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That's a great chart! Thank you for that. I will be looking at this grid every time I trade.
Yes I believe there is a 50% chance the market will rally or sell off. This is my belief and I'm glad you reminded me. However, I am trying to prove myself wrong but haven't done so yet. I also like gambling and cheering on a loser in hopes that the trades turns to a profit. Furthermore, trading well takes lots of hard work. These are all excuses and I want to put in the hard work to become a winning trader.
Thanks for following my journal!
Can you help answer these questions from other members on NexusFi?
A stop loss(mental or actual) really is all that matters in trading. I think my will power is strong and I can accomplish the task of using a mental stop.
Will start trading next Friday when my money transfer clears.
Going to trade the MES micro Emini SP500 because its liquid. I like liquidity. During RTH there is usually at least 80-90 contracts on the bids and offers.
I am sorry to chime in here but I agree with everyone else warning you that a 1 tick stop will not work as a strategy. if you believe that the market is 50/50 then why not trade a 10-tick stop with a 10-tick profit target or a 20-tick stop with a 20-tick profit target.
Also if you are only trading once a day you are not trading; when I started out I would take up 100 trades a day I didn't even care if I was not profitable I just wanted to get better. And eventually, I learned. You gotta trade to learn and if you are not trading you are not learning.
One tick does seem extreme. I don't even think I could react fast enough to get out of a one tick loss. I think I will try like 3 to 5 ticks SL. I am still thinking about my take profit, maybe 10-12 ticks. I will post my trades when I go live again(maybe Friday).
Thanks for following my journal. I am having a great time with this journal.
I appreciate all of the concern about my plans and ideas about my approach to the market. I think that if trading was as easy as setting consistent stop loss we would all be rich by now.