WHAT IS A SECOND ENTRY ?

[ironchef]

Good Morning ironchef,

I must say, I'm very impressed how well you are able to understand my true intentions of all my posts on this forum.

Very impressive.

Takes one to know one sir.

 

[padutrader]

It is so complicated

this is simpler i do this:

i cannot trend follow because i cannot swing trade.... i cannot swing trade because with TST daily loss it is very difficult.

so i scalp and, though Brooks says quite rightly, you should swing not scalp, i only scalp second entries for 3-4 ticks with 1-2 contracts.i do not get over smart and i stay disciplined even thiugh sometimes i may 4-5 points in ES i take 3-4 ticks . slam bam thank you ES

i usually get 100 % win rate but 90 % is the least acceptable.
because commissions and costs are the elephant in the room and that will kill me if i keep making a lot of transactions scalping and losing.

 

[padutrader]

The journey,the learning,the obsession,the thirst is what makes anything achievable

boy i love that but it was one hell of an expensive experience

ran out of capital but even now i am enthusiastic

 

[SimpleMeLike]

i want a 100% win rate and a sure money and that needs a high probability.

so i trade 2nd entries scalp out at 3-4 ticks with 2 contracts on ES.

i am NOT saying it is easy but it is a plan.

i must warn that Brooks says swing not scalp ; but this looks easy and i am giving it a try.

Good Morning padutrader,

yes sir

 

[padutrader]

OK thanks. I will watch out for those.

It is so complicated. @SimpleMeLike's approach is much simpler, click, click, click... buy and sell. I tried that and it worked about once every 5 to 10 clicks.

the advantage of scalping second entries is that it conforms with Al's dictum that only enter with stops for the safest of trades... because in effect you are entering a trend

 

[SimpleMeLike]

SML,I'm not attacking you personally,but a new trader reading might think you are a successful trader who never had to hit the books and educate themselves.

I remember Jim Rohn saying that his mentor said for him to make a million dollars 'not for the million dollars,but for what it would make of him to make it"(paraphrased).

Its a journey and a character building experience.Be proud that youre taking part in the hardest business in the world but educate yourself,put away the 'i tried and nothing worked,so now I just click' philiosophy.Start again.

If you say to yourself,I hate the fucking journey,I want to be successful right now without the journey then you may need to reset your entire life. The journey,the learning,the obsession,the thirst is what makes anything achievable.If you dont have it,look for the arena that does compel you.

Best of luck mate.

Cheers,

Good Morning semperfrosty,

Thank you for the recommendations and quotes and advice.

Yes, I agree with you. I will posting my disclaimer on all my ET post from now on.

No, I will never ever ever ever ever ever ever ever ever ever times 100 more ever read a trading book in my life or buy a trading course, or invest brain power, money, and energy in a trading education. NEVERRRRRR. IMO, it is a stupidest thing ever to read trading books. Just my opinion. it just dumb,

Reading a trading book, is the same as asking Pablo Escobar for his drug business, he would kill me in 3 seconds.

Full Disclaimer : I am currently a Losing Trader so far of about -$8,000 on the fiscal year of 2023. Let's see how the next 2 months go. My comments are not worth a penny with a hole in it because I am losing trader right now.

 

[padutrader]

I tried that and it worked about once every 5 to 10 clicks.

i tried it earlier and though it seems logical that you can enter anywhere and make money it is surprisingly not profitable to do that.
Without a plan where to enter and where to exit you get nowhere in trading.

this second entry strategy conforms with that requirement.

you may think it is not efficient but in scalping win rate is everything

 

[SimpleMeLike]

OK thanks. I will watch out for those.

It is so complicated. @SimpleMeLike's approach is much simpler, click, click, click... buy and sell. I tried that and it worked about once every 5 to 10 clicks.

Good Morning ironchef,

Yes sir.

Complicated is for the stupid man. Simplicity is for the richest man.

Full Disclaimer : I am currently a Losing Trader so far of about -$8,000 on the fiscal year of 2023. Let's see how the next 2 months go. My comments are not worth a penny with a hole in it because I am losing trader right now.

 

[padutrader]

yes sir

i am doing it that way because even though Brooks say do not scalp it conforms totally to his basic tenet of teaching.
high probability trade, stop entry, which is definite and consistent [a second entry]and exit ,which is fixed:3-4 ticks in ES
a lovely strategy if you want to make money to live :making a living as opposed to making a killing or getting rich

 

[ironchef]

i tried it earlier and though it seems logical that you can enter anywhere and make money it is surprisingly not profitable to do that.
Without a plan where to enter and where to exit you get nowhere in trading.

this second entry strategy conforms with that requirement.

you may think it is not efficient but in scalping win rate is everything

If you keep a very tight reign on stop loss, you will be profitable. With @SimpleMeLike's approach, win rate is not everything.

However, I can't trade that way because of my poor risk tolerance. I need high win rate to be able to sleep nights. That unfortunately reduced profit rate.