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Tap In's Corner

  #841 (permalink)
Elite Member
Bend, OR
 
Trading Experience: Intermediate
Platform: Sierra Charts, TOS
Broker/Data: TOS, Global Futures/OEC
Favorite Futures: CL, GC, NG, YM, 6E, ZN
 
Tap In's Avatar
 
Posts: 929 since Feb 2013
Thanks: 2,127 given, 1,918 received

The most important thing I say to myself every morning: "you don't have to trade today"

No matter what the market is doing, this instantly takes the pressure off.

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  #842 (permalink)
Elite Member
Bend, OR
 
Trading Experience: Intermediate
Platform: Sierra Charts, TOS
Broker/Data: TOS, Global Futures/OEC
Favorite Futures: CL, GC, NG, YM, 6E, ZN
 
Tap In's Avatar
 
Posts: 929 since Feb 2013
Thanks: 2,127 given, 1,918 received

Simple strategy

Here is a simple strategy struggling traders can use to begin to turn things around:

Step 1: Lower your expectations. Resign to make money more slowly. Just focus on moving forward with your account, being patient, waiting for just the right conditions to trade, and increasing your account in small increments. Your goal should be a higher win rate. This will build your confidence. This may mean you sit on your hands for several days in a row waiting for just the right set up. You can scale up later to build quicker.

Step 2: Establish your acceptable risk per contract, per trade. Long story short, I settled on $75 per contract, including commissions. I can net three or four losses in a day at this level and still be ok with it. Trade only one contract. Scale up later.

Step 3: Size your charts commiserate with your risk. Most trader’s charts are too big for their risk. You can’t use a 5 minute trigger chart with 10 tick stops. Too big. You need to see the bumps, and humps and S/R that is relevant to your risk.

I use the three chart system: 3 minute for long term context, 30 second chart for immediate conditions, and Lance’s 2 range chart for the trigger. It took a long time for me to accept these small charts due to the influence of commonly accepted trading advice.

Step 4: Sit on your hands until just the right condition shows up. What is the right condition? My bread and butter trade is a long thrust on the 30 second chart, coming off major (3 minute) S/R, or coming out of an established range, or after a large pull back in an established trend. Then wait for a smaller pullback or pause and enter when price resumes.

Here’s are some examples:

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Until this happens I do nothing. No more anticipating break outs, no more trading in chop zones, no more trading inside of ranges, no more trading when price is moving back and forth creating “fuzzy” charts, no more trading against trends, no more trying to catch a V reversal, no more guessing, no more “try it just for kicks” trades.

This is important: until that little voice in my head says, “YOU HAVE TO TAKE THIS TRADE!”, I do not trade.

This is where experience comes in. At some point you will hear this voice. Wait for it, trust it and don’t trade until you hear it. At first it will be infrequent. I have gone weeks without taking a trade. With time it will happen more often. Remember, the goal is a higher win rate and a slowly increasing account balance.

Step 5: defend your capital, take your profits. I move to break even ASAP, usually when price has jumped out to around 1R and often times less. I will do anything I can to avoid a loss. Losses are real. Break even trades are as if I never traded at all. No harm no foul. I take a lot of BE trades and have become ok with that.

My winning trades move out and never look back. I usually take profits at around 2R, sometimes a little more if the market is really on fire. Anything over that and I am getting greedy. Be thankful you picked the right moment and didn’t take a loss, book a reasonable profit and get ready for the next opportunity.

Rinse repeat, two steps forward one step back.

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  #843 (permalink)
Market Wizard
virginia
 
Trading Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
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Posts: 5,772 since Jun 2009
Thanks: 765 given, 7,357 received
Forum Reputation: Legendary


Nice! I am on pretty much the same steps, train to be patience, train to be ok with taking loss, train to wait, one step at a time.

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