Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I have almost overcome my fears from my first drawdown. I keep waiting for a period where
this technique doesn't work.... just a little more testing to make sure.
I am one of thousands. I thought I could just jump right in and make money. I will be much better
prepared this time around - Thanks to futures.io (formerly BMT).
My final preparations involve my mind. I'm absorbing "The Daily Trading Coach" and applying it, not only to my
trading, but my life as well.
My technique appears to be sound.
I am documenting my rules and trade for reference and modification in the future.
My Rules
1.) Protect my capital.
2.) Use good RR. I will apply this by using 1 : 3 ratio on a small scale involving 5 minute bars.
3.) I will not take any BO trades.
4.) I will only use limit orders at Price Areas I have researched to be successful more times than they are not.
5.) Protect my capital.
6.) I will stop trading when my Daily Target is hit.
7.) I will stop trading when my Daily Stop Loss is hit.
8.) Protect my capital.
9.) Rules 6 & 7 will be modified only after I have been profitable for 1 year.
10.) I will protect my capital.
The Definition of my trade is...
1.) The Signal Bar. This is a 5min runner bar of good strength. ( several may occur )
2.) The Transition bar. This is the bar that siganls exhaustion with a sizable PB wick in the direction of the trade.
3.) The Limit Order is placed either at the tip of the wick or, 1 to 2 ticks in, depending on PA. The order is filled
when price re-tests this level. Stops do not need to be far above this level. I use 5 to start, but usually lower
it quickly as price pulls away. Price rarely exceeds the exhuastion wick by more than 1 or 2 ticks if the trade is
chosen correctly. Usually it comes up 1 or 2 ticks short.
4.) The ideal trades, of course, are around SR levels. But, not exclusively so.
5.) Avoid taking trades on the "Inside" of PA. Meaning, the trade should be a swing point.
Listen, if this trading gig does not work out for you, I believe you should turn your hand to writing thrillers. The suspense you are building up in this thread is palpbable.
I am looking forward to the next installment with great eagerness.
Sincere best wishes
Chris
PS, I know you are a night owl, but have you ever tested your system against candles that appear during the daylight hours??
lol I wish I could pull down a pint or two with you, my friend, and discuss it further!
Price is more deliberate around the London open, it seems. I'm sure I will end up in the daylight eventually.
For now the lower volume gives me a little more time to see the setups. Plus, it is nice and quiet around the
farm in the middle of the night ... lol