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I do not disagree with you at all. I am playing. To be honest, I only used the extra indicators once today. It was a good use as it kept me out of a trade but that trade is not one I think I would have taken anyway. It gave me an added dose of confirmation to stay out.
But you are correct, the feel for the game and keep doing what I have been doing is the key. I'll ditch the indicators at the end of the week after I have vetted them real time. I think I have a keen enough sense of what is happening to simply never touch them again. This little experiment is really my last attempt to see if one of them helps filter out bad trades better than my own discretion.
Thanks for keeping me honest.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
A nice day today even though it was pretty choppy.
I am just scalping ten ticks at a time based on price action and feel. Rules are guidelines. There are plenty of opportunities. No need to take every thing.
I am experimenting with position sizing for scalping. Today it worked nicely. I am also experimenting with trailing my stop with the bar. Today that would have been a much better choice. Tomorrow, who knows. I am waiting to see on that.
Anyway, done in the first hour. I spent my daily tick limit and decided it was worth one more. Worse case I was flat for the day. It worked and finished +40 ticks.
Cheers
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I am NOT happy with my trade selection BUT the experiment I am running using a one bar trail stop kept me from a losing day today.
As a scalper, letting a trade that has ANY profit on it all turn into a full loser is unforgivable. So I decided to trail my stop by the current bar. At first I thought this would be a really bad things. It would get me out of some trades to early. As it turns out, after almost a full week of trading this, it does get me out to early on some trades and just in time on others. The net effect is so far pretty encouraging.
For instance, today, I had terrible trade selection, but almost all the trades went my way at least some. The trail stop kicked in and got me out of the trades with very small losses or tiny profits. I documented manually what would have happened WITHOUT the trail and I would have hit my daily stop after 7 trades but instead, I was able to hang around and after 10 trades end BE less commissions. With the trade selections I had, I am happy with the outcome.
There are also 9 CWS trades listed on the charts besides the 10 live trades I did. For the CWS definition, see the chart. Of these 9 trades, 6 were winners, 2 would have been a profit of 1 & 3 ticks and a loser of 3 ticks for a net of zero before commissions. So $600 before commissions on those 9 trades. These trades were not taken because I was either not looking, decided to pass for some reason or was out of the room.
With regards to the position sizing, I never got past one lot due to the scale up schedule I have. This prevented losers with size.
So I had direction right today, but lost money. I suspect this will happen from time to time as I can have direction correct as I did today and be wrong with the timing and then compound it with not taking all the signals I see. As a scalper, taking as many legit trades is gonna be hugely important. Especially since I understand that each trade is at best 50/50 but taken over time, there are more winners than losers and by keeping the losers small by being aggressive with the stop, I can make decent money.
I'll continue to track the results of the tight trail, but at the moment, I think it will be more of a benefit than a detriment.
My position sizing experiment continues and today it worked perfectly. I traded only one lot and it kept me from a larger losing day.
Cheers.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Lately whenever I click on an image created by Jing, instead of it enlarging, it shrinks down to nothing and a link to techsmiths web site takes its place.
Any ideas?
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris