I'm trying to understand the question. Are you wondering whether or not I went broke yet?
Feedback appreciated. My Journal Begins...
- Thread starter jsmacksem
- Start date
Where you been? I've been in SIM.
Update:
Back on SIM Monday 12/15. I'll have three opportunities to trade that week. I'm studying hard these next two evenings and over the weekend. I really have to understand more about the set-up. Where it triggers, it's risk, management, target projection etc... I kind of just choose those. Silly me...
A LOT to learn. But I'm up for it. I like learning.
Thanks,
-JS
Back on SIM Monday 12/15. I'll have three opportunities to trade that week. I'm studying hard these next two evenings and over the weekend. I really have to understand more about the set-up. Where it triggers, it's risk, management, target projection etc... I kind of just choose those. Silly me...
A LOT to learn. But I'm up for it. I like learning.
Thanks,
-JS
I've been studying a bit, and also reflecting on people mentioning my "context" is light. I've never thought of that. I always thought, trade your set-up. There's your set-up, trade it. Again---trade it. NO. So wrong.
Isn't context everything? I must learn this context.
"Trading signals mechanically without the skill to read context is like being blindfolded, spun around, and then told to hit the target." --Some website.
Or as RN said, I looked like a ping pong ball. I can assure you I'm human.
That defines how I felt yesterday morning. Also, humbly, my method/plan that I worked on, didn't specify ANYTHING about context.
It's ok though, I know I need some context now. Time to study.
-JS
Isn't context everything? I must learn this context.
"Trading signals mechanically without the skill to read context is like being blindfolded, spun around, and then told to hit the target." --Some website.
Or as RN said, I looked like a ping pong ball. I can assure you I'm human.
That defines how I felt yesterday morning. Also, humbly, my method/plan that I worked on, didn't specify ANYTHING about context.
It's ok though, I know I need some context now. Time to study.
-JS
re: context. For example; A "pullback in trend " set up can occur in a range. This context (range) would negate the signal because it's missing the important attribute of being "in a trend"! Sounds simple and obvious but took me awhile to actually start paying attention and not just hope it would continue.
jas
jas
I hear you. But in RT a range isn't established until you take the PB and it fails. Right?
Or can one identify this range beforehand?
if you are in a trend and take a PB, right it may fail to continue and turn into range. Valid trade. But now if you suspect or have rules to identify a range then based on that context you do not take PB entries until range is broken.
let me know if that answers your question and perhaps you already knew this. Again took me the slow learner awhile to start paying attention to context.
I understand. Thanks jas. If a pb fails to continue there's a reason...who cares why...but signal no longer valid.
-JS
Ahhh no proper replay function, bar by bar is cheating as you are looking inti the future on each trade, so it looks easier ofcourse in real life live your kinda stuck.
Most people are trading SR, most are failing, I tried it for years, in choppy slow markets maybe but these are momentum, get a direction and pretty much ignoring SR conditions.
The older the SR reference the lower the odds of it being respected, don't trade anything more than an hour away, i might risk a double bottom, but i prefervan area which is being bought ( dax yesterday 9860 being bought in the afernoon ), join the buyer take profitvrepeat.
On momentum for years, profitable for a year but think i ownly truely cracked it 2days ago seriously and its so simple and obvious i am kicking my self for not doing this earlier, but itscabout the journey.
Sit back, objectively ask yourself will your current method work live, live is the key part.
Also, if you cant tick replay, when testing before you see the next bar, close price is the price you base your trades on no cheating then, then base your trade on the close of that bar, like your seeing on your chart, make your decision say Long sl at ??? If you can get profitable based on that then .....
Apply the same to live trading, at bar close or just before decide if your going to trade and SL, new bar opens take the prev close price or better if you can get it ofcourse, but it you take a higher price then you arent trading as youve tested it so dont take the trade.
This way, it slows you down and makes your trading like your plan but better as you can take a better price, and sometimes waiting for better it will smash through your SL.
But you have to follow the plan.
Setup a rolling timer, 15seconds before the M5 close, it goes beep you look at your screen, make a trade plan or wait for the next beep, stops you trading mid bar.
Objectitivity is key all this mental prep is nothing with out method to use with it.
A bar (call it bar X)
No matter it the first of the day…, one in the middle of a session.., or one near the close
Make a H and a L
Next bar – makes a H at / near the H of this bar
This a start of a range?
Next bar – moves down and makes a low near / at the low of bar X
This the start of a range?
Next bar
Makes a low at / near the low bar X…, then moves up to make a H at near the high of bar X
This a start of a range?
A DT/ DB
This a start of a range?
Answer is – yes it could be..., to every one of the above scenarios
There are variations of the above – but they all play out the same
Begin looking for ranges – you will see them forming – as they form (real time)
And this one reason focusing on bars closing (and not just where they close.., but also their H / L / open) is more advantageous than looking at bars in the middle of their formation
Read bars in context to each other.., and in groups
btw; momo = momentum
I'll respond to your other questions this evening
RN