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-- Big Mike, Site Administrator
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Up again for the London open. It was moving this morning (CL). Caught a wave... Nice Tube
1/3 toward my profit goal of $200 a day... I can survive on that....
Much more selective today... More like when I was trading the real $$$$$... Hurry up savings!!! Is 2011 here yet??? Can't wait.... must have patience , patience, patience.... Don't trade my live account again until it's full...
On my second trade, I caught a little run off a MA crossing failure... Trading with the trend of course.
I'm fading less and less these days.
2/3 toward my daily goal...
I may look for a true Break Out trade today, using my "Big Picture Chart" of a 5 minute EMA 20. CL moves
are signaled clearly on that it seems..... very nice.
Break out trading would be a very low key way to trade I think.
Oh boy have I been where Mike is talking about !!!!!
Sim is where you develop your trading identity and forge your edge so you dont go broke while learning . The point at which you go live is when you can execute trades , manage your position(s) and have a stair stepping equity curve (upwards of course) . If you are changing your method before applying it for months and measuring the edge it has or have a boom/bust sim track record you dont go live . I prolly have about 6000 hours of serious introspective ( of myself ) trading time and have been trading live for only 5 months . Thats a lot of screentime and I spent most of it agonizing over finding my self as a trader so to speak .
The risk % Mike is talking about will be significant when you make a live trade . >2% risk per trade digs a hole into your account if you get a loser right out the gate you need +2 % to get back to breakeven , not getting into green yet . Two losers and you need like +5% or so just to get to breakeven and by then its downward spiral city !
Spot FX is where I went after simming futures because I was able to trade small lots with a live account . I risk about 1% on each trade and have no fear about pulling the trigger because its a cup of cofee thats on the line literally . My belief is that if im able to CONSISTENTLY gain x amount per week or month then its a function of slowly leveraging up to magnify my paycheck .
FX is not easy in regards to how you are filled , if you are filled , customer service , stops taken out when price wasnt there etc. Overall its like any other business , it has its ups and downs and adversity is a good way to build your intestinal fortitude .
Well, after I worked up my courage after the jobs report, I made two quick trades to meet my
daily goal.
Up $208 for the day.
Up $553.60 for my first test week in CL. This scalping system appears solid. Thanks to all for the help!!
Now for a transition...
As I was researching Range bars vs Time, I came across a post by Big Mike. He suggested a 5 min chart
with an EMA 20... only. I loaded up the chart over my usual trend watching chart of 15 min / candles.
It was like the secret was revealed .... The trend swings were obvious.
Observing the chart below, if I simply would have retained my initial short position at the London open,
I would have exited at the EMA re-cross at 80.70.
$800 on one trade... Now that's more like it. Sure beats eating your guts scalping. I already gave 50%
of my live account to that method. Although I have a much stronger scalping system now, break out
trading intrigues me.
Risk / Reward is off the scale... Simply put your stop just behind you, on the other side of the EMA
and ride the wave all the way to the beach. No profit target.
You sit in the water and wait for that one big wave.
I will test this along with my scalping system in the coming weeks while I get my account filled back up.
I will always have my scalping system
on my main screen, for those times that it will be required, but could it be the simple ,one chart, one
indicator set-up on my laptop screen that guides me to financial freedom?
Could it be so simple??? We shall see. This is getting exciting as I know I have plenty of time to
work out the details while I save up. My goal is to risk 1% a trade.
I 'm feeling good about every step forward.
Thanks to all for helping me re-vamp my system!!!!
When I came here, I was a bit lost. But, now I am found.
I thought I had one loss that morning.... It must have been just off my screen shot.
I use a WMA 15 and 6 range bars. Fib, along with a big eye on prior support and resistance lines. A system
given to me by a good friend. Check the one I came up with by myself before I came here (First Post).... LOL
It's only been a month or so, but I feel like I've gained a year of insight!!
My rule is, enter on the second bar after a cross of the WMA. But, I must use instinct to weigh all the other factors mentioned above to pull the trigger or not. I like to trade with the trend but I like bounces off SR also.
If I have any reservations at all, I'm out.
Thank you for the kind words... I am working very hard to "feel" Price Action.... It seems to be the only
true indicator.
I learned a lot during my down week, however, it is time to get back to the main gig.
Big session on Monday, so my posting will be a bit more sporatic. But I will be getting in screen time
whenever possible.
I sometimes have Ninja up and running at the studio while I'm working just so I can glance over and
check PA and the interday trend movement. I am always answering questions about it!! lol
Like..... "Hey, AJ.... You got the bass running through that??"
The Journey continues ....
My future looks bright...
I'm wearin' shades....