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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
you know, price in real time looks a bit different.... for example the first blu arrow you marked, the price is a kind of range, so that trade looked risky in realtime (just a thought)...i said this becouse i trade pullback and later in teh day when i re-watch the chart i feel dump for missing somet rades....so i started to take note in real time to remeber what happened in crucial time...
Alternatively you could try to ride your winners longer. Look at your first two profitable trades, you left a ton of money on the table. From what I understand, you're still trading one contract? If so, I can understand your narrow targets.
Being able to scale in (adding to winners only) and out, gives a lot of flexibility. The goal shouldn't be to take more trades, but to get more ticks out of each trade.
That being said, I am impressed by your results and progression. It makes me miss the first few profitable months I had. After a couple of years of studying the market, I suddenly "got it". Trading does not really get boring, but it sure does get a lot less magical after some time...
Good "luck" going forward!
The following 2 users say Thank You to Lornz for this post:
I wanted to trade more aggressively this morning and I did for a bit. I got up a little and then got nervous. I went 12x12 today for 45 ticks but it took forever to get it done.
I have marked the charts with my entries.....and all the possible entries with smaller arrows...I did this in real time so I am sure I missed some and marked others that were not entries....nevertheless, I could have had lots more money in my pocket today.
This game takes nerves of steel and rock solid confidence in your method is the prerequisite for having nerves of steel.
I made some slight changes to my chart for the simple reason that I have been seeing a very high probability trade set up on my normal chart and I see that trade super easy.....I have high confidence in it. So I made the changes to the chart so that I see that one trade set up the easiest. I also added something to help me see HH/LL a bit easier on the chart....not really trading it but it does help me make decisions...so far I like it.
My goal has been to make 50 ticks a day by risking 30 ticks a day. So far this week, I have not made it to 50 but have instead quit once I get within 50 or so....or when the little voice in my gut says stop.....that is the voice I have begun to listen to with a high degree of conviction.
When I began this thread, it was about money management, indicators, set ups and mechanic. After almost a year, I am 100% convinced it has almost nothing to do with indicators, set ups or mechanics....Yes those are important, but the most important thing is this....are you confident? Next is knowing where to get out, third; money management which is in part a function of knowing where to get out and after that, indicators, mechanics, entries, etc all play their part...albeit a much smaller part.
There are four charts as there were many bars printed today.....it took me four screens to get all my trades in.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following 7 users say Thank You to PandaWarrior for this post: