I went long right around your #5 as well and took a small loss because of the low close on that one candle and it just seemed like it was taking to long. Plus I only figured on making .20 or .25 and RR seemed out of whack for what at the time didn't seem like a high prob trade. Do you base stops on what you see on the chart or what your willing to risk based on what you figure the probability of the trade working is or both? I think I also posted the long that I got back into around your #6 but I took profits way to early(81.65). I think by trading so many different things it screws me up because I'm always looking for some meaningless cause and effect and for some reason I think it will play out instantly but it never does. Today I traded the ES, DX QM, ZT, KC and three different stocks. So when I see the dollar do something I'm like of crap I better get out of the long oil position. I remember the good old day when I had one monitor and I would stare at the same chart all day.
CL Redux
- Thread starter schizo
- Start date
I went long right around your #5 as well and took a small loss because of the low close on that one candle and it just seemed like it was taking to long. Plus I only figured on making .20 or .25 and RR seemed out of whack for what at the time didn't seem like a high prob trade. Do you base stops on what you see on the chart or what your willing to risk based on what you figure the probability of the trade working is or both? I think I also posted the long that I got back into around your #6 but I took profits way to early(81.65). I think by trading so many different things it screws me up because I'm always looking for some meaningless cause and effect and for some reason I think it will play out instantly but it never does. Today I traded the ES, DX QM, ZT, KC and three different stocks. So when I see the dollar do something I'm like of crap I better get out of the long oil position. I remember the good old day when I had one monitor and I would stare at the same chart all day.
Your better off using the charts to determine what your stop is. If your worried about losing too much money by what the chart is telling you for a stop then it is not a great entry or you need to scale back so that if you do get stopped out its not a major blow. I would trade less items unless your running a hedgefund. If you have a strategy you are using you should be able to look at es, dx. If es says buy and dollar says sell your golden to go long in oil. Just throwing my .2c out there, not trying to anwser for skizo
K, I've done this a lot in sim in the past and it's been 100% successful...so far, but it scares me as an overall strategy. On the other hand if I do have an actual stop in place at an acceptable level for my account I imagine I should keep it in my arsenal to avoid getting shaken out of good trades by those wickies.
Quotes from riskaddict:
Had I left it alone, the trade would have worked out just fine because prices didn't even come close to my stop. Like I said, however, I got the cold feet and decided to bail out. I knew that I could always climb back in later and that's exactly what I did.
- I went long right around your #5 as well and took a small loss because of the low close on that one candle and it just seemed like it was taking to long.
Strictly technical based on the chart that I'm monitoring at the time. But, as explained above, I will not sit around to get stopped out if I sense that the trade isn't working out as anticipated.
- Do you base stops on what you see on the chart or what your willing to risk based on what you figure the probability of the trade working is or both?
So you want to be remembered as the jack-of-all-trades or what?
- I think by trading so many different things it screws me up because I'm always looking for some meaningless cause and effect and for some reason I think it will play out instantly but it never does. Today I traded the ES, DX QM, ZT, KC and three different stocks.
I don't know how long you've been trading but this is the number one sin committed by novice traders, who have bad tendency of forgetting who they're up against. Well, who else but the professionals who devote their entire career trading the same instrument day in and day out, 24/7? They know their game inside out like the back of their hands. Just what are the odds of beating them in their own game when you're so poorly prepared?
Trading should be treated no different from any other vocation, be it medicine, jurisprudence or car repair for that matter. Let's take a doctor for example. How often do you see a brain surgeon performing a heart-bypass? How many times do you see a lawyer jumping from a civil trial one day to a criminal trial next? Even in the auto repair shop, I'm told that you're better off specializing in either one of the two: mechanical or electrical. As a result, society functions better. But when it comes to trading, oh no, you're told more is always better. You're encouraged to jump through various hoops as if that would make your resumé look better. In reality, that's the fastest way to the poorhouse IMHO.
As my mama used to say, dig one well at a time. And I say you should specialize. Just my otherwise worthless 2-cents.
Do you actually use that barebones 5' chart for trading or you have something else in front of you?.
I'm really amazed by your picking of the zones to buy or sell. I thought it was BS to begin with, honestly, not anymore.
Letting that trade number 7 lose money was complacency, the rest just amazing trading.
The main differences I see is that our trade management is different and your entries are sharper. If I had your skill in entries I would only lose money very rarely with my trade management, just trading within the noise. You can deduct my trade management from my postings. Basically I try to reduce my risk fast and create a free or better trade asap. Your stops seem larger too, but you also go for larger objectives.
