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woop, there it is.. to quote FT71 "I landed on the right side of probability".
A lil gem, for me I prefer working in 1/2's rather then 3rds.. It keeps me more flexible and less entangled in trade ideas. My nemesis is "big deals" and "overconfidence". #KnowYourKryptonite
If I was to keep trading (I'm not, going to bed for reals), I would now have a long bias and look for pullback entries over the next few hours . (keeping an eye on nq and es levels).. new highs, impulsive move up here, exciting territory.. Maybe a sharp fake down and then it gets stuck and some momentum back up?
(on the flip - if this was to sell off hard (impulsive move 40 points or so down and es and nq looked weak, my bias would flip to shortside) Scalpers stay malleable..
1st, thank you for sharing your valuable insights.
I really learned a lot that was helpful in trading and life in general by taking Andrew Menaker's course. And he is just a good man who is willing to respond as much as possible to questions and comments. I think you will gain a lot from his course as well.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
I just wanted to jump in briefly and say what a great initial posting you've made and how encouraging it is.
I very recently stopped aiming for the big scores (after more than six years, believe it or not) and got it thru my thick head to go for 5-10 tick trades, as you mentioned, and to scale up slowly, recognizing that 1 point of profit with 5 ES contracts, per day, would give me more per year than I was making at my last IT job. And it's not that hard, now that I have all those years of 6-8 hrs a day of screen time.
Restricting myself to decent setups, keeping my losses no larger than my average wins and just plugging along, BREATHING and putting my attention on something else when a trade is on, to cleanse myself of my severe tick-itis does, in fact, make all the difference in the world.
And, as another former yogi, you're right. It's very helpful, but not enough, to have maintained serenity in a low stress life. Gotta keep breathing thru these trades. Set a stop, set a target and GTFO of the office till it's done.
Anyway, thanks again. Great thread, after the recent 'desperation threads' that have been started.