CL Redux
- Thread starter schizo
- Start date
Schizo, I think we had a talk a while ago about the bad daily CL charts at TOS. They've finally fixed them about two weeks ago or so and I no longer user QM on the dailies. Just figured I'd pass it along.
EON, today you posted a trade:
short 86.94 stop abv HOD
adding at 87
Did this mean you would average down at 87.00, or that you would add to a winner at 86.87? If it's the first scenario, what factors contribute to that strategy? See, I've been trading CL in sim for months and many of my most profitable trades came from counter-trend trades where I averaged down on deep channel line overshoots. However, I decided before trading live, I would not ever do that, and I started posting my sim trades here a while back just to keep me honest in that regard.
Schiz, question for you: You usually post a profit target on your trades. What % of the time would you say you let price go to your target, as opposed to exiting early?
I've had a lot of difficulty allowing price to reach my target, often exiting early, and most of the time watching my target then reached. It's especially difficult for me trading 1 lot because I wait patiently for a setup, then I hate to see a fairly decent profit move all the way back to break even, then have to wait patiently again. With 1 lot I feel like I just want to scalp smaller profits, but the majority of the time my target is eventually reached.
short 86.94 stop abv HOD
adding at 87
Did this mean you would average down at 87.00, or that you would add to a winner at 86.87? If it's the first scenario, what factors contribute to that strategy? See, I've been trading CL in sim for months and many of my most profitable trades came from counter-trend trades where I averaged down on deep channel line overshoots. However, I decided before trading live, I would not ever do that, and I started posting my sim trades here a while back just to keep me honest in that regard.
Schiz, question for you: You usually post a profit target on your trades. What % of the time would you say you let price go to your target, as opposed to exiting early?
I've had a lot of difficulty allowing price to reach my target, often exiting early, and most of the time watching my target then reached. It's especially difficult for me trading 1 lot because I wait patiently for a setup, then I hate to see a fairly decent profit move all the way back to break even, then have to wait patiently again. With 1 lot I feel like I just want to scalp smaller profits, but the majority of the time my target is eventually reached.
Nod you didnt address me but I thought I would add my 2 cents anyhow since I had/have this problem and still struggle with it everyday. Even today at close I closed my short early that I should still be in.
Stop allowing yourself to take the action that you have already deemed is more unprofitable than leaving the position alone. It's only you stopping yourself from a more profitable account. There is nothing complex or anything that another person can teach you per their method. It's a matter of how bad do you want to make more money.
Getting out of a short on the bid feels so good, just like getting the offer on a long. Its only when its 30 ticks higher do you really feel sick. Learn to remember that feeling, bring it to the forefront of your mind in every trade
edit: after i posted this I am short again from .70, a bit of manning up on my part after typing that post. half position, no stop overnight, see yall in the morning!
Stop allowing yourself to take the action that you have already deemed is more unprofitable than leaving the position alone. It's only you stopping yourself from a more profitable account. There is nothing complex or anything that another person can teach you per their method. It's a matter of how bad do you want to make more money.
Getting out of a short on the bid feels so good, just like getting the offer on a long. Its only when its 30 ticks higher do you really feel sick. Learn to remember that feeling, bring it to the forefront of your mind in every trade
edit: after i posted this I am short again from .70, a bit of manning up on my part after typing that post. half position, no stop overnight, see yall in the morning!
Yes, I want anyone's input, thank you. I know what you mean, I remember taking a CL breakout trade in sim, taking off half at +.08, the other half at +.30, then watching it immediately jump .30 before pulling back. It's tough to get out of defensive mode and into offensive mode.
Do you often trade without a stop? Like not even a disaster stop?
When I was trading ES, I would sit like a stoic until either my PT or SL was hit. These days, I'm much more proactive. I would usually take half off the table at around the midpoint and let the rest ride out the noise. This helps me breathe easier. Should the other half reach the price target, great. If not and I get stopped out (usually at b/e), so be it. Either way, I still keep a portion of the profit.