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)
Philosophy: I focus on day and short term trading via market profile and technical analysis. I look for optimal trade location that provide asymmetric risk to reward opportunities.
Markets: I trade Gold, Crude Oil and E-Mini S&P futures.
Strategy 1: Excess Breakout: Market moves quickly with strong volume, Enter via market order in direction of breakout. Minimum risk:reward of 1:3.
Strategy 2: Value Area Extreme Retracement: If market retraces to VAH or VAL and stalls, fade the market via a market order. Minimum risk:reward of 1:3.
Risk: Maximum 3.5% of account equity on any one trade.
Journal: Enter all trades in Trading Journal. Monitor performance weekly, monthly, quarterly and yearly.
KEEP IT SIMPLE: Today I simplified my trading. I reduced my number of strategies to 2. Previously I was trying to implement 4 or 5 different strategies. I was confusing the hell out of myself and suffering from analysis paralysis. The problem I was suffering from was not wanting to let go of EVERY opportunity. I have to accept the fact that I will not catch EVERY move. That is ok. The key is to catch some moves. Nobody can catch 100% of the moves. Patience is key!
OOps! I butchered this trade. This made me realize I need to update my strategy rules. The correct trade, according to my rules, was to short the retracement to the VAH. I've updated my rules.
Gold, Crude Oil and ES screen shots with trade locations for 3/2/12. Will update Trading Journal and Monthly Quick Review and Post later. I also made an error on an ES trade. Similarly, I should have followed the excess breakout requirement before entering ExBo long. Correct trade was fading VAH.