I hate posting old charts and then fit hindsight opinions to fit them (too much work about BS imo), when the decision is almost always made on the fly by watching the realtime chart develop, but if anyone is interested put up a 5000 volume chart with pivot lines and look at my posts, almost always you could actually get in at the same or better price a little later than I posted.
One other suggestion is a simple approach: To persist for the day till you bag a good one and then quit for the day. Use the extra free time to nurture yourself and live life. You don't see lions hunting after they caught something big and ate it.
Then grow the account by increasing size (within a plan) and/or extending timeframe of winning trades.
Very rare thread in ET or any other forum. Keep it up.
The only extra question I have is: What happened to those ES puts some wizard said they bought the day before at around 1122?. They both disappeared or something?. I'm sure that was more than 2 cents!.
I'm really amazed by your picking of the zones to buy or sell. I thought it was BS to begin with, honestly, not anymore.
Letting that trade number 7 lose money was complacency, the rest just amazing trading.
The main differences I see is that our trade management is different and your entries are sharper. If I had your skill in entries I would only lose money very rarely with my trade management, just trading within the noise. You can deduct my trade management from my postings. Basically I try to reduce my risk fast and create a free or better trade asap. Your stops seem larger too, but you also go for larger objectives.
I hate posting old charts and then fit hindsight opinions to fit them (too much work about BS imo), when the decision is almost always made on the fly by watching the realtime chart develop, but if anyone is interested put up a 5000 volume chart with pivot lines and look at my posts, almost always you could actually get in at the same or better price a little later than I posted.
One other suggestion is a simple approach: To persist for the day till you bag a good one and then quit for the day. Use the extra free time to nurture yourself and live life. You don't see lions hunting after they caught something big and ate it.
Then grow the account by increasing size (within a plan) and/or extending timeframe of winning trades.
Very rare thread in ET or any other forum. Keep it up.
The only extra question I have is: What happened to those ES puts some wizard said they bought the day before at around 1122?. They both disappeared or something?. I'm sure that was more than 2 cents!.
Just for entertainment and comparison I marked my trades in your 5' chart.
Why didn't I number them?
Exits are half on a "stall" within the noise (.10-.20 friday), at that point create a free trade, and if/when second half scores big exit at support/res or "stall". Hard to describe in a hindsight chart. You'll know it when you watch it real time. One could quit after that unless addicted.
Initial stops are more like "catastrophe insurance", rarely supposed to be hit but always there. I don't use fixed targets.
I missed a good 123 (NoDoji caught it) in the middle of the day because of lunch. Maybe I would have lost money in that one, who knows?. I'd missed lunch for sure.
It's obvious schizo is miles ahead in this CL game. I'm unsure I could focus all day long.
As you can see I missed or aborted most of the big moves (4-5?) except the last 1. With more experience maybe I can catch early and quit. CL certainly gives more bang for the same commission buck, but I doubt I could trade big there because slippage is very big even on 1-2 lots.
Why didn't I number them?
Exits are half on a "stall" within the noise (.10-.20 friday), at that point create a free trade, and if/when second half scores big exit at support/res or "stall". Hard to describe in a hindsight chart. You'll know it when you watch it real time. One could quit after that unless addicted.
Initial stops are more like "catastrophe insurance", rarely supposed to be hit but always there. I don't use fixed targets.
I missed a good 123 (NoDoji caught it) in the middle of the day because of lunch. Maybe I would have lost money in that one, who knows?. I'd missed lunch for sure.
It's obvious schizo is miles ahead in this CL game. I'm unsure I could focus all day long.
As you can see I missed or aborted most of the big moves (4-5?) except the last 1. With more experience maybe I can catch early and quit. CL certainly gives more bang for the same commission buck, but I doubt I could trade big there because slippage is very big even on 1-2 lots.
Read this long thread and found the short unholy thread. Will take a while to read it. Here's a link:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=144884&perpage=40&pagenumber=5
http://www.elitetrader.com/vb/showthread.php?s=&threadid=144884&perpage=40&pagenumber=5
It's great to see these trades on the chart after the fact. In real time we react to technical setups, but then to see how accurately the price action transpires based on pure technical trading cements the concepts of "trading edge" and "probability".
F11, that was very nice trading yesterday. I look at your annotated chart and can tell exactly why you did what you did. When you're experienced you can pretty much trade anything. I learned a few new things here yesterday from everyone.