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I'm thinking you might do well to devise some new complex option spread, the Condor-Strangled Iron Butterfly or something like that :D

I've been manually backtesting my 100% discretionary trading system based on price action for a while now. What I do is pull up a chart in my time frame with nothing on it but price bars and a 20-bar EMA. I move the chart all the way to the hard right edge to the time I begin trading. I can look...

I was consistently profitable often using no stops, and with a terrible R:R in early 2009. Eventually some bad trades wiped out a good chunk of my profits. After that I learned to trade.

When price moves through my initial target, I either move my stop to my initial target or to the previous bar's high/low; at that point I would not let the trade go all the way back to b/e. Been there, done that, and it sets a bad tone for the rest of the day!

I've done extensive manual back testing and found that a fixed target is perfect in a certain type of setup I take, and other setups require the initial target to be flexible based on S/R levels. My initial profit target is almost always a mental target, because sometimes price breaks right...

Yes, I was very pleased with how I managed the trades I played, only disappointed in that I cherry-picked and what appeared to be the ripest cherries turned out to have little flavor. Something that's very helpful to me is that I've focused almost exclusively on trading one thing over the...

I recommend picking 2 or 3 and playing both directions; even a strong trend day will put in a decent reversal at some point with the momentum stocks. My favorites this year have been AAPL, AMZN and POT, though I mainly trade futures now.

Combination of things: trader bias, picking/choosing trades instead of taking all valid price action signals, and some solid signals that simply didn't work out. Trade 1: Pre-market shorted extreme weakness, held through the breakout and covered on the first pivot for a decent gain. Got...

Oh, yeah, one other big thing was RN saying to me over and over and over again, "Keep chipping away...", "Keep on keeping on...", "Keep pushing forward...", "You're almost there..." Talk about perseverance! :p

My stop is never placed where the market proves my belief is wrong. You see, my belief can be very right. I may enter a short position believing price will reach 77.31 and present me with a specific amount of profit. And price will very likely reach 77.31 at some point, but it might head to...

Right, it's about bias, not stops. Today the perfectly calibrated machine that tossed a perfectly balanced coin and came up heads 50 times in a row tossed a coin that came up tails. If my trade had no stop, I might've stared at the coin and refused to see that it was actually tails this time...

Understanding "price action" and how let it do the work for you.

This is really everything you need in a nutshell! Once you develop a statistical edge involving a decent risk:reward ratio and you back test it enough to realize it works through all market conditions, and THEN (the hardest part) trust it and follow it in the face of that hard right edge, you...

Making money while limiting risk is THE goal. As for "being right", I was "wrong" 4 out of 5 times today, but because I'm a master at limiting risk, still netted enough money to pay the bills.

Nothing like shorts in the summer :cool: With price behaving properly at the expected pullback to the 1080-1085 zone, 1130 should be next stop on the bull train. I believe China PMI hits the wire Monday?

You really can't emphasize this enough especially for new traders. Just today CL put in a confirmed short signal with confluence from all angles: First a failed breakout through the high, breakdown of previous support, and of the 20-bar MA, pullback to the 20 MA, failed b/o through it, closed...

And what's worse is that you can't pretend to cover in an attempt to get price to go straight to your target. The market sees right through that. You have to actually exit the position before price will comply. A tag team is the only way around this, as you noted :cool:

OMG, I got "bear-trapped"! Perfect short setup on the close of the 1:50pm bar - lower high closes beneath the 20 MA after a weak earlier b/o and breakdown of the trend. Juicy! Placed sell stop 1 tick below the 1:50pm bar low (77.91) and let the price action take me into what appeared would be a...

Yes definitely. I'm familiar with the breakout bar-count. I was just whining :p I really traded my plan. I entered short on the first breakout bar (post-news) and covered on the pivot off the second down bar that followed, plus this was after a pre-news large down bar, so in effect I covered...