crude light marathon
- Thread starter clightmarathon
- Start date
No worries mate... 
Apologise for the ''over-savagery'' of my post like night, i was quite drunk at the time of posting that...
Now that im sober, to catergorise and explain what i meant in an easier to understand way, the key elements of it are-
That in your opening post you mention that you try to be a trend-chaser, noise scalper and reversal-opportunist all at the same time....
And that is a huge mistake to make.
As instead of being a PREDATOR whos sitting, watching and waiting to attack the market when its at its weakest,
you are basically being the PREY who just gets into lots of trades everyday just so you can float around in the market and hope that the day ends with you having made more money than you lost.
Why are you ok to lose your money reguarly mate, regardless of whether you may also make more than you lose,
WHY ON EARTH WOULD YOU BE OK TO LOSE YOUR OWN CASH JUST BECAUSE YOU FANCIED A PUNT??
Whilst if you only enter trades at levels when the market has overdone itself so much in 1direction that it has extremely little potential to keep going against you VS huge potential to drop back,
you will enter much less trades per day,
those trades you make will not almost all endup being very profitable, they will also have extremely little risk of having to end in a loss, and will also have the highest profit potential based on having entered at such a good price due to your patience.
Apologise for the ''over-savagery'' of my post like night, i was quite drunk at the time of posting that...
Now that im sober, to catergorise and explain what i meant in an easier to understand way, the key elements of it are-
That in your opening post you mention that you try to be a trend-chaser, noise scalper and reversal-opportunist all at the same time....
And that is a huge mistake to make.
As instead of being a PREDATOR whos sitting, watching and waiting to attack the market when its at its weakest,
you are basically being the PREY who just gets into lots of trades everyday just so you can float around in the market and hope that the day ends with you having made more money than you lost.
Why are you ok to lose your money reguarly mate, regardless of whether you may also make more than you lose,
WHY ON EARTH WOULD YOU BE OK TO LOSE YOUR OWN CASH JUST BECAUSE YOU FANCIED A PUNT??
Whilst if you only enter trades at levels when the market has overdone itself so much in 1direction that it has extremely little potential to keep going against you VS huge potential to drop back,
you will enter much less trades per day,
those trades you make will not almost all endup being very profitable, they will also have extremely little risk of having to end in a loss, and will also have the highest profit potential based on having entered at such a good price due to your patience.
Yes, it is good thread, and I will post when I read all the pages. Currently I am on page 53.
I was thinking to post there instead of this journal, but decided not to pollute it with my inconsistent scalps.
And I am on probation here and my posts only appear after a half a day quarantine , although I did not start the talking about std things...
Yes, I understood what you mean. And I try to learn with an open mind. At my current level I can not tell which level is overdone and which is not. May be it will come with more screen time and studying. But I stick to what I think works for me, and watch what others do and try to learn. At my current level, what is it good for if I knew that 88.00 will be the extreme during London "session" if I don't have the discipline to hold the short? None.Quote from spanish89:
No worries mate...
Apologise for the ''over-savagery'' of my post like night, i was quite drunk at the time of posting that...
Now that im sober, to catergorise and explain what i meant in an easier to understand way, the key elements of it are-
That in your opening post you mention that you try to be a trend-chaser, noise scalper and reversal-opportunist all at the same time....
And that is a huge mistake to make.
As instead of being a PREDATOR whos sitting, watching and waiting to attack the market when its at its weakest,
you are basically being the PREY who just gets into lots of trades everyday just so you can float around in the market and hope that the day ends with you having made more money than you lost.
Why are you ok to lose your money reguarly mate, regardless of whether you may also make more than you lose,
WHY ON EARTH WOULD YOU BE OK TO LOSE YOUR OWN CASH JUST BECAUSE YOU FANCIED A PUNT??
Whilst if you only enter trades at levels when the market has overdone itself so much in 1direction that it has extremely little potential to keep going against you VS huge potential to drop back,
you will enter much less trades per day,
those trades you make will not almost all endup being very profitable, they will also have extremely little risk of having to end in a loss, and will also have the highest profit potential based on having entered at such a good price due to your patience.
Look, we have about 140 5 min bars, I try to find those 0-10 bars a day which give me a high probability entry for a quick scalp. It is like a predator as you say, but on a smaller scale.
Trades:
#1 : According to the rules
PnL: +0.15
#2 : According to the rules
PnL : +0.15
#3 : According to the rules
PnL: -0.16
#4 : Mistake in exit
PnL:+ 0.01
I got a 0.05 slippage in my entry, which was unexpected (I know I know it should be expected but most cases I don't have much slippage), and I decided to close the trade. Now in restropect I did not have a rule for slippage situation, although this happend twice during the last 2 months, and that give me a reason to exit fast. But I suspect, that the real reason for the immature exit was the #3 trade, which was a loss and probably was still bothering me. New rule: Use theoretical entry price for exits both stop loss and profit target.So I book this trade as an error.
Also, I did not enter a valid signal later on, so I just finished trading for today.
As soon as I am getting more comfortable with entering most signals, I need to change the profit target to 0.30 since in my tests it gives better results. As you can see #1,2,4 run much further than my little 15 tick target. But with that profit target I will have 3 times more scratch trades.
Also, I am catching myself thinking about the pnl and not the process many times during the day.
and the executions:
#1 : with trend signal : -0.16
#2 : counter trend signal : -0.12
Misread the PA. I was expecting a retrace to the 20 ema, but it already happened as you can see, just did not touch the MA. So I was betting on a horse race already finished. I have to focus more, I was impatient.
#3 : with trend signal : +0.02
I scratched the trade after realizing the trend line candidate, and that news is coming shortly.
#4 : with trend signal : +0.20
#5 : counter trend signal : +0.20
#6 : with trend signal: +0.01
it went 0.12 in my favor, then I closed it at break even. I somehow opened a short when closing the long, which I closed at the same price. That is the extra line on the chart
Nice breakout and trend today, I got only 2 reasonable with trend signals , but one of them was a type that is in my advanced signals drawer and not yet traded. (Have not tested it thoroughly yet). The other I got stopped out of at BE.
Otherwise, I missed 2 counter trend trades, 1 with trend signal during London hours and made one counter trend (#2) - which should have been filtered. But I am forcing myself to hold the winners longer which is already a positive result of the journal, but there is a huge space for improvement in that area. Number 6 could have been the trade of the day, if stop is not moved to BE, which is probably a good idea for strong trends like today.
#2 : counter trend signal : -0.12
Misread the PA. I was expecting a retrace to the 20 ema, but it already happened as you can see, just did not touch the MA. So I was betting on a horse race already finished. I have to focus more, I was impatient.
#3 : with trend signal : +0.02
I scratched the trade after realizing the trend line candidate, and that news is coming shortly.
#4 : with trend signal : +0.20
#5 : counter trend signal : +0.20
#6 : with trend signal: +0.01
it went 0.12 in my favor, then I closed it at break even. I somehow opened a short when closing the long, which I closed at the same price. That is the extra line on the chart
Nice breakout and trend today, I got only 2 reasonable with trend signals , but one of them was a type that is in my advanced signals drawer and not yet traded. (Have not tested it thoroughly yet). The other I got stopped out of at BE.
Otherwise, I missed 2 counter trend trades, 1 with trend signal during London hours and made one counter trend (#2) - which should have been filtered. But I am forcing myself to hold the winners longer which is already a positive result of the journal, but there is a huge space for improvement in that area. Number 6 could have been the trade of the day, if stop is not moved to BE, which is probably a good idea for strong trends like today.
trades #5 and #6
executions