Search results

Yep. It's so easy to think of trading as the easy road to riches. But as majority of people find out, it's not. This is a business that needs to be taken very seriously. I know I have the dedication and drive it takes to succeed. I've just been focusing on the wrong things all along.

No porn!!!! Dang! haha Thanks for the great response. Like I said in my last post, I've stared at tons of charts, but never looked into why price was doing what it's doing. There is a constant battle between bulls and bears, and it's my job to find out who's winning the battle and jump on for...

Great responses so far guys!! It's becoming more and more clear that this has been a major hinderance in my trading. In a way, I think it is my subconcious mind sabotaging myself so that I don't have to take the blame when I make bad trades (if that makes sense). It's so easy to blame trades on...

So, I've been at this trading game for quite some time now... yet to be consistently profitable. Within the past 6 months I have come to realize (finally!), that my trading will never again rely on lagging indicators. I am in the process of studying price action, support and resistance, etc...

Awesome Trade!!! You called it spot on. Just wondering if you could post a chart or detailed explanation of what you saw that made you take the short at that exact moment. Dropped like a rock as soon as you got short.

I never knew that. What brokers do you recommend to trade CME Futures? I trade through EFX Group right now.

In the last picture, it might look like a large move is needed to reach my intial target. That's just because I zoomed in so much. I just wanted to post another pic of the same chart, but zoomed out. Looking at the bigger picture, with the same highlighted points, you can see that it isn't too...

Hey guys, thanks for all the great responses thus far. I've been doing some thinking recently and I think I might have found a good strategy to reduce risk. You guys were right that I'm just hurting myself by taking off half the position so early in the trade. It just lessens my profit...

Well put! It's crazy how important money management is, but it seems like not too many people have a solid plan in place. MM can make you... or break you. So, you agree with selling half? I'm also wondering if by measuring the average move of price after a signal, I can figure out the most...

Here is the update for the YM trade from last week. Still in play with a 1:8 R:R ratio so far. I can't wait to be able to risk $1000 per trade. MONEY!!!!

I think I understand what your saying, and it makes lots of sense. Instead of automatically selling half, start to trail price with half the position, thus reducing risk on the way up, while potentially locking in more profit. Correct? Could you give a more specific example in scenario form like...

I'm still torn about selling half at b/e. It means that 80-90% of my trades will be wash at worst case, and I can still let the other half of the position ride. For example, say I'm trading 4 ym contracts. My initial stop is 30 ticks. Once in profit by 30 ticks, I sell 2 contracts and keep the...

Sweet! I'll have to check out those recommended books. Can you give an example from the book about money management? I would like a fixed system on when to take profits...

I see your point and appreciate your input. I was just using the EURUSD as an example. Unfortunately I didn't create this system until recently, so I wasn't in that particular trade. What I'm trying to show is that if you would have entered in 2006 on the long signal, initial risk would have...

I like the way you put it. My logic behind "taking half the profit when the going gets good", was simply to reduce risk, but I guess it also reduce profit potential. It would then take 20R to equal 10R if I would have kept the entire position.

Yeah, I guess my best bet would be to backtest and see which strategy works best. I guess I can afford to take small 1R losses during whipsaw, because when that 10-20-30R trade comes, it will more than makeup for the losses. I can also see how adding positions along the way might be a good...

Thanks for the advice. I like the idea of adding positions along the way, but I'd rather enter size from the beginning. Once again, by selling half at 1R, I can keep my initial stop and have no risk whatsoever. I don't mind a couple of b/e trades during a range, because I know that when price...

Any other ideas guys?

Ok, thanks. That's not really what I'm looking for though. I'd like a system that predetermines at what point I will take profits, move stops, etc. Going back to the b/e portion.... Is it advantageous for me to sell half my position when I've made 1X risk? It means that there is no more risk...

Ummm... "SAR"??? Support and Resistance? The indicator? Not quite sure what you're talking about...