MySLAJourney

Buy1Sell2 said:
This is exactly right. Need prudent use of capital though as well. That needs to be paramount.
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Hi,

Thanks... however please can you shed some light on what you mean by - "Need prudent use of capital though as well". Is it risk management or something else...

Regards,
K
 
OmDBnamah said:
Namo Gurudev.....

Are you referring to the beyond Taylor thread by Mitsubishi at TL...

Regards,
K
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Yes.

As for the mentoring thing, I don't do that outside ET. I suggest you follow lajax' journal and ask questions about it on the SLA/AMT Intraday thread.
 
OmDBnamah said:
Hi,

Thanks... however please can you shed some light on what you mean by - "Need prudent use of capital though as well". Is it risk management or something else...

Regards,
K
More...

He means using 40pt stops on the ES and trading in the wrong direction. Like yesterday. If his posts bother you, just click Report.
 
Namo Gurudev. ..

My trading plan... work in progress...

I use 5 min bars... 1 min bars..... and price window.....
Wait for 30 minutes range to form...
Wait for breakout.... pullback (most of the times) ..enter....
Manage trade using SLA/AMT....50% level....ATR....

Regards,
K
 
Namo Gurudev. .

Strengths -
My entries are ok...
I am not afraid to give price room... I am more of a long term trader for the day. .. I don't like to exit again and again for a few points. ..
I use ATR effectively to exit at day high low many times (though I never try to pick up top bottom)
Many times I faded spikes successfully especially near day's range....
I understand going short better than long.... sometimes I wish for bear market to come...
I follow your 3 trade approach. ...

Regards,
K
 
Last edited:
Namo Gurudev. .

Weaknesses -
I keep lowering the support...e.g. if demand line broken.... wait for last swing low.. if it breaks wait fo 50% and so on...
Exiting a losing trade (though I have experienced many successful trades once I exit and take the opposite trade)...the problem is where to draw the line...
Sometimes exiting the winning trade however nowadays I am learning that I can't have it all... follow the plan and be happy. ..
Regards,
K
 
OmDBnamah said:
Hi,

Thanks... however please can you shed some light on what you mean by - "Need prudent use of capital though as well". Is it risk management or something else...

Regards,
K
More...
Certainly. It is risk management and also reward management. Prudent use of capital is risking less than 2% of Total Liquid Net Worth on any one trade/idea. With successive losses, 2% becomes a smaller number and it will be unlikely to ever blow out an account. In addition, you would let your winners run--at least having a target of at least 3 times your initial stop loss. In this manner you can be wrong and still be a successful trader over the long haul.--Ishmael
 
Buy1Sell2 said:
Certainly. It is risk management and also reward management. Prudent use of capital is risking less than 2% of Total Liquid Net Worth on any one trade/idea. With successive losses, 2% becomes a smaller number and it will be unlikely to ever blow out an account. In addition, you would let your winners run--at least having a target of at least 3 times your initial stop loss. In this manner you can be wrong and still be a successful trader over the long haul.--Ishmael
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This is a fundamentally dishonest statement. Those who make it and do not have a robust trading plan will never become successful traders. The best risk and money management cannot save you if you consistently trade in the wrong direction.
 
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