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Do you find, or have you done any research, on if you would be better of if you hit a winner on your first trade and call it for the day? As opposed to keep on trading in your time slot and taking what setups come? I'm trying to journal the stats on this, but I'm just getting started. My gut feel so far, for me, is that if I hit on the first trade it seems better and more productive to walk away. Maybe if not just for the simple fact that my mental capital gets depleted pretty quickly and my decisions, I feel, get exponentially worse the longer I sit in front of the screen. Or maybe that's just my lack of experience...
I used to feel that way..and often would quit if I had a decent winner on the first trade. It does truly suck to be up on the day and then lose a few trades and end up down on the day. I no longer do that. Statistically speaking, if you have an edge and understand the conditions that comprise a great setup, then some days it makes sense to keep going. There are days when the conditions are so good that I see lots of high probability trades appearing. Since in any good setup, there will still be a distribution of some losses with your wins..to really become profitable, you have to have the focus and the courage to keep going . Otherwise your losing days will overshadow your small winning days and you will just spin your wheels.
One of the important aspect of this method is finding good support/resistance lines. Are these just the swing high/lows on 5 range, 5 min and 2 min bars?
Thank you for you comment about my webinar. I first identify what I call "Macro" areas of Support and resistance on usually a 30 minute chart. I also look for areas on the 5 minute chart and 2 minute charts. I want to find first areas that I feel will have a significant impact on price when they are hit such as a major bounce or even a possible reversal. The 5 range chart, during the session, I am drawing lines on many swing highs and lows and range breakout areas..lows and highs of certain time periods etc, and adjusting them.
Now, on a day like today, where price was very bouncy and choppy, I am not going to mark up every swing high or low due to the chaotic price action. For example, if I saw a directional move down and then I get a swing high after a pullback..and the next wave or push is extremely strong..I am likely to mark up that swing high. The reason is that this was price where lots of selling came in and if it's hit again on a pullback, it could sell off from there again. So not all swing highs and lows are of equal importance.
Also let's say for some reason price has had trouble breaking through an area, attempts it 3 to 5 times and finally breaks. That is now an area of real time S/R that I will mark up. Some areas where I feel price will bounce, but maybe not too heavily I sometimes mark with a yellow horizontal line. I call that a Speed Bump.
Very ugly and difficult price action for most of the morning session. I basically would lose a trade..then win one...etc Wash, rinse repeat. After finally breaking even again for the 3rd time I decided to end the festivities and shut down the platform. You have to know when to walk away. NQ 06-21 (5 Range) 2021_03_29 (12_03_40 PM) Choppy nightmare
Little update. Had some smoother moves in the afternoon and was able to grab a few small winners. So...sometimes walking away and coming back in the afternoon is a good plan.
I decided to end the festivities and shut down the platform. You have to know when to walk away.