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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #111 (permalink)
 
Big Mike's Avatar
 Big Mike 
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lancelottrader View Post
Sending you a message about Profit manager since posts tend to get deleted when vendor's products are mentioned.

What exactly are you talking about? "Tend to get deleted" ??? Give me a specific example and I will give you a specific answer and make sure you fully understand so that you are not saying something like this or spreading inaccurate information on the forum.

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  #112 (permalink)
 lancelottrader 
west palm beach florida usa
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Big Mike View Post
What exactly are you talking about? "Tend to get deleted" ??? Give me a specific example and I will give you a specific answer and make sure you fully understand so that you are not saying something like this or spreading inaccurate information on the forum.

Mike

Well, today for example I noticed a post was deleted I wrote yesterday on the Sceeto vendor thread. I simply asked if Sceeto works on Cl and not just the S&P and it was deleted. So I thought it would be prudent for me not to mention vendors products anymore. Didn't mean to cause a problem. Here is the link to the page. It's toward the bottom.


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  #113 (permalink)
 
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 Big Mike 
Manta, Ecuador
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Swing Trader
 
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lancelottrader View Post
Well, today for example I noticed a post was deleted I wrote yesterday on the Sceeto vendor thread. I simply asked if Sceeto works on Cl and not just the S&P and it was deleted. So I thought it would be prudent for me not to mention vendors products anymore. Didn't mean to cause a problem. Here is the link to the page. It's toward the bottom.


The explanation was provided to everyone to read:



The first post was made by a vendor. Vendors are not permitted to promote their business within posts, which he did, so it was deleted. He was told previously about this.

The second post was you quoting the vendor post which was just deleted, so like it says, it was deleted too. If your post had not quoted his, it would not have been deleted.

I am in the process of making some changes to vendor rules on the forum. But for now, the rules that exist today are the same that have existed for over 3 years.

Mike

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  #114 (permalink)
 lancelottrader 
west palm beach florida usa
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What a great move today.

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  #115 (permalink)
 ju1234 
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Hello Lancelott, I am new here. I know you have stated in your post that you are not interested in teaching. Would you mind though telling what indicators you use? Thanks.

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  #116 (permalink)
 lancelottrader 
west palm beach florida usa
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ju1234 View Post
Hello Lancelott, I am new here. I know you have stated in your post that you are not interested in teaching. Would you mind though telling what indicators you use? Thanks.

Basically the indicator that draws the real time support and resistance areas is from Logical Forex..and the trailing stop dots are plotted by Rampage Trading. The rest is basically just from Ninja trader .

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  #117 (permalink)
 lancelottrader 
west palm beach florida usa
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Yesterday in my video, I questioned the reasons for using a daily loss limit. Today I decided to keep trading beyond my usual loss limits. The results were very..very.. bad. The market conditions were terrible. Also I got thrown off my game because I had an issue with Ninja Trader that got resolved a few minutes into the 9 am est pit open. I traded worse than a Chimp today. In fact, that's insulting chimpanzees, for which I apologize. Really blew it today.

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  #118 (permalink)
 
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 Surly 
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lancelottrader View Post
Yesterday in my video, I questioned the reasons for using a daily loss limit. Today I decided to keep trading beyond my usual loss limits. The results were very..very.. bad. The market conditions were terrible. Also I got thrown off my game because I had an issue with Ninja Trader that got resolved a few minutes into the 9 am est pit open. I traded worse than a Chimp today. In fact, that's insulting chimpanzees, for which I apologize. Really blew it today.

Hey Lance, thanks for keeping up with this thread - always informative to hear about others' triumphs and struggles in this game. Just watched your video about daily loss limits and read this post. Its quite a conundrum huh? I have struggled with the personal waterfall effect for a long time - its an almost universal problem I'd imagine.

My take on it these days is this: A daily loss limit is a self-protection mechanism, similar to a stop loss on an individual trade. The specific amount you lose in a day has little to do with whether or not you should stop trading - the critical factor is how well you are centered emotionally and whether you are making patient, rational decisions. I find (and many others do as well) that if I am losing during the day, losing large amounts or losing on a string of trades, this indicates that I'm not really "ON" that day and also alerts me to the fact that I'm probably becoming more emotional because of the large loss I'm facing. But again, the critical thing is the psychological factors mentioned above.

The problem with this is that discerning whether or not you are "fit to trade" emotionally is a decision involving judgment. And it is precisely your judgment that is impaired when you are trading emotionally. However, I have found that, like it or not, this is the game we are playing. Emotional maturity and judgment are critical to trading success not just in execution decisions but in the rest of the game as well. Acknowledging this and attacking it head-on is the best approach in my opinion - by this I mean recognizing that the decision to continue trading after large or continuous losses for what it is, a judgment based on one's emotional state. We must confront this demon sooner or later in trading and so defining the challenge clearly (even though it does not give us a mechanical, mathematical answer) will give us the greatest advantage in the long run.

hope your trading is going well!

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #119 (permalink)
shots fired
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How do you determine when the big boys are getting in? How do you determine when price is trending or in a range? How do you determine if there is enough momentum to propel price significantly? Perhaps you have addressed this questions but i didnt see it.


lancelottrader View Post
My whole point is that the whole secret of great trading is being able to recognize the prevailing market conditions. Yes, I can tell if the market is choppy and is in a range. ...and I don't give the profits back, I simply don't trade. In fact, I"ll set price alarms to notify me when the range is broken. I won't even watch too closely until then so I won't be tempted to enter. And if the price breaks out of the range, I will then assess the current, real- time Market conditions. If I don't feel the momentum is sufficient to propel the price significantly, I will remain o the sidelines. You state that I'm basically implying, "If price moves up and keeps moving up, stay long!""If price reverses get out!"..... Again, one of the biggest dillemas for many traders is in deciding when to take profit or get out. It's not always obvious. I was trying to show that between certain techniques I use on Ninja Chart Trader and the software I use, I have been able to catch runners that I never could in the past . This was an issue for me ..getting out of trades too soon. If you are someone who can take a huge portion of a given move, then you are way ahead of where I was..as a trader. More power to you. A lot of traders, I believe struggle with the same issues I had. Not knowing when market conditions are choppy and highly unpredictable. Also, not knowing how long to remain in a winning trade. Again, if you never had those issues, then you are in the upper echelon of traders. Kudos to you.


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  #120 (permalink)
 lancelottrader 
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shots fired View Post
How do you determine when the big boys are getting in? How do you determine when price is trending or in a range? How do you determine if there is enough momentum to propel price significantly? Perhaps you have addressed this questions but i didnt see it.

Made this video to answer your questions.


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