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Trading, like golf, is mostly a mind game against oneself. I have learned to shift my impulse trades to writing them down only.
THis way I get to see if I was correct and do not risk my account on impulse trades. I only use my proven edge with my real money.
I think it is always best for newbies to start with a tiny account with real money than using demo trade accounts. The trader never feels the sting of loss in a demo account. Anyway demo accounts are only for getting the feel of how to place and close trades on the platform. You may wish to use them to try out "new" strategies and prove an edge. That would also be an acceptable use of a demo account. In fact, a mentor of mine gave me an exercise that proved quite interesting. He told me to use my edge in reverse to , on purpose, lose 1/3 of a demo account. I thouht that would be a breeze, given my past track record. But you know it turned out to be more difficult than I thought! Once done, he had me use the same edge properly to restore the account back to its original starting value. THis exercise helped me learn to trust my edge. Much like fire fighters learn to trust the smoke mask by removing it in a smoke filled test chamber and then putting them back on. So for me, any trade that is not part of my edge, is deemed an impulse trade and is recorded in a journal that I analyze later (after hours). I want to know the motivating factors behind my impulse trades (greed, fear) so I can learn to identify them on a real time basis.
thanks a lot for the reply, wow 4 ticks average loss is really nothing, my average loss is around 5 point per contract. I tried to scalp in the past but it's not my style. I loved the phrase "elephants get fat just eating peanuts", I will definitely use it to avoid taking one small loss after the other it often happens to me and I build an "elephant size loss".
I should clarify that I have not scalped that long using the 30sec chart. I have over the past few years primarily used the 2 and 3 minute charts . . I suppose that is scalping as well but not to the same degree I am trying now. Also I showed the 30sec chart earlier since it more clearly showed my trades. Although I look at both setups and signals on that chart and enter trades on that time frame, the 1min chart is also just as important to my setups. I also use the 90sec/2min/3min charts to determine my possible exits and sometimes entries. I use the one with the longest time frame that has provided a setup to determine my exit. Thus, I am hoping to maximize my holding period and profit on runners.
My orders are all-in with a limit order and a 1 tick chase. My first target is 6 ticks and the second is at 8 ticks and if using additional lots at 12 ticks. I never change my first target unless the trade has stalled or hit my stop. My stop level is usually set at 5-6 ticks and goes to -1 once price hits 5 ticks and goes to breakeven +1 after first target hit. Rarely is my stop moved . . only if I get a signal on a higher time frame then no more than two ticks if price is supported by S/R level. My target levels are all market orders. I will move my stops higher with price if signal has been generated on a higher time frame. Those higher time frame indicators will determine my exit level. A lot of times, I will just flatten the trade if those exit levels are hit. I don't add to a trade since I really never get another signal during a move.
Although I primarily trade the ES, I also now trade the MES at times depending on circumstances. Prior to the ES, I usually traded the Russell (TF) until it was hijacked by ICE. At that time I switched over to the ES. I have mostly traded the ES the past ten years until just recently.
Early summer I had emergency surgery for an aortic aneurysm with 50/50 chance of survival . . I had skied the week prior with no symptoms. I survived with 3" of new piping and then had some aortic stents installed this fall. I don't feel or have any trouble with them. But I did get some vertigo and dizziness that prevented me from using the computer for months. Five weeks ago I saw a neurologist that gave me a drug that cleared my brain. I have started back trading but I am using the MES to get back to trading mode. I think I will be able to finally get back to ES by next week . . hopefully.
In the Chris Cady video that TropicalTrader posted prior, Cady speaks of coming into the trading day with a sense of gratitude. Believe me, I can definitely relate to that 100%. I'm still alive, still trading, and now still skiing. Life is good . . be grateful !!! Trading is like life . . the future is always unknown.
Thank-you for sharing your trade management techniques! That's really lucky you survived, I'm happy to hear you're doing better. That's shocking how it happened so fast without any symptoms..
Yes, gratitude is strong medicine! That's a good reminder for me to dust off the gratitude journal I started a while back and make some entries.
This was my favorite trade of the year so far and one great reason why learning and watching the profile is valuable. I saw that Dax had quite a rise yesterday and was in a range. I noticed that as dax dipped below the range the other indices were holding their positive % change. Dax went right to the point of control area from yesterday and there was also confluence with the high from 3 days ago, then it made a W on the 1 minute chart and I got in knowing very clearly where I was wrong and where the target was (top of range). This was an excellent opportunity to pyramid and get some major R factor on the trade.