So, of course I've slown way down to take some time to really etch out a winning game plan. I wish I had done this in the beginning, but of course with that thought of never truely knowing the outcome of a trade, I thought that if I took trades that are low risk I couldn't go wrong. Turns out that doesn't work so well.
I've come up with a few patterns to trade exclusively. I need to do a little more work with them though. I found at least 3 patterns that have a pretty good reliability for scalps (around 70%). However, I must find ideal stop and profit targets. I absolutely hate the fact that all paterns are subjective and feel that the word is really a misnomer because of the price & time inconsistency.
For starters, I might just end up focusing on one of them till I have a good enough sample for myself.
The most recent lessons obtained via experience are:
- It seems one must have some sort of order or pattern to your entry. Stating this almost feels delusional because I find that because time and price vary in magintude, a true repeatable pattern would show up in the identical time and magnitude. However, if you stuck to this you would probably trade 1 time per year. I have trouble seeing how to best accomplish this. It seems you must ignore time/magnitude in order to determine proper setups. (This point is made by Al Brooks and I have experienced now first hand - taking trade that you are not sure the outcome will more than take away all of your profits). Anyone care to share light on this? I have never seen anything written about this particular subject.
- Of utmost importance is knowing when to fold, or reverse. Low risk is to me the most fundamental aspect. Some of my recent trades were too risky.
I've promised myself at this point to trade only 1 contract of 1 instrument at a time until I consistently show positive results. There is no reason to bet like I have until I can prove I can make money. Trades I would have taken but did not last night would have net a small amount. Around $100 on NQ.
@ ~ $11k (-54%)
I've come up with a few patterns to trade exclusively. I need to do a little more work with them though. I found at least 3 patterns that have a pretty good reliability for scalps (around 70%). However, I must find ideal stop and profit targets. I absolutely hate the fact that all paterns are subjective and feel that the word is really a misnomer because of the price & time inconsistency.
For starters, I might just end up focusing on one of them till I have a good enough sample for myself.
The most recent lessons obtained via experience are:
- It seems one must have some sort of order or pattern to your entry. Stating this almost feels delusional because I find that because time and price vary in magintude, a true repeatable pattern would show up in the identical time and magnitude. However, if you stuck to this you would probably trade 1 time per year. I have trouble seeing how to best accomplish this. It seems you must ignore time/magnitude in order to determine proper setups. (This point is made by Al Brooks and I have experienced now first hand - taking trade that you are not sure the outcome will more than take away all of your profits). Anyone care to share light on this? I have never seen anything written about this particular subject.
- Of utmost importance is knowing when to fold, or reverse. Low risk is to me the most fundamental aspect. Some of my recent trades were too risky.
I've promised myself at this point to trade only 1 contract of 1 instrument at a time until I consistently show positive results. There is no reason to bet like I have until I can prove I can make money. Trades I would have taken but did not last night would have net a small amount. Around $100 on NQ.
@ ~ $11k (-54%)