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There's a decent thread for this already (read the whole thread for the best trading lessons money can't buy): http://www.elitetrader.com/vb/showthread.php?s=&postid=2877700#post2877700

You nailed it. The root cause of all my large losses.

Some day trading strategies work every day. Have a collection of strategies so if you miss a few setups, you can still catch a few others. Show me a day where there wasn't at least one of these high probability setups to trade: Price breaks through a high to make a new high; price breaks...

I think I'm catching on, Schiz; soon I'll be able to call your trades before you do. My trading roomies do that with me now. It's scary. Tomahawk: "Are you short at .81?" Me: "Uh, no... .82." I think they have a web cam and are watching me trade :D

I discovered a solution to the "really bad day" part of the equation, thereby preventing that painful and distracting grieving process. I now use hard stops and mental profit targets. How nice to be out of a trade with a small loss and not have the winners cut needlessly short.

Glad to see you're up for the year and 7% halfway through the year is a solid return!

The particular trade setup in my description normally results in a lower low, so my conservative $500 target off 77.77 (77.67 was actually the pivot low of next S level) was not only far more than a scalp, it was a highly likely result. Anyone trading futures Friday afternoon can tell you...

I second that. That day he averaged with no stops and took the nasty hit scared me. CL don't cater well to that game. :eek:

For those interested in strategies when trading 1 lot, I offer how I entered and exited this trade. Price left a lower high by way of the 12:00 noon 5-min bar. However, it also left a higher low off a rising 20-bar MA by way of the 11:30am bar. We have conflicting signals, so I prefer to be a...

Haha! Definitely a good thread and good recommendations by the OP. I tracked my trading performance on days after I missed a workout or a a good run and they are always lower performance days.

Buying into a strong trend is best done via breakouts. You never know if the dip is going to be shallow or deep, or if it's going to be the end of the trend, so you watch for breakout setups. Price makes a new high, then pulls back, then approaches the new high and you enter long a tick or two...

OK, you're scaring me here. When was that and how fast did it make that move??? :eek:

I do like counter-trend fades on strong moves, looking for those strong reversals. The key is to wait for at least a 3rd push in the trend. Start the fade there by waiting for at least 2 strong bars starting with the breakout bar. When the 2nd strong bar is extremely extended watch for price to...

Tested the Schiz flip in sim, got 3.75 out of a 4.75 range. I'm a believer, Schizo!

My favorite tactic is to sell lower highs and buy higher lows in the direction of the trend (along a rising or falling 20-bar MA). Second favorite is the initial reversal signal. After 3 or more pushes in a trend, I look for either a hammer/inverted hammer following a climactic push up and...

For me, stochastics (which I use in a very unique way) indicate when a trade will lead to maximum profits, so I guess I too am guilty of thinking they're a leading indicator. :cool:

First of all I don't trade all my setups; I'm working on getting more aggressive. I should indeed be averaging $1500 a day with 1 lot. Secondly, there are days my trading time is limited, so a $50 day gets averaged in with other days. Thirdly, if I have 5 trades does that mean they are...

I just didn't understand your sentence - "in the open". You mean the open of the trade? Or in advance as I see a setup forming, where I would enter and then my stop and target in advance of actually putting on the trade? I call my trades live in our group with stops and expected initial targets.

I have a lot to say about exits. I always use a hard stop. I've had problems moving stops to break even too soon, getting stopped out to, or near, the final tick before the trade then continues in my favor rather hugely (today was one example where I left a $350 profit on the table this way...

I'm 5'5" and 120 lbs, which I always thought was a decent weight, but when I look down I absolutely cannot see my dick :confused: :confused: :confused: :D