Where can I see the "proof" you mentioned that supports my personal observation? Thanks.
From Micros to Millions: 2% per day
- Thread starter sstheo
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Where can I see the "proof" you mentioned that supports my personal observation? Thanks.
Scaled in? You mean averaged down on that long contract! Better watch that. Folks around here don’t like the concept. Some get really argumentative about it. I average down alot! It is part and parcel of my modus operandi for trading. It’s in my journal.
Tudor says only losers average down. Plenty of losers don’t. Plenty of winners do. Tudor I understand also says democrats are gonna sweep the election. He will be wrong. ROFLMAO
Thanks for the encouragement.
"BANG FOR THE BUCK" is an interesting phrase that fits perfectly with the "high-probability" idea. And you have expanded the concept into a time-of-day and day-of-week concept. I only have two weeks of data now, which is statistically pretty small. But at the 4 week mark and 8 week mark again, I would be willing to try to see some hourly and day patterns. Certainly I can extract something useful? I will do it soon. Thanks.
Speaking of high-probability, all systems have various entries, and some are certainly better than others. This journal is NOT about my entry and exit criteria- but about the mind game that goes along with wins and losses and a search for consistent profits and growth. I respect all trading methods that produce profits. However, since I am here, I won't mind sharing a bit of what I do.
Method & Rules coming soon.
Attachments
You must be talking about the first two trades here?
The CDelta was fairly strong long at the time and I did, in fact, average down. I see that. Good catch.
But notice how close together the entries are and how fast the market was moving. It is certainly not a normal averaging down - trying to compensate for a losing trade. "Scaling in" as some describe it would be adding to a winning position.
ROFLMAO HILARIOUS!
Of course it is simply adding to a winning position. But some ET’ers get almost hysterical if you do it LOL.
I use a 7 tick range bar candlestick chart on the ES as my main chart. I showed a picture of it previously. But indeed, the Line-on-close chart is my fast-entry scalping chart.
I prefer them because I can squeeze everything together and still see a lot of data, whereas the candlestick just becomes a kaleidoscope of color when I do that.
I used Heiken-ashi candles for a long time, but the actual prices are lost in the candle computation, and it drove me crazy.
The disadvantage with the LOC chart is that the highs and lows are lost. But for my purposes, the closing prices are what matters most anyway.
Using both the candlestick and the LOC helps me see clearly enough to squeeze out a profit.
MIND BLOWN & INDICATOR INDICTMENT
I thought everyone needed indicators to trade. One day one of my mentors said he can trade with no indicators. I didn't believe him. He said, "Try it. Use only price."
It took some time, but I patiently watched the prices. I used a LOC chart. I looked for patterns. I looked at support areas. I watched resistance zones. I saw trends and ranges.
I slowly began to see what my mentor was seeing. And I jumped in and started to have some success. That exercise is part of what helps me yet today.
More indicators does not equal success. Fewer indicators is better. No indicators? Best? Maybe, but I use a 50 sma today to help me quickly see dynamic support and resistance.
WHY are fewer indicators better? For all the power of the brain, we can only truly focus on one thing at a time. Especially for scalping, simplicity is king. I am not talking about "Paralysis by Analysis;" I am talking about being able to quickly make a decision. If you have to check 4 to 6 indicators before each trade, then the scalping opportunity will be gone....
Anyway, if anyone wants to try something fun and helpful, take all the indicators off your chart and see what your powerful trading brain can do with the candlesticks or lines, or whatever.
Seriously.
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