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Five A Day


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Five A Day

  #151 (permalink)
 
lifeguardsteve88's Avatar
 lifeguardsteve88 
Pompano Beach, Florida, USA
 
Experience: Beginner
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GFIs1 View Post
There is ONE proven trading behaviour (read on several threads here) that could PREVENT from
following every trade as long til' the BRAIN-trigger says "to get OUT" // or scalping on every turning point:

1) If the setup after trading plan is ok - ENTER
2) SET the stop
3) SET the target price or a target time
4) SHUT DOWN the computer!

Come back really later and check the result.
You will be amazed :-)

Good trades!
GFIs1

Something similar to this has helped me immensely. I just minimize all trade trade related programs (platform, charting) once I've entered the trade and don't touch them again until my first target or stop has been hit and sounds an alarm. Just sit back and catch up on webinars or read a trading book in the mean time. After the first few times of doing this and getting used to it, it has become very pleasurable to trade, and I get a lot of trade studying (or TV watching) done instead of frayed nerves and wasted time staring at the chart.

(got a trade on right now)

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  #152 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
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Hi @GFIs1, I guess I'm too much of an addict by miles to actually shutdown the computer (I know you're right though, darn it) but maybe I'll start slowly by taking a long*ish* walk around the block!

At least I am growing to love the Dax (yes, weird, I know... gulp) she gives so many setups and opportunities and with a weather eye on the ES at same time it gives me everything I need and more, so then just the massive work between the ears continues...

Thanks a bunch to you and @lifeguardsteve88 I really appreciate the advice and support.

Travel Well
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  #153 (permalink)
 GFIs1 
who cares
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lifeguardsteve88 View Post
...it has become very pleasurable to trade, and I get a lot of trade studying (or TV watching) done instead of frayed nerves and wasted time staring at the chart.

There are a lot of positive moments watching a chart and get some more insights

EXCEPT - when you are IN a TRADE

So don't mix up

GFIs1

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  #154 (permalink)
 
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 ratfink 
Birmingham UK
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GFIs1 View Post
There are a lot of positive moments watching a chart and get some more insights

EXCEPT - when you are IN a TRADE

So don't mix up

GFIs1

I like that thought.

Travel Well
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  #155 (permalink)
 GFIs1 
who cares
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ratfink View Post
...I guess I'm too much of an addict by miles to actually shutdown the computer (I know you're right though, darn it) but maybe I'll start slowly by taking a long*ish* walk around the block!

Just give it a try -
if you are still not sure - try a three day ride on SIM.

I am sure you will like it - AND

the next heart attack has to wait 199 years more

GFIs1

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  #156 (permalink)
 
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 ratfink 
Birmingham UK
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GFIs1 View Post
Just give it a try -
if you are still not sure - try a three day ride on SIM.

I am sure you will like it - AND

the next heart attack has to wait 199 years more

GFIs1

!!

ps going to use ticks instead, +41 just makes me feel better

Travel Well
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  #157 (permalink)
 
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 ratfink 
Birmingham UK
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I make extensive use of forward looking Fibonacci (50, 61.8, -23.6) but all too often forget the power of reverse swings (127.2) in helping to determine possible locations of unexpected target failures or delays, two consecutive classics on the daily should have had the red flags waving ages ago, yeah, right, I know, bit late now.


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  #158 (permalink)
 
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 ratfink 
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Cripes.

Travel Well
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  #159 (permalink)
 
ratfink's Avatar
 ratfink 
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Today I decided to fund my backup account so that I could start taking some slower swing type overnight or multi-day trades with the idea of limiting my persistent trade interference following ideas from previous posts.

As we know my great strength is that I see and really feel every wiggle in a chart and my great weakness is that I see and really feel every wiggle in a chart when I'm in a trade. Darn it.

Anyways...., what actually happened was that I discovered they have introduced a new interface called Sprint Markets, scary music plays now...., like binary options but sweeter and simpler, just a stake, an above or below strike price, a time e.g. 2, 5 or 20 minutes from hitting the go button and a payout if you're lucky.

The interface makes it look like the R/R is 1:1.81, not great but not bad either, but as with many systems the returned stake is included in the payout, so the R/R is really only 1:0.81 i.e. equivalent to a 20 point stop and a 16.2 point target, so really a typically less than ideal scalping setup.

Laughs sheepishly now, what happened was I smashed it out of the park, 9 winners out of 10 two minute Dax trades for an equivalent +126 point total, my best day for a long time and a strange day indeed.

I'm not expecting such a high hit rate to be consistently deliverable but after a lot of knock down days it was a hell of a confidence booster for once. After all if I have an edge which is usually also a weakness then I better exploit it while I continue to strive to master the larger R/R styles as well.

I still do fully intend to (*must*) go the slower swing route as well, as new toys do have a habit of blowing up in our faces, but it just goes to show you can teach an old dog new tricks and there's definitely more than one way of skinning a market.


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  #160 (permalink)
 
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 podski 
Belgium
 
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ratfink View Post
Today I decided to fund my backup account so that I could start taking some slower swing type overnight or multi-day trades with the idea of limiting my persistent trade interference following ideas from previous posts.

As we know my great strength is that I see and really feel every wiggle in a chart and my great weakness is that I see and really feel every wiggle in a chart when I'm in a trade. Darn it.

Anyways...., what actually happened was that I discovered they have introduced a new interface called Sprint Markets, scary music plays now...., like binary options but sweeter and simpler, just a stake, an above or below strike price, a time e.g. 2, 5 or 20 minutes from hitting the go button and a payout if you're lucky.

The interface makes it look like the R/R is 1:1.81, not great but not bad either, but as with many systems the returned stake is included in the payout, so the R/R is really only 1:0.81 i.e. equivalent to a 20 point stop and a 16.2 point target, so really a typically less than ideal scalping setup.

Laughs sheepishly now, what happened was I smashed it out of the park, 9 winners out of 10 two minute Dax trades for an equivalent +126 point total, my best day for a long time and a strange day indeed.

I'm not expecting such a high hit rate to be consistently deliverable but after a lot of knock down days it was a hell of a confidence booster for once. After all if I have an edge which is usually also a weakness then I better exploit it while I continue to strive to master the larger R/R styles as well.

I still do fully intend to (*must*) go the slower swing route as well, as new toys do have a habit of blowing up in our faces, but it just goes to show you can teach an old dog new tricks and there's definitely more than one way of skinning a market.







Nice one Ratfink !


Just remember that the most important thing you did was get the direction right !!

Have a great evening !

Time for a Lucozade I would say !


p

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