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I hear you about catching falling knives and buying at the breakout. This time it played in my hands, next, it may not.
Stop Loss and Taking Profit are my next questions. I understand to look for smaller bars so SL is smaller. As for TPs, I am working on recognizing potential levels of Support&Resistence. Your feedback is most welcome. I will include filled price and initial SL and TP to my trades.
Good advice on using internal text features of NT. Completely forgot about them. Resetting zoom has not helped. The markers stay exactly as they have been from the beginning.
So glad that the journaling turns out okay. I'll add initial Stop Limit and Take Profit points.
I hear what you are saying about a good trade vs successful one. It is an important distinction.
Well, something happened at some point, but I don't know what. The small markers are not the standard for NT. I've never seen this before.
My only suggestion is to create an entirely new chart, basically starting over. Make sure the markers are set to show on trades. Set the account to the Sim 101 account. It should pick up the existing trades and have the default markers.
I also have these horrible small trade markers. They are very annoying. I first noticed them when I started trading on my MS surface. Due to the high resolution small-size screen, windows 10 is set to scale some stuff up. I always guessed that the tiny markers was a casualty of that scaling... like it stayed the same size while everything else in the app scaled. Just a theory. I need to compare to my other nt8 system.
@Calming, by any chance are you on a laptop with a high res screen? Or am I waaayy off?
Okay, trying something new with journaling - putting all trades and comments in one screen. Let me know how easy it is to read and comprehend.
I tried to include all the relevant information. If you have a different understanding of PA, do not hesitate to let me know. We learn from each other.
Self-reflection:
- it is somewhat hard for me to determine the current direction of a trend, once I get it, trades come easier;
- battling with stop limit (SL) sometimes it is easy, sometimes, not.
- The most important thing is the explanations of what you did, and your brief descriptions are fine, easily understood. Also, your "self-reflection" comments are things everyone else struggles with too.
- I know that the request was made before to include your stops and targets, but the bare numbers were hard to follow and understand. I really could do nothing with them. (Perhaps that is just me .)
- Why not try something like your initial descriptions, entry price, stop x ticks, target y ticks, and possibly why you picked those levels, why you exited, etc. Then the amount of profit or loss, plus any other comment you want to help make things clear.
- As it is, it's sometimes hard to figure out how the trades went, as well as how you did overall for the day. For instance, from your comments it appears that Trade 1 was breakeven before fees, 2 and 3 had small losses, 4 had a profit, 5 and six might have had small profits or losses, and 7 clearly had a good profit. But I had to figure that out instead of just reading the P/L for each trade, and from the day's total.
- Also, NT keeps track of profit and loss for you (on the Control Center window, New > Trade Performance. This may be useful at some point as you track your progress. Also, you can enter your commissions (Tools > Commissions, I think) so they are deducted. (You may want to check out Help for the commissions.)
I thought both trades 4 and 7 were very good, and the others were reasonably managed and you controlled your losses to keep them from growing, which is important.
Overall, this was a good start, and you did make everything clear enough to understand what you were doing.
The consensus has been to keep doing it, track the results, know your expectancy, think about your edge and the markets in probabilities. That's what defines you in the market. I don't care about anyone's method. First, I want to see the numbers. When we see what the numbers are saying, then we can look to the method and try to understand what's giving you poor/great results and refine it.
A quick rundown of how I operate:
Define trend
define range
define strength
Define your arguments for being bullish or bearish
Determine all in all out, scale in scale out. or all in scale out
Determine your expectancy/risk
Trade your strategy
Review results
Refine entry/exits (if needed)
Repeat