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1) Limiting your trading to 5 trades per day is fine. However, let's assume you lose on all 5 trades, and you lose $ 200 per trade, are you fine with a $ 1,000 loss for the day. If not, decrease how many trades you will do in a day. 2) The 1 min chart is noise. There is a way to actually...

Actually after you watch the screen for 10,000 hours most days, you should make money. Almost every week you will make money. At the very least 9 out of 12 months, you will make money. Statistically this is proven on most tracking sites that keep over 1 year of trade data for winning...

Well, the one benefit of scalping is you can be wrong in overall direction and still make money. I woke up today with a little panic attack not feeling like I wanted to trade. This is due to making money the last 2 days including Sunday, seems if I am not making money, it's easier to put on a...

I shorted CL and had to chase to get in. Reason for trade was shutdown. Made some money. No real TA needed.

I have the same problem, so I usually just trade late afternoons. When I do wake up, 1st thing I get is a monster energy drink. I don't eat food since I am not hungry in the morning. Also, what helped me today is spending the time to label my charts with LH and lines. It started to wake up...

Technically, I think you can make 2 points shorting right now. I have been able to make money shorting ES at certain levels even during up days. However, I don't hold this thing over night and since I use a lower frame time chart, my TA is useless for predicting more than intraday trading.

As Jack says "you are inventing again". :-) A winning trade is NEVER a bad trade unless you go against your rules. In hindsight, if I shorted the 2nd LH and went for more ticks, that would have been a better trade, but I was not watching the market when that occurred. I was watching the...

Ok, I created a new chart in sim to remove my indicators which I don't want to reveal. I used arrows to show the real money trade (sim will not show my real trades). I did what was a breakout trade against my indicator and under a moving average which I also removed. I manually created LH...

Since this is TA, let's talk a bit on knowing when to use an indicator and when to ignore it. On my chart my indicator tuned up and green which was bullish. However, price was trading below a moving average that I use, so I want to wait for confirmation that my indicator is correct so I...

No but it assumes you either 1) You never make a mistake. or 2) Don't believe you will be caught by a black swan. I use stops because sometimes I plain and simple made a mistake with the trade setup and the stop prevents me from doing further damage to myself. I also use stops...

To succeed, you need all 3 of these. 1) You need an edge. An edge = a positive and consistent trade setup that results in positive result above a 50% win rate plus commissions. 2) Trade management. Being able to manage risk vs reward and targets vs stops. 3) The ability to not let a...

That you are using fib at all is for the most part what you are doing incorrectly. Just because when price falls it may bounce off of a fib line does not give one any trading edge since there is no way to know which fib line it will bounce off of or if all of the fib lines will break.

One can also look at other context for stocks. As noted, has the market been bullish then a breakout to the upside has a higher probability to work. Also, was the break out caused by a good earnings report. If so then fund managers are adding to their positions in the stock and helping to...

Market can be trending up, trending down, in a range, or random. The only type of market to not trade is random. Wanted to get long on a limit, but ES shot up away and I canceled my order then played a computer game thinking I would not get to trade at all today. I then saw that ES went...

I think they should file criminal fraud charges against him.

My main suggestion would bring back the ET chat room, but allow it for only members. That way you have to be a member to even view chats, and therefore you will increase your membership.

You were not chopped. You had a LL. Then a LH, then another LL. You took a counter trend trade for no good reason. Trend was down, no HH's were ever made. Your Problems: 1) You don't know what chop is. You got stopped out a bad trade. Chop is sideways range bound movement that is not...

You must have these tools once you have an edge. 1) The ability to accept that once you get into a trade, it may not work out. 2) The ability to pull the trigger once you see a setup. 3) The ability to leave your stop and target alone. 4) The ability to not revenge trade and not to...

Doing good trading ES right now, so not trading CL. After seeing my winning trades all could have gone for more points, I left target alone this time, and was filled. Possible H & S forming on ES. My short trade was profitable. What I like about ES is that it moves slower than CL and gives...

The Little Book of Behavioral Investing So would you recommend this book or if not which one?