My journey to profitable trading: NQ price action journal

[Turveyd]

I'm in the same boat at the moment, 1:1 R:R wise but should be 1:3 area easy recently, I'm also looking at the $$$'s and thinking $250 which is approx 1:1 and take that, then giving it back later LOL You are not alone!!

Add a 6SMA to that chart, bit of short term momentum might help, but basically if your long ask yourself..

1. Is the direction still up ?? If yes hold.
2. Would I short here ?? if no hold.

Don't try to pick exact tops, your better off holding for 20pips then selling at +15 on the way down than taking +1 incase the trend turns on you.

 

[VV Cehpei]

Edit: ^ Yea Turveyd, I know exactly what you mean! I just try to keep improving and try to learn from my mistakes.

Hey thanks for the info ND. Buying on the 14:03 bar sounds good. It's funny when I look at it now, if I had bought then I could have had 5 points already by the time we even got up to 3982 where I entered!

The last few days I've been going long on the swing highs, and that's one thing for sure that I'm going to change.

 

[NoDoji]

Hey thanks for the info ND. Buying on the 14:03 bar sounds good. It's funny when I look at it now, if I had bought then I could have had 5 points already by the time we even got up to 3982 where I entered!

I can't stress enough the value of capturing screenshots of charts at the hard right edge, bar by bar, leading into strong price moves and studying them until you can feel the setups in your bones. It's stressful and difficult working in an environment of uncertainty all day. By studying your setups at the right edge, before the big move that makes you say, "Oh I could've blah blah blah...", you will gradually learn to recognize them early on and even if you still think it looks like an ugly place to enter, you'll know that it's the place you're supposed to enter.

 

[VV Cehpei]

Thanks ND, and I hear what you're saying. I agree, nothing can beat that experience or taking the time to study the setups. I still have a lot of work to do, no doubt, but I'm learning more every day

 

[VV Cehpei]

No trades today.

I wanted to place a trade this morning, but I decided to sit out. I'll be honest, a part of the reason was that I wanted to post a positive week and didn't want to risk a loss. I fully realize that the gains that I do post are minuscule, and to some probably laughable, but to me it's not the dollar amount that is important. To me, it's important from a psychological and confidence standpoint to post a gain. I want to get used to this so it's normal, and even expected.

I'm going to take the rest of today and the weekend to relax and think things over and get ready for next week. Like I mentioned in my last post, I'm going to leave the trades alone for the most part as well as work on my entries. I'll post the weekly stats after.

 

[Redneck]

I fully realize that the gains that I do post are minuscule, and to some probably laughable, but to me it's not the dollar amount that is important.

That is about the stupidest fuckin thing I have read today

Yes..., the amount be damned – that your risking your ass..., like the rest of us…, bodes respect

ALL traders have been there…, All traders get it

And stop worrying what others think anyway

I'm going to leave the trades alone for the most part as well as work on my entries.

Work on managing each trade – it way more important than entries

No trades today.

I wanted to place a trade this morning, but I decided to sit out. I'll be honest, a part of the reason was that I wanted to post a positive week and didn't want to risk a loss.

Oh.., and stop trading your PnL (worrying about a positive week/ fear of losing)

Trade every signal you see – MANAGE each - screw the results




Yes Sir - rest the ole noggin - it is important


RN

 

[k p]

Trade every signal you see – MANAGE each - screw the results

RN

I like this RN... and given that this is all just a game of probabilities, it really is the only way to win! I know in my heart of hearts that when I can learn to screw the results but take each valid signal, the profits will just fall into place.

 

[Turveyd]

As Redneck says, the Entry only gets you so far, what happens afterwards is the tricky part it seldom sticks to what's supposed to happen, so it's how you manage it, sometimes it'll weaken and start to go without you, so soft exit preserve your capital and sometimes it'll show more strength then hold and shoot for the stars.

The balance between, taking a profit and holding to long and ofcourse not long enough is tricky.

Also seriously, compare the action on YM today to NQ, it's a lot more fluid should make it easier to hold for more pips / ticks / whatever Index's trade in. ( I wouldn't touch NQ ever ever )

 

[VV Cehpei]

Have a great weekend all!

Week 8 results

6 trades, 6 wins

Monday: +$57.44
Tuesday: +$16.22
Wednesday: +$11.22
Thursday: +$32.44
Friday: no trades

Net weekly P/L +$117.32

 

[Redneck]

Work on managing each trade – it way more important than entries

I think a little clarity on my part is necessary


entries vs. trade management


Ask a competitive runner which more important – their left leg/foot…, or their right leg/foot

The runner’s answer would obviously be – both

And without both – the runner’s ability to compete would be significantly impeded…, if not totally eliminated



Carried over to trading

Which more important…, the entry.., or the management

Answer – actually both are essential for optimal trading performance


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Proper entries - set the tone (the battle won before ever being fought - sun tzu)

Minimizes the amount of risk…, one must assume…, for a given trade

Maximizes the potential profit..., one can extract..., for a given trade


Proper management - seals the deal

Enables a trader – to control loss.., to the absolute minimum necessary..., when a given trade pukes

Enables a trader to extract every tick of profit – the mkt offers up…, AND…, the trader’s skill affords – when a given trade works


Both proper entries…, and…, proper management – are imperative for optimal trading performance


===============


Unfortunately..., we all too easily fall into the fallacy;

If I could only identify more entries – I’d be a profitable / successful trader


Which is dead nuts wrong.., and why I suggested OP focus on management


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Trade management encompasses all aspects of a give trade – including the entry

By focusing on trade management…, we’re forced to focus / consider all aspects of a given trade - and not fall victim to tunnel vision


It also provides a defined set of actions..., for said given trade - that we simply execute - (though granted is easier said than done sometimes)


RN