WHAT IS A SECOND ENTRY ?

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.
 
ironchef said:
trend following
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trend following seems simple and i used to simply trade the trend.
this was fine when the trend was strong.

when it was not strong then traders would trade counter trend and that would catch me on the wrong foot.so i always got the feeling that i was doing it opposite to what i should be doing.

once counter trend traders get a smell of profit and taking action the counter trend would break a trend line and then 2 leg down would start. This 2 nd leg momentum may be strong as the 1st leg or it may be less strong sometimes in channel.

so if the second leg is not as strong as the first leg, then once you get the expected two leg structure -the end of structure- if you get a good reversal bar/set up you can take the trade.

if the second leg is strong and the counter trend move did not break a trend line then you can trade the second leg as a continuation of the first leg trend.

this is all you have watch for when trading.

this is Brooks and i did not understand this and lost a lot of money till recently.

THIS IS YOU HAVE TO WATCH FOR. I am not saying trading time easy or simple to see this market action and there are many variations of this but this is the basic template.

i hope this helps.all of you.
 
SimpleMeLike said:
Hello padutrader,

What great man are you talking about?


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.
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Like Musk claims he is losing money because X is losing money in 2023?
 
padutrader said:
trend following seems simple and i used to simply trade the trend.
this was fine when the trend was strong.

when it was not strong then traders would trade counter trend and that would catch me on the wrong foot.so i always got the feeling that i was doing it opposite to what i should be doing.

once counter trend traders get a smell of profit and taking action the counter trend would break a trend line and then 2 leg down would start. This 2 nd leg momentum may be strong as the 1st leg or it may be less strong sometimes in channel.

so if the second leg is not as strong as the first leg, then once you get the expected two leg structure -the end of structure- if you get a good reversal bar/set up you can take the trade.

if the second leg is strong and the counter trend move did not break a trend line then you can trade the second leg as a continuation of the first leg trend.

this is all you have watch for when trading.

this is Brooks and i did not understand this and lost a lot of money till recently.

THIS IS YOU HAVE TO WATCH FOR. I am not saying trading time easy or simple to see this market action and there are many variations of this but this is the basic template.

i hope this helps.all of you.
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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.
 
ironchef said:
Don't be too humble.
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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,
 
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