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Thanks for stopping by, I am trying to trade based on OR and VWAP....I am mainly a swing trader but underfunded, every single time my entry would prove right but I won't be there...I am trying to focus solely on day trading CL these days.
I was going trhu @jcdawsey's journal and found this nugget from @tigertrader
I think after few profitable years every trader will realize this fact.
"Once again, it sounds like you are trying to maximize the chance of profit, and not maximize the profit.
are you trading for statistics, or to make money?
personally, my goal is to make as much money as i can on any given day given the restraints of range, volatility, & liquidity. in other words, i want to get the maximum geometric growth of my capital given the characteristics of the return stream, and my tolerance for draw-down. so, if crude were to have a $3 dollar trend day down on good volume, i would expect to take a sizable chunk of that range out on whatever size i traded vs a day where there was 0.75 cent range day on poor volume. what would you rather have, 5 winning days in a row where you made $1500.00, or 2- 3 winning days out five where you made $10,000.00?"
Overnight I placed a short on QM 46.60 but never got fill on my limit order so canceled it in the morning.
Morning Trade
After yesterday's debacle I want to be very careful and cut-down to trading ONE contract.
Trade - 1
Short below OR and got at OR X2 before report- maybe got 25 ticks on CL
OR is very low compared to last few day, maybe because of impending contract roll-over and report day. Because of this mindset I wanted to get out before report and never intended to trade after report.
I will analyze my long term chart and try to post it here....
Well thanks for the intro buddy im sorry i didnt get to urs sooner i felt bad knowing ive got some "likes" from you already but took this long to get to urs. Hey better late to the party then never! Lol
Sent from my SGH-I337M using Tapatalk
Thank you to everyone who helped me in my journal contest it all ment alot.
ES has been consolidating and I am not able get rid of my cyclic and mean reversion mentality but much better these days yet I don't have an account that supports these kind of trades so putting this trade on sim.
This might be multi day or multi week trade with 3 times ATR stop i.e current ATR is at 14.15 so my stop would be 43 handles and max ATR in recent times was 40
This is Beautiful and Simple Truth of the Market. Many of us come to trading with the background of working for some amount of money for the day and doing the same the next day. Hence we are easily caught in a trap of thinking we can take a "daily goal" from the Market. I'm learning some days it's better to take it all and others better to wait
No trades today, still holding this short on ES. I have to look at charts again this evening or tomorrow. Did I mention shorting ES is a losers game? Always always always BTFD.
and max ATR in recent times was 40
and this is in SIM not real account