CL Redux

[riskaddict]

I came within 2 ticks of being stopped out but I think I'm gonna exit 1 here while still can at .90. ES looks like its gonna go up and dollar looks like its gonna do down. Now just short 1 CL at .80

 

[Reset]

Quote from ammo:

cover almost half 77.55 - 1.11 offer em back out at 77.90...put these back out 77.51 AVG 76.44

add 78.03,avg 77.07 add 78.10..avg 77.32

____________________________________

Hi ammo,

I am new here. I understand most of your calls but could not follow this one. Can I request you to explain this please?

Thanks.

 

[ammo]

i put my ,90 offer back out at .55 ,foolishly in hindsight

 

[riskaddict]

Quote from riskaddict:

ES looks like its gonna go up and dollar looks like its gonna do down. Now just short 1 CL at .80

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[ammo]

Quote from ammo:

add 78.03,avg 77.07 add 78.10..avg 77.32

cover a 1/4 at .74(-.42)

 

[NoDoji]

Quote from NoEmotions:

if I loss 4 straight trades in a row that means my thinking and market movement are not in synch its better to step aside.

If you have 4 losses in a row from fading the market or revenge trading or jumping the gun without waiting for a proper setup, then I agree that it's a good idea to step aside and review rules/setups.

But if you have 4 losses in a row from taking valid setups and getting chopped by less than ideal price follow through, I recommend staying focused and continuing to take valid setups, because no matter how choppy CL might be at a given point in time, it will eventually break out with conviction one way or another and you can recoup a lot of small losses with one or two good trades.

 

[Picaso]

Quote from NoDoji:

If you have 4 losses in a row from fading the market or revenge trading or jumping the gun without waiting for a proper setup, then I agree that it's a good idea to step aside and review rules/setups.

But if you have 4 losses in a row from taking valid setups and getting chopped by less than ideal price follow through, I recommend staying focused and continuing to take valid setups, because no matter how choppy CL might be at a given point in time, it will eventually break out with conviction one way or another and you can recoup a lot of small losses with one or two good trades.

Good point, Nod, I think it's advisable to differentiate between losses (4 in a row is not a big deal and should be expected for many good systems with a 30-40% win rate) and non-forced errors (i.e. you knew you shouldn't be doing X, but you do it anyway).

 

[NoDoji]

Quote from Picaso:

Good point, Nod, I think it's advisable to differentiate between losses (4 in a row is not a big deal and should be expected for many good systems with a 30-40% win rate) and non-forced errors (i.e. you knew you shouldn't be doing X, but you do it anyway).

It was a big step for me to get over back to back losses and ignore them basically as long as I was doing the right thing. I had a couple opening trades in AMZN some time ago for -$300 and took the 3rd signal without hesitation, capturing a huge move. That was a key day for me and I believe after that day I removed the P/L from my windows. I now have to switch to another window to see my P/L. If I'm doing the right thing I really don't care about losses because the winners will take care of them as long as I don't let the previous losses influence the winning trade. It's tempting when you're down to take profits at a level that gets you back to even, but the best way to end up net profitable is to treat every trade exactly as your rules dictate.

 

[pinebilly]

Wise words ND. I agree with taking any P/L window off the screen as well. Instead of focusing on what the trade is doing or where you should be focusing people usually focus on the $$ which is usually not good for most traders.

 

[riskaddict]

Sounds like you just one "One Good Trade" to ND Add short 77.90. Both will be stopped out at 78.26 and profits will be taken at 77.25. I see the DX going to at least 79.45 and that shall be my catalyst. One might ask so why don't you just buy the DX? well... I did There is nothing better than making $$ while you're sleeping. And if ya lose money it doesn't hurt nearly as bad as watching that that stop triggered notice pop up.