6 months TopStep 50K Net Profits
- Thread starter Sekiyo
- Start date
Beautiful example of scaling in, and very gutsy to place the trades even before open. I remember you said though that you take trades on a retracement, but I've already seen you not do this before once, and here again. Does this mean that only sometimes do you wait to see what price does at a level you are watching, or do you often feel strongly about your levels that you take a trade right when it gets there?
Hi Seaweed,
For entry I work this way:
1. Find an area
2. Place my bids in between my area high & low
3. Wait for the market to fill my orders
For exit I have a predetermined area also,
But I have a hard time sticking with it,
I don’t want to miss my exit ...
So often I get out before.
But it ain’t good.
If I don’t feel it I try to close > break even.
And I won’t risk more than 1% on each trade.
I don’t really buy on retracement,
Because it assume a bias and I don’t have one.
Just trying to catch extreme up wise and down wise.
I said I enter when price’s going against me.
I don’t wait and see. I jump right in at a safe price.
I know at open price goes wild,
You can get the best entries.
I could place orders to short and buy at the same time and wait for either to be filled.
But today I had a bias I was bearish.
So I did set up my asks and hope to be filled.
Wouldn’t want to be filled lower to go short neither.
If the market hit my entry area.
Then I get filled and look for an exit.
Theoretically my exits are my entries too.
I short where I’d cover my longs and vice versa.
As the example in my other journal page 2 or 3.
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Excellent system, and I really do like it. This is because for me personally, price will hit the area, then I wait to see how it reacts, and often it goes in my direction without me, and then I'm stuck chasing.
Out of curiosity, did you trade on Monday February 10? Price went straight up! What do you do in cases where price goes right through your level and you're short, but there is hardly any move back down. Its difficult to anticipate which levels will hold even 70% of the time, and yet, you have a very high win rate.
Yes I did trade but overnight (before open)
I prefer to take the risk probability wise than impact wise.
I believe I could try to break even this way if the market doesn't go my way.
And I don't have to chase the market even though sometimes I miss it but anyway.
Just move on and see what your next trade will be. The missed one might end up terribly too.
Monday was a nightmare for those on the wrong side.
At this point you need a stop loss.
Otherwise you'll lose it all.
Sometimes the price just rise or fall for unbelievable amount.
Better to take a loss as per plan. Always set a Max loss, Max pain point.
Make it wide enough for retracement to happen, bet the right amount of contracts.
You can't always win.
We won't always win so prepare for the emergency.
Yes I did trade but overnight (before open)
I prefer to take the risk probability wise than impact wise.
I believe I could try to break even this way if the market doesn't go my way.
And I don't have to chase the market even though sometimes I miss it but anyway.
Just move on and see what your next trade will be. The missed one might end up terribly too.
Monday was a nightmare for those on the wrong side.
At this point you need a stop loss.
Otherwise you'll lose it all.
Sometimes the price just rise or fall for unbelievable amount.
Better to take a loss as per plan. Always set a Max loss, Max pain point.
Make it wide enough for retracement to happen, bet the right amount of contracts.
You can't always win.
We won't always win so prepare for the emergency.
You can see second trade was so so.
1 contract broke even and another one was -1tick but I still managed to make money on this trade.
