The CL/NQ experiment

[Gabe2004]

So that worked out great for you. Are you still in the trade?

I did not actually take that trade because I was in a trade already.
I'll post it later.

stops are not a good way to exit. They are the last resort, insurance against a breakdown in discipline or something unexpected.

Some people call them catastrophic stops.
The successful trader that I wrote about in the past almost never uses them.
He gets out before they are hit.
The truth is that those stops of his were fairly large relative to where he got out when the trade did not go in his favor.

Gabe

 

[Gabe2004]

Today's trades.
I should not have taken trades #2 & #3.
The bar of trades #2 & #3 should have signaled a long.
Trade #4 was taken off the 1min chart.

Gabe

 

[Gabe2004]

Today's trades.
Trades #1 and #2 were high probability based on an observation I made through my Market Replay.
Not too happy with trade #4 but I had a bias to the upside (not a very good reason).

Gabe

 

[smallStops]

It looks like you now have a fixed trading plan. .
At least your discipline is not getting disturbed by "parasites".

 

[Gabe2004]

It looks like you now have a fixed trading plan. .
At least your discipline is not getting disturbed by "parasites".

Unfortunately I am not there yet.

Gabe

 

[Gabe2004]

Had computer problems and hit a dry patch in my replay trades so no trades to post.

Gabe

 

[Gabe2004]

Mr. Computer is healthy again.
For the blood seekers (I am sure they will be licking their chops reading this), after several years of attempting to crack this nut (trading) I think it's time to change course.
Not to stop trading but something else.
Some people here tried to help and some just showed support.
Both were/are appreciated.
Some were nasty but that's ok.
Anyway, I was thinking of what happened 3 days ago during my Replay trading and I realize that the same thing happened as happened during live or sim trading in real time; I lost concentration as a trader and concentrated my trading in a way that is similar to the sensation one gets from a shooting video game (and I haven't played any video game for many many years.
Not to harp too much on the past I am looking at different options.
1 is trading off straight lines (both the diagonal ones that dbphoenix is writing about and the horizontal ones which represent S/R or S/D levels.
It will be a difficult task to un-learn what I know but I am not giving up.
I have invested too much time to quit now and in general the word QUIT is not in my vocabulary.
I used to trade IWM both live and sim before I switched to CL.
I am thinking of going back to that instrument and possibly NQ. (QQQ has a very narrow daily range so I cannot use it).

Gabe

 

[AAAintheBeltway]

I think you've made a good decision. What you were doing wasn't working, for whatever reason. I will say the CL has been very difficult to trade.

You seem like a hard worker. At some point things will click for you. Good luck.

 

[Gabe2004]

1st sim trade in NQ.
Have to hold longer but not bad.

Gabe

 

[Gabe2004]

Only 1 trade today.
I lost interest after it but kept watching the charts.

Gabe