent Successful Trading Career! (a lifetime one too .. smile ..)
- I had a runner of over 25 ticks today and closed it around the resistance level. With the Wizard's Den set-up, I felt confident to let the last contract run. While it's moving, I also adjusted the MM order to ascertain that it's a winning trade at the end.
Before having The Wizard's set-ups, I never had a runner even I was in a few daytrading rooms with a moderator calling out trades. Bear in mind that I started trading Futures (both sim and real) since last Jul. Like a "blind" fly with no direction and cannot simply follow one's verbal instructions!
Effective and Efficient Trade Management is and will always be my on-going trading goal!
My heartfelt thanks again to all of YOU! Happy & Successful Trading.
Beth
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Believe your morning is going well. Ditto here as I got lots of chances to practise how to manage my trades.
You will see from my recap on the enclosed Trade Log that I finally have a corresponding MM order for every trade. I even did an inadvertent market order for one of them LOL!
It's a little pink (-$40) before commission and $95 commission for the practice platform haha ..
Feb Gross Comm Nett Acc Total
8 (Mon) 330 85 245 245
9 (Tue) -40 95 -135 110
Accu sim result for the 2 mornings is in Green Hurrah!
For tomorrow, I will stay with the main trend and no counter-trades, ie not following all the signals on the scalp. Let's see what may happen.
Note: It's important to have a calm trading environment. Had some unexpected disturbances at the beginning.
Continue enjoying your day. Happy & Successful Trading Always!
Beth
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I spent some time to resolve some technical issues and started trading only after 10:00 am. It's a Green morning and I'm happy that I succeed in doing ONLY SHORT trades (align with the overall trend per the Trending set-up). I'm quite satisfied with my trade management when the signal bars turned color after my entry.
More importantly I SOH when the scalp set-up gave me Long entry signals. A little confession: My fingers were "itchy" when I saw the blue blue signal LOL!
Lessons learned (reminder as well):
1. Higher probability trades (less risk exposure) when I stay with the trend.
2. Money management to preserve precious capital. When there's a warning, it's more advisable to get out. There're always profitable trades waiting for me!
Happy & Successful Trading!
Beth
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I learned (after contributing to the Market) that it's more advisable to SOH when there's news that may move the market. When I was in some daytrading rooms, we're told to close our position (if any) a few minutes before the news.
I have not figured out when to resume though!? For example, the market has moved down or up immediately after the news. Should I wait for a pause (according to my systems and wait for another turning point or confirmation) or it's fine to enter a trade that aligns with the trend within the first 5-10 minutes after the news?
Appreciate your comments to resolve this myth. Thank you!
I got the indicators from The Wizard (creator of the Holy Grail thread). I learned that he's working on a new thread (WizardsDen) and will release his new set-up together with the indicators and template + trading rules in the very near future.
You may want to wait for the thread or Private Message him for the indicators.
Happy & Successful Trading!
Beth
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