Oh I totally agree that its about the learning, but I thought you said somewhere that would you would give us a rundown at the end of the session since NinjaTrader would be able to calculate it for you. In a way, even if money isn't made, I think Db did say somewhere that it at least keeps you out of trouble and keeps the losses minimal. So I just figured that maybe a tally at the end of the week would at least say something.
NQ Price Action Journal
- Thread starter niko
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Oh I totally agree that its about the learning, but I thought you said somewhere that would you would give us a rundown at the end of the session since NinjaTrader would be able to calculate it for you. In a way, even if money isn't made, I think Db did say somewhere that it at least keeps you out of trouble and keeps the losses minimal. So I just figured that maybe a tally at the end of the week would at least say something.
Well, unless you are currently making consistent profits and know why you are making them, I suggest besides following the SLA approach, you also give a look to the procedure DB suggested to create a trading plan, and just stop trading until you get it. I ignored the "stop trading" warning for too long at my own peril.
Forgot to attach the damn file
Thanks for this Niko. I am for sure using it as a learning tool. In hindsight, it is somewhat frustrating to think that the NQ made an almost 30 point move from the open and yet the end result is still down. But let me tell you... going through this has been a really good learning experience today. Can't wait for tomorrow morning!
When I began the first thread, If You Can Draw A Straight Line, I included several modifications or options or whatever one wants to call them to prevent the approach from being too rigid. People were of course hopelessly confused. So I began the Son thread, leaving out all but a few. Still too many. So the Bride thread became bare bones, the objective of which was to get the trader to focus on price and only price and whether it was going up, down, or sideways. This was far more appealing. But those who have followed it have begun to realize that though they are more focused they are too focused, that there's more to it than the rigid bare bones.
Nick and I decided that playing this mechanically so that the trader had little or nothing to do but follow the rules would be beneficial. And eventually it may be. But only the most seriously-damaged traders will follow the rules in this way, and the most seriously-damaged traders are those who are least likely to mess with this at all.
If Nick had followed the "optional accessories" explained in the first thread, he would at least have had the option of taking that rejection at 0943/44. If he had, this would have meant a 10-11pt profit for that trade. Instead he waited for the obvious ret and entry 8pts later.
Traders therefore have three options, from the "regular" to the simpler to the simplest. And it's really up to the trader to try on one then another until he finds the right fit. I'll remind readers again that they needn't read 4000 posts to get this. What they need to know from the first thread is in the last post. What they need to know from the second and third threads are at the beginnings of those threads. Links to all these are provided at the beginning of the Ghost thread.
And if those who complain about not enough charts can't find enough in 4000 posts, they ought to investigate some other approach.
As far as chat goes, I'll read price, not lines, and if something whizzes by, the whizzee will have to work it out in his journal.
This doesn't have much to do with scratching, but is rather a visit back to the first thread. If it's too soon for that, just ignore it:
I believe it can still be simple. You don't have to catch every twist and turn. You don't have to be perfect. What is good enough? How can we open up ourself to seize the moment when it arrives? How will you make sure that you achieve this consistently?
I.e. how can I catch big moves when they do happen and never looks back, and still minimize my risk when the behaviour is less direct? E.g. mechanical SLA + scratch early if in doubt. (Sounds familiar? thales was (is?) also very big on scratching if price didn't take off.)
Sorry to have you not around today. I will be focusing more on the behavior and the buying and selling pressure. As of now, the chat only has boru and myself in it... so it might just be an intimate group today!