AHG - Profitable Strategy for Struggling Traders

Status
Not open for further replies.
Free,

If I'm scalping, and scalping is when I use my heaviest starting positions due to lower risk(small stop), when price is approaching the next barrier, say support if short or resistance if long, if I see the low of the last two bars taken out, I don't think twice about it and exit with my profits. Sometimes even just the low of the last bar if the prev bar is long enough or if I see momentum dying.

...and onward to the next play.

Anek
 
bmw,

It's cool, I'm only conceited when it comes to the ladies and I'm married so that era is history :p

...and I sincerely hope you are wrong, hope more than a few truly make it from the teachings and examples of the journal.

It's really not that hard, but just like in sports, you must practice and stay in shape.

Anek

Quote from bmwhendrix:

A. I hate to see too many compliments to you here, you may get a big head and become an elitist, but I don't think I sense that is in you. I suspect the folks that are PMing you with negative comments, are folks who are themselves struggling, perhaps making some headwayj, but are not confident enough in their abilities or methods to understand that even though you might be offering information without secondary motives, there are realistically only a small percentage of readers who will have the ability, disicpline, fortitude and wherewithall, to utilize that information to make themselves successful. Therefore, you pose them no real threat. Ignore these miscreants. What I said is true, only a few of the followers of this journal will be able to incorporate what you have simply stated into their trading, for a variety of reasons. But the fact that you have offered, says a great deal about you.

D.
More...
 
Quote from PaxMax:

I was just reading the posts of the last few days.
I totally agree with you, Chris.
The problem with me is that I'm not really psychologically suited for trading.
I don't let winners run. The first red bar scares me out of the trade. I'm not patient enough, and I hate to see a nice profit schrink.
Because of all that, when I try to let winners run, I usually get out at the next logical entry for a trend. The profit is minimal there ..
The only thing I'm pretty good in is finding entries.
So yesterday and today, after coming back from work (12:00 - 16:00 pm New York time), I was experimenting with another setup:
Stop: 1.25 point
Target: 1 point.
ES lots traded: 4
I had 4 trades today, and gained 600$ (minus the 32 commisions of course)

As a matter of fact, finding entries is the only thing I really like about trading.

This style would also allow me to trade the american markets after work. I can't be in the market all day.

My plan for the near future is: scaling out 2 contracts after 1 point, and keeping the other 2 a little longer (let's say: previous high for a long entry).
One thing I need to learn as well: estimating a realistic target for known patterns.
This evening the ES made a nice 'V' shape. I was long at 1481 right after forming the bottom. Sold at 1482...
When looking back at the charts, I often find my entries strategic, and wel placed, but when it comes to realistic exits ... poor PaxMax.

I have read an article on the net, recently about scaling out. Apparently, accounts that use a scale out strategy, suffer less from drawdowns. FWIW, don't want to start a discussion here.

Have a nice weekend, all!


PM
More...


Dont be rigid. Take what the market gives you, if your expecting a point and momentum dies at one tick before the point you will give back your profit. Our job as traders is to adapt to what the market gives you and maximize that to our abiliites. If it gives you three ticks take three, if it gives you one take one. If your expecting one point with one point stop, you will probably take your one point stop many many times. Think about it, and hope you find the right solution for your style of trading.
 
Quote from ave331:

Just a show of support on my part. Wouldn't call myself an "experienced trader" ... yet, although my handle was registered only recently, my years of lurking in ET as an unregistered user since the first days of "the Big Cheese's skirt-trades" might qualify me as sort of 'experienced' enough, by some stretch of the imagination hehe, to comment :) ...

Anek, you're doing a fantastic job showing there's no voodoo involved in successful trading ... let's presume voodoo sellers feel their business is threatened ... that's right, just ignoring them will do.

Your generosity with your methods have trimmed off superfluous indicator considerations from my trading screen, although some are retained but used with a fresh perspective. My sincere thanks to you. Would really love to contrbute, if only I could qualify enough or come across something relevant to share.

Best regards
~ave
More...


If I could give you some advice and if your using your indicators as well, focus on price and use indicators as reference. In time you will get rid of the indicators overall. This is a business of trusting yourself and your system. When you get to trust yourself and your system you will take the trades and play your odds. Hopefully in time you will see the value of price action and the probabilities it gives you, till then use the indicators as reference but always trade price action.

Good Trading to all
 
Anek, when you take a double bottom play (close above the high), do you use a break of the double bottom as your stop. Also, when taking a break of a symetrical triangle, what do you use for your stop, is it the other side of the triangle?
 
Anek,

This journal is a keeper. Agrees with mostly what I have built my system on. Wish you and your friends here nothing but success. I will not comment on trades or charts. I have nothing better. Actually, our stuff is too similar so I will stay out. I will observe and enjoy. Thanks again for the journal. Finally one that is serious and helpful. Have a most wonderful life....george
 
Quote from billydakid:

Anek, when you take a double bottom play (close above the high), do you use a break of the double bottom as your stop. Also, when taking a break of a symetrical triangle, what do you use for your stop, is it the other side of the triangle?
More...

Billy,

Depends on the play.

If the trend is up, the starting position begins right at support, small size with a stop a few ticks below support depending on the instrument, some wiggle more than others.

Once the high is taken I fortify the position, and depending on the size of the double bottom, the stop can go anywhere from below support to in between support and second add area securing profits on the first position and small stop on the subsequent one.

If the trend has been down and a double bottom forms the scenario is different, you want a swing high confirmation and the stop goes between support and entry. Needless to say the size of the double bottom matters a great deal. Remember that a confirmation is a bar CLOSE, not a wick, above the middle swing high.

Last but not least, nothing works all the time, but some patterns, like this one, have good success rates with superb risk vs reward, and that my friend, is what good trading is all about....

Anek
 
I take stouts as payment, better if accompanied by a trader friend :)

Sample of price action for a random NQ day, should help for stop placement logistics.


Anek

PS: Did it very very quickly so pardon any mistakes.
 

Attachments

Question:
Rn, what is the vertical lines/histogram at the bottom of the chart?

Its a simple volume. Why would I use a volume on a constant volume chart? - it helps me recognize a stage of completion of a bar.
 
Anek, I have said it multiple times before and I'll say it again. This thread is gold. This thread is priceless in its value toward good people that really strive and want to have a successful trading career. Aside from the basis of the thread on how to trade profitably using price action, you have been a class act the whole way through even when a few naysayers came in and caused a fuss. I hope this thread continues the way it has and that those of you like myself who are trying to get quality people and be profitable in this business really do become successful like Anek has done through hard work. Here's to successful trading with what really works!

~Cx

P.S. I have had alot of good beers and drinks in my life, but I have never had a Stout. Maybe one day we'll sit and have one. With what you've taught me thus far, you deserve a few rounds :) .
 
Status
Not open for further replies.
Back
Top