thank you very much for the tip. I'll keep it in my mind and begin observing its occurrences.
I have been working on my exits. scaling out costs me a great deal. but if I don't do it, I get more stop-outs. it's so hard to find a balance. I'm thinking about reducing the number of my trades by moving up to a higher timeframe.
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the more I trade the more I realise that volatility is my edge. however volatility is not always present in the instrument I trade. the easy solution is to have more instruments available and only trade the more volatile one. so I thought I should experiment with CL and GC.
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as you can see, it was crystal clear that CL was the winner here, it had much bigger and cleaner swings pre-newyork. so I decided to concentrate on CL, and keep an eye on GC at the same time, just in case it might speed up.
but this has proved a lot more difficult in practice. I ended up not giving proper attention to either of them. and had to close CL charts in order to concentrate on GC.
but I think that the idea itself is still valid. I might just need more practice to get used to it. does any momentum/volatility/orderflow trader work with more than one instrument?
how do you pick which one to trade? how do you switch between them? how do you keep track of what's going on?
something I didn't know last week - volatility is my edge, not trend.
something I did well last week - kept my head cool, even on losing days.
somthing I did badly last week - take ALL my setups.
something I really shouldn't have done last week - kept trading when volatility had obviously left the market.
something I changed last week - no longer using higher time frame charts to dictate the setups I should take.
something I aim to do this week - Take MY Setups! Let the Market Sort Them OUT! (and make a lot of money, of course :-).
something I want to remember while trading - each individual trade does not make or break me as a trader. stop attaching my anger, pride, livelihood, hope, frustration, exhilaration to it. instead, focus on the lessons I'm about to learn. and get excited about the kind of trader I'll eventually become.
Last edited by Sayounara; June 16th, 2013 at 10:27 PM.
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Good points! May I suggest, with regards to your previous consideration to move to higher time frame to have less setups, not to do that but rather put key HH/LL levels from the higher time frame on your trading chart and aim to take trades around them. It will reduce the number of setups and should potentially increase profitability.
Trade to live. Not live to trade.
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