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Your stops are small and your targets are larger. You have an edge, too. So there's nothing to fear if you simply let your stop/target orders take care of you. Print a picture of a blank check and write in the amount of your take-home pay yesterday if you simply let your OCO orders manage your...

loose lo͞os/ adjective not firmly or tightly fixed in place; detached or able to be detached. plan plan/ noun a detailed proposal for doing or achieving something Which is it for you?

I have a scalping system based on the 1-min chart. It's complex and "to-the-tick" as you put it. It requires a sort of concentration that I can only keep up for brief periods of time. I don't care if I miss most the setups based on it. I care about 5-min setups and 1-min entries. That's my meat...

You can't be a consistently profitable trader if you're looking for absolutes, if you need to know for sure how many traders trading how much volume are going to come into the market to support your price excursion desire at a given point in time. Mark Douglas tells it like it is below. If...

If you'd been paying attention all these years you'd know that I'm Anekdoten the transgender Australian truck driver, Mate!

No, and no :cool:

Does your plan still net a profit if you cut the winning trades by .26?

I shook myself out of so many perfectly fine trades falling for the "consolidation blues" that I finally decided to chant a mantra whenever I'm in a position where price is making everyone nervous: It's still a long, no short signal, it's still a long, no short signal..." :D

I believe the market is determined solely by at least two parties willing to negotiate a deal. Price movement in a given market is determined solely by an imbalance between supply and demand at certain prices at a given moment in time. I don't understand how price rising would not be...

Surf, there are price behaviors around the open that dictate whether the odds are more favorable to trade with the gap rather than fading it. A firm such as Pristine provides training for trading gaps or you can study the price behavior during the opening 10-30 minutes, the longer term price...

I believe it's in the spirit of this thread that if you look at charts to find levels then you're using charts to trade. I only use charts to find levels, too. I don't care if something's been deep in some indicator's overbought" zone for the past two hours, I'll still be buyer until price...

I believe what I did during my exploratory phase was to log the MFE prior to price returning to my max stop loss. I chose a specific max stop loss based on a lot of "eyeball" analysis and the level I chose turned out to be fine upon further analysis. For example, if analyzing this setup for...

Eddie, at the risk of being banned from ET, I will share the secret method of the professionals who don't use charts: http://www.ask8ball.net/

The setup is basic. You connect swing highs/lows on a 5-min chart. Other than a massive news-driven price bar (which can be treated as a swing high/low in and of itself when indicated), you want to have an actual swing, meaning more than one or two pullback bars on that 5-min chart. So you have...

Your trading is inadequate because you're gambling. Do you have at least 100 days worth of spreadsheets analyzing the MAE/MFE of even a single setup and documenting the price action environment surrounding each instance? Did you do this yet for 1 trading week? If you can't bring yourself to...

Yes, you're catching on. The stats are what they are for each appearance of the setup. Price breaks through a trend line and goes N ticks favorably before pulling back. Price pulls back toward the trend line - does it touch the breakout level? Does it run back inside the breakout level? Does it...

How about just run an analysis of the BOPB for one week's worth of trades during regular trading hours? Start a spreadsheet and label some columns, for example: Init MFE (max number of ticks price ran through the trend line before pulling back) Lmt at BO (MAE if a limit order is placed at the...

I disagree. I believe you have to learn to enter and manage trades according to your plan (which you don't have yet, so keep testing ideas until you do), despite all the crap going on inside your head.

Price pulled back to the DL (S) after a strong upside breakout earlier. The next few bars took price up to the previous support level (around Q). Look at the 3rd bar after S (the pullback to around the Q level). If the low of that bar breaks, chances are good price will break through the DL and...

If you act by placing an order at the price indicated by your qualified setup, and your order is filled/triggered, you'll get in at or close to the price you're supposed to get in at to preserve your R:R ratio. If you then manage the trade according to your trade management plan, and if you...