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Thanks Lindsay for your best wishes. I expect the following if I continue executing my trades according to the plan + developing more polished trade management skill:
I have followed your thread with interest over the months but don't believe that I've posted before. I have been impressed with your ability to stay focused and disciplined and always thought that if anyone can make it as a trader, you certainly seem to have the skills to do so.
If I recall correctly, for a while you were trading CL using the "inside bar" setup. If you don't mind my asking, why did you stop using this setup? I was trading this setup for a while as well and am curious how other traders' experiences mesh with my own.
Thanks Worldwary for your kind encouragement and faith in me! It's the most challenging venture so far .. never thought I have to work so so so so so so hard on "something" like this. No regret yet and I'm hanging on .. haha ..
Back to your inside bar question on CL. Yes, I tripped over Jeff's Three Set-up Thread in Jun. Fell in love with the Inside Bar set-up instantly (very clear trading rules and certainly easy to spot). Did real trades in Jul after a week or 2 sim-trading. I stopped mainly because of the SL cushion .. quite often 2/3 times on the first PT of 8. I gave back 2/3 of the gains I made in just a few trades. The risk/reward ratio does not meet my trading style .. unfortunately. I believe more advanced traders will be in a better position to trade the set-up profitably most of the time as they will be more alert to an early warning. For me, I am not there yet.
Hope the above may clarify your raised issue. Happy & Successful Ticks Always!
1. My charts are almost naked now .. smile .. I removed the divergence indicator .. weeks earlier than my Jan intention. Oh, don't think I can slim them anymore except myself physically ooo.
2. Quite happy with my trade management (per enclosed) even it's -1. Took heat instantly (-4 for almost 5 minutes). Certainly it went to my direction after my exit.
3. Emotion-wise. Have to confess a little moody .. then I recovered. No big deal as I chose not to stay in it (it's a valid signal and did not hit my SL) because I'm a scalper LOL.
Note: Yesterday was really choppy. SOH was the trade decision I made .. haha ..
Take care and have a Lovely weekend (maybe holidays shopping?).
This was my experience as well. The risk:reward ratio seemed too skewed. I tried various money management techniques (like using a fixed instead of variable stop) but just couldn't get it to work consistently. I've had this lingering suspicion however that this is a really good trading method and I gave up on it too soon.
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
Posts: 520 since Sep 2009
Thanks Given: 583
Thanks Received: 1,248
I trade the inside bar fairly consistently. I was not a fan of the large stop loss either, but Jeff made a comment on my thread that made a huge difference. If a trade does not go my way within 2 minutes of entry, start looking to get out as close to b/e as possible. These trades tend to reach the profit target quickly when they go your way. When there is hesitation to move to the profit target, it tends to meander around for a while and then go against you. Essentially the large stop loss is there in case of a catastrophic move caused by some sort of news, etc. Using this 2 min rule has allowed for smaller losses.
Papa15
Yes Papa15, thanks for the BE tip. When it's not working for 2-3 minutes, I started moving SL to 1 tick above or below the entry bar. Still quite a big SL cushion when it got hit. I once tried to have a fixed SL between 16-20. CL is a beast for newbie me. Having said that, it's on my instrument list as its personality does match my trading preference. I may pick it up again when I get settled with 6E LOL!
Mon to Thu 8:00 am to 12:00 noon EST
Off from 24 Dec (Fri) and back 3 Jan (Mon)
Oh, for the first week (possibly two) of Jan, I will start really really early, ie
Mon to Fri 2:00 am to 4:00 am EST
Yes, try to be an early bird enjoying more profitable trades when the London session opens ... zozozo. Will have some toothpicks to keep my sleepy eyes open. If the early morning session proves to be more workable/profitable, I will not trade the RTH. I do not know if I can fit in this revised schedule, let's see how things play out .. smile ..
It's my backup plan. If I have to choose between finding a low-pay job in Toronto (= minimum 6-hour bus rides everyday .. getting up around 4:00 am and returning home after 9:00 pm Mon to Fri), I may as well get up early and trade the London session.
I am confident that trading RTH will work .. just that I would like to motivate UKNOWHO that we need to be more proactive in 2011. We are getting to a critical stage that either make it or break it. Of course I believe we're going to make it .. smile ..