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Hello All, I day trade the CL and ES futures. I am risking 2% of my account capital per trade. My problem is I am not sure when to stop trading during the day after X amount trades that lose (i.e., stopped out). Right now I just stop trading after about 3 losses but always feel the needs to...

Thanks sstheo for the response. 5% is a good approach. This is better than stop trading after fixed dollar amount or XX amount of trades. Question please: 1. What percent do you risk per trade per day? 2. How did you determine 5% day max daily drawdown? I need to incorporate such a money...

Good Morning sstheo, I have a question for you please. What are your stop trading for the day rules regarding max loss or % of capital loss? Thanks,

Let us be kind to each other guys. Being nice and kind is free, it cost $0.00. We are professionals.

You need to use NT8, not NT7. I used NT7 5 minute bars and they give incorrect back testing results because the back testing software execute the code per bar. In NT8, Strategy Analyzer there is an option for Fill Resolution. Choose 1 minute, so you get better resolution in your back testing...

Amatrue, You high resolution with tick data for your back testing. Try it for 6 months of data and see what you get.

We just having a good discussion. IMO, trade management is 95% of this trading game. 5% is managing risk and not doing stupid stuff like taking bad trades.

I agree with you Dazz. My mind only needs to know when to enter, how to mange the trade, and when to exit the trade. And how much money to risk per trade. After I do this for XX,XXX trades, if my account balance is growing, then my mind will automatically say "You are a great trader, keep on...

Amen Dazz. Amen Dazz, I am sure none of those bots need help on mindset. LOL, maybe they have special coding for mindset help. LOL HAHAHAHAHAHAHA I been studying price action for awhile now, there is no discussion on mindset. Just pure, how to trade.

I hear you man. Well, I can only speak for myself man. I do not need NOOOO help on mindset. I need help on how to make money trading. Once I know that, i wil tell my mind to relax. My mind will be relaxed seeing money in my account and bills paid. My mind will be ok making money. But this is...

Good Evening volpri, Oh yes, I love those BO setups. They lead to making money sometimes.

Hello daneilc1, What do you mean that "90% of the work that needs to be done is mindset and how you think." I wish all I needed was a good "mindset" to make money daily trading. Lol,we all be rich if all that was needed was a good mindset. Man, I need skills to pay the bills. My mind need to...

Hello yc47ib, I trade the same way. I only look for the very high probability trades where I think I can make money in short time, but I do not average in, I go all in and all out. And I do not worry about the risk vs reward stuff or the swinging the trade for the big money. Just take the money...

Morning debakeyscastro, Thanks for joining and enjoy the trading. I am sure you will do well. I like your plan. Keep on posting.

Yes, I know a lady lost about $60K trading with Alex at Puretick scalping website. I felt really bad for her.

Your welcome Dazz, Please show me the video. I like your post. Thanks

Good Morning danielc1, I see ALOT of people going against @Dazz lately. Why is this? He is stating valuable information to traders and preventing them from going down the rabbit hole and a lot of confusion and money loss. I think Dazz brings great value. This is from someone who has lost...

Hello Dazz, I agree with you and this is a worthy post you have made. Thanks for telling-it-like-it-is.

No, I have not beat the market yet year to year. Still trying.

Morning deaddog, Good write up. I respect what you are saying, and agree. However, I will add to make sure to test the plan for one year of market data or X, XXX amount of trades. I got my butt whipped very good this summer and lost money trading crude oil, but in the spring I made money. I...