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Beth's Journey to Make Her Millions


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Beth's Journey to Make Her Millions

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  #21 (permalink)
 kees 
Nederland
 
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Thanks for the answer, looking forward to his new system, hard to wait!
Good Trading


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  #22 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Hi Everyone

Goals accomplished this morning:

1. Money management and Preserve Precious Capital

I stayed with the overall trend (using the Trend set-up as my torch) and did 2 trades. No over-trade.

Realization: 1-2 good/profitable trades are Great. I simply need to increase the number of contracts when I am consistently successful.

2. Patience is Gold

No more itchy itchy when there're conflicting signals. I waited for the Divergence (Panel 3) to be resolved before entering a trade.

Happy & Successful Trading Always!

Beth

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  #23 (permalink)
 Dragon 
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Scalping queen. Rock on.

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  #24 (permalink)
 wgreenie 
Cambridge, Ontario
 
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I'm a little down with a weekly result of $20 in pink .. ooooo .. sigh ..

I need to explore and learn how to manage a trade when it goes south or starts going the opposite direction! The comfort part is I always have a predetermined MM order for exit. When I have 1 or more warnings, I am thinking if I should exit earlier to minimize the losing ticks or let the trade continue?!!

Appreciate and welcome any comments and suggestion please.
:sos: Thank You!

Continue enjoying your day + a Relaxing Long weekend! (Here in Ontario Canada too as we have next Mon as a Family Day - started in 2008.)

Beth

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  #25 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Big lesson - just realized!

I have daily P&L targets, ie STOP TRADING when either one is hit. I forgot to apply it to my sim trading!

Daily Profit - $200 after commission
Daily L - $100 after commission

Weekly Profit - $ in Green (no specific amount)
Weekly L - $200 after commission: I will observe this for live trading so that I can continue the trading venture. Need to preserve precious capital LOL!

For sim trade, I will observe the daily L only (not the weekly L) so that I can continue learning how to trade. Having said that, I'd love to stay with the trading time span between 9:30 am and 11:00 am (or max 11:30 am). I notice the market is more challenging after 11:30 am. Last week I was trapped 2 times (when my real account got bruised), ie

Thu for an hour between 11:30 am and 12:30 pm
Fri for 2 hours until 1:30 pm

Please feel free to share your ideas/experiences with me. Thank you!

Note to Dragon: Yes, I am going to be a Scalping Queen - getting close .. smile ..

Happy & Successful Trading!

Beth

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  #26 (permalink)
 Eric j 
NY
 
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" When I have 1 or more warnings, I am thinking if I should exit earlier to minimize the losing ticks or let the trade continue?!! "

What are the warnings specifically ? When I bail on a trade they usually turn around and go the way I wanted them to . I dont like a full stop but I dont like taxes either but I gotta pay them . Psychologically I feel better taking the hit because when I bail and it turns out I shouldnt have exited early that effects my ability to make the right decision on the next trade .

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  #27 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Thanks Eric for your prompt sharing.

For the enclosed long trade, the signal "blue" bar did not have a black hash when I entered. Then within seconds, a black hash appeared +

- the trade bar changed to red with a black hash
- indicators on Panels 2 and 3 have become negative
- white dot and red candle on the 4-tick Trending set-up

My MM order was placed according to the rule, ie 1 tick below the blue ADX dot on the signal bar, and got hit.

My learning is: I should do my best to catch the first drift up. My signal bar was a 2nd signal bar. Not sure if a repaint happened (sometimes it did), ie a black hash could be there and got removed. Or the reality was I did miss the first signal bar and tried to catch the rally. Notice the enclosed trade was a low risk one. For the record, the Divergence indicator on Panel 3 was originally a blue dot and not a blue diamond when I entered. Changing to diamond was another warning of choppiness.

I can see your point of having the market turned and back to our favor after our exit. For me (at least for now), having an exit is very important. I learned the hard way for not having it for my former trades. Thanks Eric.

Happy & Successful Trading Always!

Beth

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  #28 (permalink)
 Eric j 
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I see , if you use a mechanical system like that then you need to determine in advance what variables call for cutting it short . In my experience the repaints are a slippery slope and its easy to agonize over it .

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  #29 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Thanks Eric.

I am hoping that a mechanical system may catch a trade in a more efficient manner. Repaint may cause issues on-and-off and is part of the package I guess.

Looking at today's trade log again. I OVER-TRADED! 10+ trades is way too much in my mind. I believe I was trying to be Green for the day - oooooo!

I am going to include a new rule: Maximum 5 trades per morning! This will encourage me to focus on Higher Probability Trades + more cautious/selective!

Happy & Successful Trading Always!

Beth

~ Good Trading is About TRADING RIGHT! ~

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  #30 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Trading: 6E
 
Posts: 1,773 since Dec 2009
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I know some of you are interested in The Wizard's new set-up. Here it comes his thread with the indicators/templates/trading rules:



I will see if I need to revise my current set-ups.

Happy & Succcessful Trading!

Beth

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