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TF day trading

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  #981 (permalink)
 vovan348 
Moscow
 
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I feel you! I got so angry today!

I think I need angry management or I'm gonna hit my head with something heavy one day.

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  #982 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
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vovan348 View Post
I feel you! I got so angry today!

I think I need angry management or I'm gonna hit my head with something heavy one day.

Well, the main thing in my head was "why am I not seeing it?", is it the day, is it me, what is it. I came to the conclusion it was the day.

Days like this are just tough and be glad to 'eek' out a profit. There was a nice double bottom, but boy was it coming down fast to meet that guy!

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  #983 (permalink)
 vovan348 
Moscow
 
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bluemele View Post
Well, the main thing in my head was "why am I not seeing it?", is it the day, is it me, what is it. I came to the conclusion it was the day.

Days like this are just tough and be glad to 'eek' out a profit. There was a nice double bottom, but boy was it coming down fast to meet that guy!

Bernanke was speaking at 9:30 today that's why you couldn't see anything. There was nothing before that DB. I was in that trade, but I didn't close where I had to. I thought it's gonna go higher. It took me out with 1 point out of almost 4. After that I got really angry. You are gonna lough when you watch my video.

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  #984 (permalink)
 HighRise1202 
houston
 
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Bernanke was speaking at 9:30 today that's why you couldn't see anything. There was nothing before that DB. I was in that trade, but I didn't close where I had to. I thought it's gonna go higher. It took me out with 1 point out of almost 4. After that I got really angry. You are gonna lough when you watch my video.

When the market gets wicked it seems to me it's time to get out your tomahawk. On your first two trades today price moved in your favor and then stalled. There stood one to two points for easy scalping. Those two scalps likely would have provided two points total. You are done for the day. Do that most days, add more contracts and voila, riches!

I am wrestling with this. Bluemele pointed to the video of the floor trader/instructor. He recommended taking the small profit when it presents itself. He was proud of being consistently profitable. He said it several times. Yesterday I went for scalps and made a point. Today I scalped the first trade for 5 ticks. Then I thought I'd go for 2 to 3 point trades. I put my tomahawk away. I then had two stop outs and one break even. That doesn't make for happy camping.

Please comment.

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  #985 (permalink)
 vovan348 
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HighRise1202 View Post
When the market gets wicked it seems to me it's time to get out your tomahawk. On your first two trades today price moved in your favor and then stalled. There stood one to two points for easy scalping. Those two scalps likely would have provided two points total. You are done for the day. Do that most days, add more contracts and voila, riches!

I am wrestling with this. Bluemele pointed to the video of the floor trader/instructor. He recommended taking the small profit when it presents itself. He was proud of being consistently profitable. He said it several times. Yesterday I went for scalps and made a point. Today I scalped the first trade for 5 ticks. Then I thought I'd go for 2 to 3 point trades. I put my tomahawk away. I then had two stop outs and one break even. That doesn't make for happy camping.

Please comment.

I just didn't take profit when I had to today. I could also take 3.5 points from my trade #6 and be +2 points.

About that video. Did you here him talking about 3:1 ratio. If you have 7 ticks stop you should have 21 ticks target.

A have nothing against scalping as long as you R/R ratio is good. With scalping you need more trades also and you need higher %win. For example if your stop is 7 ticks and your target is 7 ticks you need at least 3 wins out of 5 trades. I used to use scalping strategies, and I tell you that one of them had 80% wins, but over all you are BE - commissions.

I'm not saying that scalping doesn't work. I'm just saying that you have to be very careful with it and you need a lot of confidence to keep taking trades.

Taking 1-1.5 points, or even less when you see that it's gonna get you out with loss I would call good trade management. I don't think that's a scalp.

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  #986 (permalink)
 bluemele 
Honolulu, Hawaii
 
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I agree w/ Vovan. Scalping is a dangerous past time if you have big stops and not the proper 'guidelines'.

