No problemo. Looks like you're doing well. Keep it up.
I'd like to become a better trader
- Thread starter PO
- Start date
No problemo. Looks like you're doing well. Keep it up.
That's a gem.
Quote from PO:
P&L 1.25 points
Was up 8.5 points, but gave it away in chop
Live and learn.
Chin up!
These last weeks have provided some incredible moves, but at the same time it is very easy to get chopped up badly if you execute in the middle of nowhere. I know first hand, because it happened to me yesterday and I gave away almost all I earned on Monday and prior to that losing streak I was up 3 points or so, but it was "not enough".
One good trade is all you need per day. Less stress that way and bigger profit potential. As long as you get a decent entry, you can quickly minimize risk or even getting stopped out for a few small losses before you eventually catch a big one.
Another word of advice if you don`t already use it, is to look more at the 1-minute chart. Mostly to look inside the 5-minute bars and fine tune your entries and exits. The 5-minute bars are simply much larger than normal, so it may be tough to execute on that alone.
The next time you`re up a decent amount of points, you should consider leaving the computer for a while and do something else. Damage control
Another word of advice is to actually define the zones of chop on your chart with lines. Inside that area, you`re flat.
While inside that zone, keep analyzing the market and look for signs of weakness or strength. Expect that you will get trapped into an early short or long. That`s the nature of the ES market.
If you missed a move, don`t chase, but wait for a retrace, price to pause, or even fade the move at a much later time. Accept that you won`t catch them all.
It`s much like fishing. Be patient, but alert. Take your time. And when the setup looks too good not to take, execute!
The ticks one loses by being "late" will most likely be made up for by actually getting a confirmed entry and thus a higher win %.
While inside that zone, keep analyzing the market and look for signs of weakness or strength. Expect that you will get trapped into an early short or long. That`s the nature of the ES market.
If you missed a move, don`t chase, but wait for a retrace, price to pause, or even fade the move at a much later time. Accept that you won`t catch them all.
It`s much like fishing. Be patient, but alert. Take your time. And when the setup looks too good not to take, execute!
The ticks one loses by being "late" will most likely be made up for by actually getting a confirmed entry and thus a higher win %.
Quote from Laissez Faire:
One good trade is all you need per day. Less stress that way and bigger profit potential. As long as you get a decent entry, you can quickly minimize risk or even getting stopped out for a few small losses before you eventually catch a big one.
Another word of advice if you don`t already use it, is to look more at the 1-minute chart. Mostly to look inside the 5-minute bars and fine tune your entries and exits. The 5-minute bars are simply much larger than normal, so it may be tough to execute on that alone.
The next time you`re up a decent amount of points, you should consider leaving the computer for a while and do something else. Damage control
LF, thanks for your comments. I actually did start looking in addition at 3 min charts recently, you are right, the bars on 5 are too big now.
And yes, I need to remember that one good trade is all I need
and stop trying to catch every move on the chart.