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I use Bookmap purely as a tool to monitor volume and what type of traders are part of the volume.
I use a highly controversial method using the sell pop-up window in NT8. I do this with 10-30 contracts for 2-3 tick trades. This is my $1000 a day keeps the bill collectors away method.
I trade intraday day-to-day, small time frame chart, and look for a 1 or 2 trends of the day.
I do a good job of getting the trend right at the moment, however, sometimes, I miss trades with the direction of trend because I started using limit orders to make sure my risk (stop loss distance from predefined entry) is equal to my reward (profit target based on price action locations). It is a bit of scalping sometimes.
I use limit orders, and some times I miss trades. However, if I use stop orders to enter, I want miss any trades, but my RR will be less than 1.
Question:
1. Is this normal as a trader to focus on the risk vs reward per trade and setup trade such that each trade risk is somewhat equal to reward?
Just wanted your opinion to make sure I am not overworking myself on these trade setups.
I can show you a trade example, so you see what I mean.
Morad Askar, better known as FuturesTrader71 or simply FT71, will be monitoring this thread so that he may answer any questions that you post here about trading in general.
Please keep in mind that some customer service/technical support issues are …
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- Trade what you see. Invest in what you believe -
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I went looking for Matt on Twitch, but he has moved to YouTube.
"Trades by Matt" is the name.
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
It was stated that Trades by Matt had moved to youtube and yes he posts to there a day or so later. However, REAL TIME, he comes on at 8:25 central on Twitch.com. He was not in there today as he put in a full day of trading on Monday.
I trade like him on the opening and the first few hours of the day. I focus and get my trading done during prime time.
He has a lot of followers and I doubt he is leaving Twitch.
Actually looks like, as of today, TradesByMatt has moved to YouTube:
[yt]https://www.youtube.com/channel/UCAiadqtIuxMOBbzMHGk_aYQ/join[/yt]
See: TradesbyMatt
My God. A trader who streams live AND shows losses. Heavens no. This cannot be right...
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- Trade what you see. Invest in what you believe -
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Matt does not moderate when he is in a trade as he is focused. You will see the trades show up and the P/L will show up his progress up and or down. He usually is around for the first few hours. He does not broadcast all day long.