For instance PandaWarrior is a great example of someone with basically a 1:1 R:R but he has very specific 'rules' that must be met before he enters.

With this method it is really highly discretionary (which I believe to be the best way to trade) and if you don't have those rules or specifics formulated for the scalp then I suggest not doing it.

Like I said in your thread. To me, bad habits like scalping are hard to break but profitability is nice. I think it is a short term gain for a long term problem which is never good in my opinion.

Personally I think 1.5 - 2.5 points seems to be my PERSONAL sweet-spot of what I can see clearly. I think that is different for everyone. When I try to get more than a couple points, that is where I lose it. haha...

These are just my opinions from a SIM trader. haha..

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  #987 (permalink)
 bluemele 
Honolulu, Hawaii
 
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Ok, could have ended my day after 1 trade with a 2 point win. I decided the market was moving nicely and that I could play.

Unfortunately, it ranged a bit and I was hesitating on my entry a bit too much and voila... Back to BE+1.

Well, I exited at a good spot as I saw significant weakness off a trendline bounce and called it well. I didn't expect the big short, but I guess that lines up with what happened yesterday with light volume pushing market up and during the day it coming down.

The main thing is the management of my first trade. That could have easily been a nice 4.8 point run. This is the difference between who I am now as a trader and where I am going. I need to be able to capture those.

I am guessing that all the ex-NFT guys will all be having video's today where it was a bit light yesterday... Surprisingly it is growing without HENRY! Horst is training a few guys and I am excited to see what is happening with his students. He is a great instructor and I am excited to see how his students come out.

Well, I thought we could be doing more of the same as yesterday (ranging....) so I was a bit cautious on the price action. Too much so and that is the issue. Once I get burned, then I am twice shy I guess.

Takes me a few days to work myself out of that and voila... I missed some really nice runs.

I promise this journey will get better. I will continue to work hard at this and focus on evolving to become a better trader. This is my journey and I hope some day that others will read this journey and see someone who struggled and eventually found great prosperity with intraday trading. This would be my ultimate goal, how cool would that be?

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  #988 (permalink)
 lancelottrader 
Legendary Market Wizard
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I've watched a few of your videos and I think it's great that you make them. I keep a video journal, but I make them after my session and I scroll through my charts or play them on replay..and just watching what I did and my thought processes for taking a trade has been a huge help. It's helped me go from someone who rarely stayed in a trade for more than 5 ticks to occasionally catching some nice moves.

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  #989 (permalink)
 bluemele 
Honolulu, Hawaii
 
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I forgot it was a Holiday until I looked at the news charts before I started trading. I evaluated the longer term charts and decided that most likely it would be a never ending up up and away day.

Amazing how I predicted that... I am getting better for sure.

I told myself that I probably 'should' stay out of the market, but if I found a nice setup to take it and only take 1-2 losses and be done. I liked my entry (had I held my stop it would have been better!) and it fell hard. I was a bit surprised in how hard it fell and I didn't really have time to evaluate the best exit, so I just trailed it.

Then it started the slow slog up. I knew it, I knew it, I knew it. Long term charts were very clear.

Anyways, glad I traded today, and ended my first week down since trading (SIM) on the live market again.

As an update, my 45 day average is .5 points (Goal before live = 2 points) and avg. DD is 1.74 (Goals before live = 1.5 points).

The best I have done is 1.4 points avg. with DD @ 1.71 points avg, so I am finding this quite a task. It sure beats making brokers rich.

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  #990 (permalink)
 bluemele 
Honolulu, Hawaii
 
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Short on CL, first long term trade in a couple weeks.

Looks good to go short on ES, TF and others, but will hold CL for now. We will see.

Went short because touch of Keltner channel, some separation on long term MACDBB, a big big big run without retracement, 100% extension from first pullback, Plus 100.00 is considered big number, plus this is a congestion area and a 61% fib.

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