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I'm a little down with a weekly result of $20 in pink .. ooooo .. sigh ..
I need to explore and learn how to manage a trade when it goes south or starts going the opposite direction! The comfort part is I always have a predetermined MM order for exit. When I have 1 or more warnings, I am thinking if I should exit earlier to minimize the losing ticks or let the trade continue?!!
Appreciate and welcome any comments and suggestion please.
:sos: Thank You!
Continue enjoying your day + a Relaxing Long weekend! (Here in Ontario Canada too as we have next Mon as a Family Day - started in 2008.)
I have daily P&L targets, ie STOP TRADING when either one is hit. I forgot to apply it to my sim trading!
Daily Profit - $200 after commission
Daily L - $100 after commission
Weekly Profit - $ in Green (no specific amount)
Weekly L - $200 after commission: I will observe this for live trading so that I can continue the trading venture. Need to preserve precious capital LOL!
For sim trade, I will observe the daily L only (not the weekly L) so that I can continue learning how to trade. Having said that, I'd love to stay with the trading time span between 9:30 am and 11:00 am (or max 11:30 am). I notice the market is more challenging after 11:30 am. Last week I was trapped 2 times (when my real account got bruised), ie
Thu for an hour between 11:30 am and 12:30 pm
Fri for 2 hours until 1:30 pm
Please feel free to share your ideas/experiences with me. Thank you!
Note to Dragon: Yes, I am going to be a Scalping Queen - getting close .. smile ..
" When I have 1 or more warnings, I am thinking if I should exit earlier to minimize the losing ticks or let the trade continue?!! "
What are the warnings specifically ? When I bail on a trade they usually turn around and go the way I wanted them to . I dont like a full stop but I dont like taxes either but I gotta pay them . Psychologically I feel better taking the hit because when I bail and it turns out I shouldnt have exited early that effects my ability to make the right decision on the next trade .
For the enclosed long trade, the signal "blue" bar did not have a black hash when I entered. Then within seconds, a black hash appeared +
- the trade bar changed to red with a black hash
- indicators on Panels 2 and 3 have become negative
- white dot and red candle on the 4-tick Trending set-up
My MM order was placed according to the rule, ie 1 tick below the blue ADX dot on the signal bar, and got hit.
My learning is: I should do my best to catch the first drift up. My signal bar was a 2nd signal bar. Not sure if a repaint happened (sometimes it did), ie a black hash could be there and got removed. Or the reality was I did miss the first signal bar and tried to catch the rally. Notice the enclosed trade was a low risk one. For the record, the Divergence indicator on Panel 3 was originally a blue dot and not a blue diamond when I entered. Changing to diamond was another warning of choppiness.
I can see your point of having the market turned and back to our favor after our exit. For me (at least for now), having an exit is very important. I learned the hard way for not having it for my former trades. Thanks Eric.
I see , if you use a mechanical system like that then you need to determine in advance what variables call for cutting it short . In my experience the repaints are a slippery slope and its easy to agonize over it .
I am hoping that a mechanical system may catch a trade in a more efficient manner. Repaint may cause issues on-and-off and is part of the package I guess.
Looking at today's trade log again. I OVER-TRADED! 10+ trades is way too much in my mind. I believe I was trying to be Green for the day - oooooo!
I am going to include a new rule: Maximum 5 trades per morning! This will encourage me to focus on Higher Probability Trades + more cautious/selective!
This thread has a number of setups dating all the way back to 2010 (NinjaTrader 6.5). I was in my experimental / learning phase (and in some respects, still am!)
Many things have changed since then. Best to scroll down to the last page in the thread …
I will see if I need to revise my current set-ups.