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I definitely think a max daily loss is a good idea, to preserve your capital and prevent a spiral of revenge trading. The problem with revenge trading is that you tend to want to "get it back" real quick, so you don't wait for the perfect setup at all and that just leads to more losses. The...

I'm still struggling with the whole stop management thing. Out of all my sim trading recently I found that the best way to enter a trade is to place a limit order in the price zone you want, the place where you expect price will go. If you want to go long ES @ 1059.00 because that's the next...

Well, here's the problem: I can now very comfortably do this in the sim account, but every damn time I trade ES live I manage stops poorly and leave all my profits on the table. This week, sim has been very consistent and so I think I'm capable of managing live trades better. Maybe a 30 pt...

I've been sim trading all week, CL and ES, only ES past couple days. CL went very well with all strategies I tried. However, it's very volatile and I'm still not real comfortable trading it live, though I've placed a couple live orders at levels that came very close to getting filled. I've...

What I've learned in my nooby year and a half of trading is that price bars paint pictures of exuberance, disdain, boredom, indecision. Avoid trading boredom and indecision. Trade the exuberance or disdain that breaks out of periods of boredom and indecision, or join the exuberance/disdain...

Spent another day in sim to confirm my arsenal of tactics. With the time change I go to the gym pre-market now. I forgot about the job number news, would’ve liked to play that. By the time I got to my desk ES had already had a good time, but appeared to be forming a small continuation...

Whew! Thank you for your EXTREME presence! I can now rest easy for the night. (I'd like to hurl some sim cars before retiring for the evening. ES long or short???)

First, I'm hungry now with all this pretzel talk. Second, I miss IncNow. Third, I really need his extreme guidance because today in sim I was tossing 1 freakin' sim car at a time!!! ngab! :confused:

No worries, Nexen, I was just curious what it meant.

Mandel, I'm with you on this. However, knowing that price tends to fall twice as fast as it rises and seeing evidence that the market is VERY unforgiving at these toppy levels, I'd like to put on SPY put options at the next "overbought" level. The October pivot low was nearly 30 pts above...

OMG!!! It's the caffeine!!! I'll write a song: "You can't go wrong with coffee long!!!" No matter how far these stocks correct, they will bounce right back up and make new highs!!! (At what point did CROX's ugly rubber clogs stop bouncing? Wait, I'm mixing metaphors...CROX failed to...

I understand the strategy well, but for some reason I had the +6/-6 pegged at a different price level (though it still worked out great). My IB charts don't show the 5-min time increments so I have to calculate the bar I'm on by the whole hour and I probably looked at the wrong bar. This was...

Gotcha. Thanks!

I'm quite new to visiting this thread. Would you be so kind as to define "DEMTDAYBOYZ" for me and save me searching around for it? :p

Today my goal was to focus on one thing without distraction and wow did that strategy pay off. I strictly traded ES in sim today. After the open I saw more than anything else a “lack of weakness” and Hog taught me that if the market doesn’t go one way, it will tend to go the other...

Still no live trades today. Traded ES all day in sim with perfect discipline and pretty good trade management, too. Time to try live trading again, see if I can transfer the mental game over this time.

Stocks reporting earnings are often big movers: http://www.briefing.com/GeneralContent/Investor/Active/ArticlePopup/PagePopup.aspx?PageId=3270

Zen-master Hog: how long would you allow a trader who's getting mucho actual experience, but as an artist is still drawing stick figures to continue before hitting her over the head with a stick? :D

This is a very tough system to time correctly. When I was a complete beginner I traded this style and though it was very net profitable, I occasionally ended up in a losing position and once held up to 2 weeks waiting for it to turn green. (I had no idea what a "stop" was back then.) During...

I attached a screen shot. I just Alt-left clicked on 1042.50 to hurl those cars long, and the stop and limit sell orders were automatically placed a pt away @ 1041.50 and 1043.50. I quickly dragged the sell stop to 1042.25, not wanting to risk too many of those hard-earned simbucks :D