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My wife and I really enjoyed your presentation on Thurs. We did want to miss even a minute of it. We both trade the MNQ. We certainly could relate to all that you presented.
Lots of great info that you put in to words. Thanks!
I tried to capture the flip side of this but the views went from 998 to 1002 in about a minute I remember watching The Omen when I was a kid way back in the day, loved those old school kitsch horror flicks LOL, good stuff...
Regardless, doing these webinars, I inevitably have to go back and watch them again so I can focus on the presentation instead of all the stuff that is happening behind the scenes. There is so much here Lance... you lay it all out from the perspective of someone who has been in the trenches and found a way to not only survive, but thrive in one of the most competitive environments in the world.
My hat is off to you sir, much thanks and appreciation.
Lance, thank you so much for this wonderful webinar. I am focused on trading the NQ, so this was really great for me. A few questions for you:
1. What order types do you typically use to enter trades? Limit, market? Do you ever use stop buy or stop sell to enter trades? What's your experience with slippage on NQ?
2. Even before I watched your webinar, I had settled on a 40 tick stop loss after much observation of the NQ because it seems like enough to withstand the NQ's common whipsaw snapbacks, and at the same time is not too painful a loss to take if you get full stopped. Did you find this to be true in your own experience, or do you feel an even bigger stop loss can be prudent for someone with a larger risk tolerance?
3. You have a 1:1 rr ratio for scalping. I have struggled to find the proper stop loss for scalping. When I scalp, I'm typically targeting 7.5pts and I want a positive r/r ratio, but that would require a stop loss of 4-5 pts. Is this realistic, and if not, what do you suggest? 1:1 ratio with 7.5 stop loss? Perhaps I have to accept that I cannot accomplish a positive r/r ratio for scalps?
Thank you so much. I was honored when you suggested that I do a presentation and I am very pleased to see all the great comments and questions I have received from this. I also wasn't expecting all of the views I am seeing either. I thought you did a great job introducing the webinar and also afterwards. Your voice is like "broadcaster perfect." lol Honestly, as I was putting this together, it also reinforced many of my rules etc..and I ended up having some really good trading days last week. So, it helped me as well.
Thanks again.
Thank you for the detailed responses -- very helpful. Two more question, if you don't mind:
1. Can I do this using candlestick charts or do I need tick or range bars? I currently use 5 min. chart, which I'm comfortable with. I assume that the letter formation will not be there and the pullback will look different. What do these letter formations look like on candlestick charts, like the 2 min. and 5 min. you watch? Are they simply double top or double bottom retests of the level?
2. How do you know to enter a V instead of waiting for the W, and same for A and M? Isn't V just a single test and W a double test?
1. The formations are not going to always be evident on the higher timeframe minute charts. Remember when price is moving quickly a V or A can show up in a few seconds while even a 1 minute chart takes a minute form a bar. 5 minutes even longer. I suppose you would see a wick start to form possibly, but for me it would be hard to judge it by. The 5 range bar shows me much more info in a short span of time..plus I can gauge momentum by how fast they are printing up on my chart.
2. In a new fresh wave with fast pullbacks, they are often just the single A or V formations that show up. Plus they don't always retest a previous swing high or low..or a previous support and resistance. Now if we have a sizable retracement and I'm not entirely sure if price is going to resume it's same trend, I am more likely going to wait for the added confirmation that the W and M formations give me. Also the M and W's work better on the big pullbacks if the S/R levels have only been retested but not penetrated with a breakout of sorts. Now, for example, if the S/R level does get a breakout of sorts, and it starts quickly reversing with an A or V shape, then I will enter on that instead of waiting for the W or M . Hope that makes sense.
@lancelottrader
Thanks for generously sharing your process & ideas. As a on/off trader "trying" to get back into trading (mostly NQ as well) there were bunch of pointers for me.
Looked up the video on page 113 as well & loved the concept of ECM inventory.
I am a huge fan of Meditation & mindfulness (thanks mainly to Robert Koppel & his underrated book The Intuitive Trader)
I use a free app called Insight timer which has meditation courses by a bunch of people that I admire. Feel free to check it out.
Thanks to the moderators for getting @lancelottraderto do this. Hopefully we see more of traders (with scars) like this in webinar format.
Cheers!