My nq price action method
- Thread starter slugar
- Start date
That zone also worked well for a range - agree??
Point being - be always adaptable - to price
RN
Following this thread RN and Slugar. Good stuff.
Thanks I'm learning a lot and trying to be patient with myself
No way you would know and I appreciate you being adamant about how we do this
And I'm willing to stick here.., for as long as it takes..., and till it becomes second nature
Everything & anything else you plan to do / will ever accomplish - trading PA - is predicated on it (building proper context (which accurately reflects price) - then creating trading plans based on that context)
RN
I remember the handful of years it took me to get to being a breakeven trader, the entries were more fun and I concentrated always on getting it the best, but they were wasted five years cause I concentrated on the getting in, what a fool I was back then. The money of the trading plan is where to get out and what is happening on each bar, and I was writing down in my journal what each bar meant.
I would often have one line why I got in and half page of what happened DURING the trade. What are you seeing? Try this, which I often did myself, I want YOU to teach ME how to trade, show me the whys of you getting in, but teach me what you see till trade is complete.
To me trading is about failing, finding out where other traders are failing and feeding them their contracts, where are they throwing up their hands and getting out cause that where I want to get in earniest. About the only time I do breakouts are on reversal type signals, look at it like a rubberband, stretch that puppy way out and I want to get in for the snap back, they usually offer smallest risk and if risk too great, wait for breakout and place entry limit where risk is less, has to fill in couple bars. Trend trades for me always meant that breakouts offered greatest risk and smallest profit cause price has to prove itself so much to show trend, so that why I prefer to wait for retracements against the trend to get in, often times risking 5-6 points in Nasdaq but seldom get stopped out. "Time", I don't have much patience, want the trade to show me it going my way after so many bars, otherwise am lookng to get out.
And failing is not a bad thing like so many think, they are opportunities to do again and do it right. Might take a few times of doing wrong, but I see it as one less way not to do it that way again. Failures to me are truely opportunities.
Many put little emphasis on entries (not sayin you H123)
To me.., entries are the very basis necessary for low risk trades
Exits (stop loss variety) ..., have to be where the set up (signal) fails â or.., if your skill is sufficient â once sediment changes⦠but price hasnât yet retraced sufficiently to fail the signal
Then of course managing the trade â that is a whole arena unto itself
Many layers to this craft⦠manyâ¦, many
RN
To me.., entries are the very basis necessary for low risk trades
Exits (stop loss variety) ..., have to be where the set up (signal) fails â or.., if your skill is sufficient â once sediment changes⦠but price hasnât yet retraced sufficiently to fail the signal
Then of course managing the trade â that is a whole arena unto itself
Many layers to this craft⦠manyâ¦, many
RN
Slugar
I want you to burn this into your brain - beyond any... shadow of a doubt
And make no mistake about how important it is
Losing well..., is the best trading skill I possess - period (and it took me losing a hellofalot of money to figure this out - not to mention the emotional bullshit I put myself through )
RN