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Thank you. Yes, still in the game. I've changed my setup a bit..different charting..etc. Getting more consistent results.In a later post I will talk more about this.
I am sort of sticking to a plan I formulated a long time ago, which called for a specific increase in contracts after a determined period of consistency. The plan was always to go from 2 to 5 contracts. Then when 5 is mastered,and my account is built to a level I am satisfied with..my next increase will be to 10 contracts. So it is basically a doubling. To spend months going from 5..then to 7..will have no real benefit to me. There is a brief adjustment period when increasing size like this, but as long as one trades in the same manner and doesn't get overwhelmed with fear, then it shouldn't make much difference. I have certain income goals and the plan calls for increases in contracts ..after 10..the next jump will be to 20 contracts. This won't be for a while though.
Your system sounds very good. I appreciate that you took the time to go through my thread. Do you find that 10 ticks is enough of a stoploss? I used to use 10 tick stops on CL, but I found I was taking a lot of losses. Even with great timing, it's very easy for cl to bounce back 10 ticks and cause a loss. I stopped trading CL for a while a couple of years ago due to the fact is wasn't moving well. Now, it has resumed good volatility so I will probably do more CL trading along with NQ.
It depends on the volatilty. When it is more volatil i use Stops with 20 Ticks. 20 is my maximum stop, because when i use wider stops i tend to create too much opinion and loose flow.
I have 2 setups to identify that a surplus is being transacted (i dont like the word "setup", because its much more then just a technical setup as it takes into consideration the whole context)
1) Initial Movement (here i often use 20 tick stop)
2) Support/Resistance (here i often use 10 tick stop)
I totally agree with you that is very important to realize what the market conditions are. And in that, the most important thing is to know when to stay out. Winning money is relatively easy. The point is to avoid AVOIDABLE losses as much as possible.
Of course, many losses are not avoidable. Accepting this was a big step forward for me on the psychological side.
Do you like to see some pictures of my daily trades in your thread in future? Or should i open a new journal thread for this?
As i am still new in CL, these trades are made in demo. Today are nices examples of what i mean with exit via volume peak.
What i forgot to mention is, that i also find sounds very helpul. I get a sound from t&s when a minimum of 9 contracts is traded market. (Of course different sounds for buy and sell). This way a) i get an alert when something is happening b) i can feel absorption in some situations.
It was a very good day with 68 ticks profit. Contract size 1 contract constantly.
I know Lancelotrader said you could post in this thread when you asked him, but personally, I would start your own journal.
Other traders will find it much easier to offer advice and see your progress if you start with some details of your experience, what your plans are, what you have tried, what are your goals, how you are progressing, etc.
It will also be a much more useful and comprehensive resource for you to look back through and learn from if you start from the beginning in a methodical way with all your relevant thoughts and insights in your own journal thread.
Just my suggestion. Good luck either way.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden