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Thank you for writing much in detail about. I have been watching and trading NQ for 3 years. But recently, I realized I can't take its volatility anymore and stopped NQ and moved to YM and ES.
Your remark at the end reminds me of what I was reading somewhere about Taxi drivers, let’s call it the bad weather fallacy for now.
The text was basically stating that what many Taxi drivers typically do is that they have a daily goal in terms of $ they want to make before calling it a day. Now what happens is that on days where not much is going on, like e.g. sunny days where people bike or walk, they spend hours and hours waiting to finally get their daily number.
On the „good“ days (for the taxi driver anyways) e.g. rainy days or cold days or what have you, they get to their number fairly quick and take the rest of the day off after driving only 2 or 3 hours instead of continuing to drive for a full „session“.
Longterm result? The average $ earned per hour is much lower than it could be.
Or stated otherwise, they could
a) make more money with the same effort
b) make the same money with much less effort
just by shifting their, well... shifts.
Plus this way they only ever get to enjoy piss weather
Imo this translates perfectly to trading - you “just” got to learn recognizing those bad sessions early on...
I don't blame you. I have quite a few setups that work on other instruments..but really only about one technique that works for me on NQ. I sometimes like YM better when it's moving well, like today.
I can relate as well. I've Just recently been dabbling with the NQ, but my PNL swing is just out of this world. My bread and butter has been with YM and plan on sticking with it until my account is big enough to handle stops that can support the risk I need to play with that monster.
Great videos ive subscribed and started reading the entire thread. The logical forex site seems to be down is there any suggestions you have for replacement of those indicators to emulate the same setup?
Thank you very much. I appreciate it. I'm not sure why the Logical Forex site is down, but when I chatted with the owner a few months back, he said he was trying hard to have a version for Ninja 8. It could have something to do with that.
I think you can find an indicator on Ninja called Swing..in the drop down list. That is a little similar to the magnet lines drawn in Logical Forex. Also the black spine I refer to on the 2 range chart can be sort of duplicated by plotting a 75 period ema .
Did well today, although I had a few difficulties early on. The big keys for me now is not to get upset over being up then losing back my profits. In the past, that really disturbed me so I would often quit a session when I was only a little up. Now I trade generally for at least two hours and just keep taking what I think are good setups. The math is working out much better that way.