Day Trading Crude without indicators.

Wolfpacker , no reason to be OPEN MINDED just keep on doing what you are already doing. I do get stopped out 3-4 times a day but who wants to show losses in a FANTASY WORLD? There is NO REAL trading going on, so why RUIN FANTASY WORLD?

Here is the SECRET " Just do opposite to what I do". So, you should have shorted at 99.40 and went long at 100.50 this morning. Levels i post pre open charts are just made up with no reason

"
Super Results!
I have been reading your journal and am impressed by your daily totals and win rates.. Seems like you rarely have a loser. I trade CL as well and knwo how difficult it is to achieve the profitability and win rates you have achieved.

I would like to learn more about your methods. Do you have a Skype account so we could trade together sometime?

I am find it hard to follow your methods after reading your journal and I take it part of your journal reason is to help others. That is why I would like to trade with you or talk with you to better understand your methods. I can share mine as well.

Regards,"


You would have been disappointed on Skype. I saved you time . Cut your losses and move on.
 
Wolfpacker,


From what i can see you are a pure PRICE ACTION trader and it seems to be working for you. No reason to keep on SEARCHING. There are other traders in ET community who have posted 100's of charts ( sorry no LIVE trades calling) who are REAL traders.

Why would a real trader with an edge will post his/her charts in an ANONYMOUS community of traders? I am just a 1 lot trader playing a video game.



"Thanks for your response... I do not currently trade ACD method.. I studied it for about 3 months and traded it for about 9 months... I developed a very sophisticated back testing program with many filters for many things... In spite of my best efforts, I was not satisfied with the lack of consistency with my results , so I began to look elsewhere. The biggest drawbacks for me with ACD as I traded it were the stop size(too large) and lack of trades(only 1-2 trades/day).....

I have studied MP at length and found it to be a much better process than ACD at identifying where the market may reverse or where it may BO. Many people are not using MP info correctly and if not used correctly , it is meaningless. The most valuable aspects are the HVN and LVN and VPOC... Value areas are meaningless since most days are not a random distribution...
If you are not using HVN and LVN and VPOC... you are not using the most valuable aspects of MP in my opinion.



I traded MP setups for a while and recognized something still missing with ability to trade consistently. I have since been trading pure price action since all that I need to know is in the formation of the prices on several time frames... You have referenced some PA stuff in your postings, but most of mine is based on the work of Al Brooks and the concept of trapped traders as referenced in his books.

Long story short.. I am trading pure price action now and using some of what I learned in MP without using MP charts.. It is what seems to work for me."
 
Quote from mfbreakout:

02-13-2012. CME has halted CL futures. Praying that i do not get stopped out 40 ticks higher than my stop loss of 99.71 when it opens.
More...
.

Got stopped out 99.84.
 
Quote from mfbreakout:


Why would a real trader with an edge will post his/her charts in an ANONYMOUS community of traders? I am just a 1 lot trader playing a video game.
...
More...

That's all I wanted you to admit...my work here is now done..

BTW where's Pootie Tang (aka Shopster)?
 
hi

i do not know about mfbreakout trading but people probably doubt this because of other thing they have seen from other posters and now are suspecious of EVERYONE!!! unfortuntaly.

however i have seen somethings in other forum that make people suspecious and this is probably why people ask here.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=236585

"SIMPLE PRICE ACTION APPROACH" same person posing as multiple personality.... very strange.....
 
A WORD ABOUT STOP LOSSES AND DAILY LOSSES:

I believe in Mark Fisher method of trading like a boxer. A good boxer keeps on taking small jabs but never takes a KNOCK OUT punch.

I always have 2 kinds of stop losses. One is a stop loss based of 45 minutes OR- that's a stop loss which tells me i am totally wrong. I hardly ever let a position go to a 45 minutes OR .

The other stop loss is what i am willing to loose on every trade i take - typically 10-15 ticks. On a typical day , I do get stopped out 2-4 times mainly during lunch hour trades as there is little VOLUME.

Most of the traders have a daily stop loss limit. They hit that limit and they stop trading for that day. This a very good strategy. But one need some flexibility to have a chance. The only other way I know where some traders have overcome this obstacle is to trade very few , very selective trades on a SWING basis ( can be for a day or couple of days). Do lot of work, wait and wait and trade off the edges of a swing move.


I only stop trading for the day if i start trading with LEVERAGE as a REVENGE. Luckily, those days are few in numbers. If i have to stop trading after i get stopped out 3-4 times and hit some daily loss limit, I will be scared all day. I just make sure I stay within my limits in terms of size. I can get stopped out 4 times in a row and it will not affect my FIRE WALL in a way that i am trading scared. Being SCARED = No Trading.

If one is trading with small account size and have a daily stop loss limit of $500 or so, in my experience it is very difficult to trade crude Oil. An account which can only handle a fixed size loss and have to start fresh every day, get stopped out after 2-3 stop losses the next day gain and so on, is not really giving a trader a chance to succeed.

Prop firms do not start their trained traders with 100k and tell them to make 100K on it in a year. A good firm starts a trained trader with enough equity so that he/she do not have to worry about small stop losses.

All the firm cares about that a trader is not trading on LEVERAGE and is taking small jabs till he/she gets 1:4 set up.


Here is a link to Mark Fisher webinar , he did many years ago . About 4 hours. Just remember per his book out of 4,000 traders who took his class, half of them slept through out the class. They must have come looking for HOLY GRAIL. It looks like it takes more than reading Mark book couple of times to get comfortable around trading ACD method. I have only met couple of traders who use ACD method with all it's layers. Most of the traders do not use 30 days number line and do not understand it but they want to go long above OR or short below OR and get stopped out.

A trader who does not have enough screen time will loose money with ACD or any other method all day long. Get stopped out, daily loss limit get hit, stop for the day, come back tomorrow and start the day scared and on and on. WASH, RINSE AND REPEAT.

http://vimeo.com/15967639
 
I could not complete last 2 lines of my last post due to 30 minutes edit limit. Here is the edited version.

" A trader who does not have enough screen time will loose money with ACD or any other method all day long. Get stopped out, daily loss limit get hit, stop for the day, come back tomorrow and start the day scared and on and on. WASH, RINSE AND REPEAT. Same cycle day after day. This kind of pressure and stress will make a MONKEY out of any trading method."
 
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