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Use a mental stop. If position goes 1-3 ticks into a loss cut the cord and close the position with a market order. Hold a winning position until the end of the day.
I realize like 99% of my trades will be losses but I must explore this trading plan to the fullest in live trading. Incurring hundreds of paper cuts for one winner intrigues me and this is what I want to do now. I have never back tested this strategy because it is hard to replicate a 1-3 tick mental stop on a historical 1-minute chart.
I enjoy trading micro oil most. I like the streamlines price action of MCL. My second favorite market is MES. I really like the liquidity of the MES as its always easy to close a trade at a good price with minimal slippage.
Can you help answer these questions from other members on NexusFi?
You use Sierra Chart dom, is that right? I believe they have bracket orders if you are truly interested in a hard stop. Not trying to talk you into it, but it would address the 20-30 second issue you mention.
MCL Short 9:08am to 10:06am, In @80.65 out @80.65 Result 0
M6E Long 10:13am In @1.0909 out @1.0907 Result -$2.5
MES Long 10:33am to 10:43am, In @4420.25 Out @4420.25 Result 0
MES Long 1:11pm to 1:12pm, In @4420.50 Out @4419.75 Result -$3.75
MES Long 1:13pm to 1:13pm, In @4420.50 Out @4420.50 Result 0
MES Long 1:14pm to 1:14pm, In @4420 Out @4419.75 Result -$1.25
MCL Long 1:23pm to 1:23pm, In @80.36 Out @80.32 Result -$4
MES Long 1:30pm to 3:04pm, In @4412.75 Out 4388.00 Result -$123.75
Can't trade until my ACH transfer clears next week because I blew up my tiny account yesterday. The brokerage says it takes 4 days to clear so that puts me at next Thursday until I can trade again. Looking forward to it!
The reason I blew up my tiny account is because I lost all the money. I went long the lows and the market continued lower and I didn't get out, so bye bye money! One of these days I will learn to use a stop even though I talk about it all the time in my journal.
