All it means is just because some here are not posting every little move we make doesn't mean we are not trading our plan. Some of the people I've been helped by the most have never posted there plan in public. If you have confidence in it and you are profitable thats all that matters. We don't need s approval from anyone
Trading NQ via Price Action
- Thread starter k p
- Start date
Oh of course there are traders on here doing very well. But I mean that nobody who is learning at the moment and sharing is doing it right 95% of the time. There are good trades here and there, but nothing where a person writes up a review at the end of every day to show their trades that were all according to plan and can stand by each and every one.
All I keep hearing about is having a solid trading plan and following it religiously, but there isn't any example of this. Of course we are all learning, so I'm not criticizing anybody. I'm just saying that it would be nice if there was journal that said "I have a trading plan with an edge, and here are my trades today." Then we see this updated day after day with all the trades shown according to plan, and although there might not be a daily profit, the weekly summary should show a continuous rise of profits.
I've been trying hard to work on my trading bro!
Where u been?
Some ideas...
Defining a range/hinge you can do. You already do.
Entry criteria is entirely up
To you! Get creative. Make it yours.
If price fakes a BO, you lose. A failed BOPB is an entirely different set up that you aren't concerned with. Test that later. Take the small loss.
Being early happens. Try again? If that fails it's obviously not leaving the range.
Is a range that difficult to define? I find it's much harder to recognize real time. Real time, I suggesting taking 2 stops as a signal for range.
I think DB mentions that in SLA. great method too BTW.
I'm trying really hard at implementing it. It's crazy how hard each of us individually can make this. I'm trying not to make it hard.
Anyways, at the end of the day, YOU have to pick something. Who cares what it is. If it's a generic range break out pull back, you can spice it up and make it ENTIRELY yours.
Good luck to you.
-JS
I do think I am making this far too hard indeed. I mean I just need to spit out some stats and then trade according to this. The secret of what you say is really where you say just take the loss. Its hard to accept the money loss, it makes you think you did something wrong. In my case, I had been doing something wrong. I didn't have a plan. So the loss was not only a loss of money but also a loss of confidence. The worst part about this was that it prevented the next trade from being put on. Once again, since there was no plan, who cares what the next trade might have even been anyway as without a plan, it might have just been random anyway.
The second thing is knowing where to take your loss. You see, many of my loses when you go through my journal have been taken at the praying stage where I just cannot believe I could hold a loser for so long. First price moves against you and you don't want to take the loss and be wrong. Then price moves against you a bit more and you think you should have gotten out sooner. Then price moves a bit more and you no longer even want a BE trade, you just want a smaller loss. And then price moves against you a bit more and you get out when you finally admit defeat. And then price comes back towards your entry! LOL....
The whole point of all this is that its so important to know where your stop loss is and respect it. You need to take this loss not only because it might turn into a bigger loss if you don't, so you want to prevent that, but also because you have to be ready for the next trade, and if your loss is bigger than it should have been, I simply would not be able to put the next trade on.
So its true that this doesn't have to be difficult, but you do have to have all the fine points worked out so you're not stuck not knowing what to do.
Anyway, sounds like you're in good head space.... this I think puts you way ahead!
I can completely understand moving the stop. Done it.I do think I am making this far too hard indeed. I mean I just need to spit out some stats and then trade according to this. The secret of what you say is really where you say just take the loss. Its hard to accept the money loss, it makes you think you did something wrong. In my case, I had been doing something wrong. I didn't have a plan. So the loss was not only a loss of money but also a loss of confidence. The worst part about this was that it prevented the next trade from being put on. Once again, since there was no plan, who cares what the next trade might have even been anyway as without a plan, it might have just been random anyway.
The second thing is knowing where to take your loss. You see, many of my loses when you go through my journal have been taken at the praying stage where I just cannot believe I could hold a loser for so long. First price moves against you and you don't want to take the loss and be wrong. Then price moves against you a bit more and you think you should have gotten out sooner. Then price moves a bit more and you no longer even want a BE trade, you just want a smaller loss. And then price moves against you a bit more and you get out when you finally admit defeat. And then price comes back towards your entry! LOL....
The whole point of all this is that its so important to know where your stop loss is and respect it. You need to take this loss not only because it might turn into a bigger loss if you don't, so you want to prevent that, but also because you have to be ready for the next trade, and if your loss is bigger than it should have been, I simply would not be able to put the next trade on.
So its true that this doesn't have to be difficult, but you do have to have all the fine points worked out so you're not stuck not knowing what to do.
Anyway, sounds like you're in good head space.... this I think puts you way ahead!
BUT. It simply can't happen. When you're hoping your losing. Plain and Simple. That stop is this business. Taking the hit, is this business. Sure they'll get smaller, less frequent, but it is this business.
I'm in a good head space...I think? It's getting better. That takes a lot of introspection. It sure as hell aint fun. It's hell. It's admitting weakness. But, this leads to strength IMO.
All in all KP, pick a set-up, make it yours. Forsake all else, pick one, define it, own it. That's all I can think of. It's what I'm working on now.
-JS
You're not kidding where you talk about introspection. You know how they say... actually.. maybe its Mark Douglas who said it, that when you're trading the market, you're trading your own hopes and fears. This couldn't be closer to the truth. The market is almost like a woman who can smell fear. You've lost her even before you say a word if you aren't properly prepared. I also like how they say something like the market teaches you the easiest way to lose money... or something like this.
Anyway.. I've done it all wrong even though I thought I was starting out properly. Good experience, but I'm sick of being the loser, sick of that feeling where you're not in control, at the mercy of the market Having a set of rules where you accept all possible outcomes and have prepared for them all will be a delight.
Just like a woman who turns you down, you thank her for her time and look forward to the next one around the corner!
(and I even bet that when you walk away gracefully she must wonder if perhaps she made the right move by not giving you her number) (mind you though... if you're this graceful, you probably got her number anyway... hahaha)
Anyway.. I've done it all wrong even though I thought I was starting out properly. Good experience, but I'm sick of being the loser, sick of that feeling where you're not in control, at the mercy of the market Having a set of rules where you accept all possible outcomes and have prepared for them all will be a delight.
Just like a woman who turns you down, you thank her for her time and look forward to the next one around the corner!
(and I even bet that when you walk away gracefully she must wonder if perhaps she made the right move by not giving you her number) (mind you though... if you're this graceful, you probably got her number anyway... hahaha)
The problem here is that there is only one woman and you have NO OTHER CHOICE than to "conquer" "her"
You're not kidding where you talk about introspection. You know how they say... actually.. maybe its Mark Douglas who said it, that when you're trading the market, you're trading your own hopes and fears. This couldn't be closer to the truth. The market is almost like a woman who can smell fear. You've lost her even before you say a word if you aren't properly prepared. I also like how they say something like the market teaches you the easiest way to lose money... or something like this.
Anyway.. I've done it all wrong even though I thought I was starting out properly. Good experience, but I'm sick of being the loser, sick of that feeling where you're not in control, at the mercy of the market Having a set of rules where you accept all possible outcomes and have prepared for them all will be a delight.
Just like a woman who turns you down, you thank her for her time and look forward to the next one around the corner!
LOL. I was turned down once and she still let me take her to Chili's. It was like my second real date ever. Oh Well...
The problem here is that there is only one woman and you have NO OTHER CHOICE than to "conquer" "her"
Well yes.. the similarities do stop somewhere. When I buy back an NQ contract to get out of a short, I don't care who its from. But I very much care about what woman says yes to me! tee heee
Wow.. only turned down once eh?
Hmmm... turned down yet still got to go out with her? That's like being in a losing trade but still somehow managing to get out BE.