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My Trades, Charts, Comments and all things trading
Had a slew of computer problems, and my data got corrupted, and it was an ugly morning very frustrating watching the waterfall. But, the afternoon was good.
One of the big illusions perpetuated in this business is that all those points in that trend was yours for the taking..nothing could be further from the truth. The trend is your friend for as long as it takes to convince you of that, then it spends the rest of the day stabbing you in the back. Remaining flexible, remaining open to trends and counter trend opportunities is crucial for the intra day trader.
You can make a great living on 2 net points a day. Sure, but you need to keep those losing days small enough so those 2 net points a day do not get wiped out on Fridays. :-)
Can you help answer these questions from other members on NexusFi?
Ed, it is wonderful that you have started this thread. I have an RSS feed form your blog on my browser home page and to see your consistent winning is of great help to me and it keeps me on the way. Thank you.
Focus on 1 to 3 setups and get those down pat. You don't need more than 3 quality high probability setups, just like you don't need more than a couple of points a day. What you need more of is patience.
Once you are filling the need, then you can go for the want. So, decide to trade for money or you won't make any. Trading for money is a different mindset.
Traded the TF Russell this afternoon. Had to wait until it hit a brick wall before I could trade it.
Yes, I took a little nap. Interestingly, I was at my trade desk looking at some other things when I saw the TF hit that wall so decided to take a few signals ...
The TF at 583.6. Doesn't look to bad on your chart. What range were you using. Must admit when I looked at it I just switched to TF from ES, so my chart was on 5R.
I use a 7R/ 5R. At the outset of the trade my catastrophe stop is 15 ticks but I try to keep it just behind the vol stop and move it in as first target gets filled, to scratch, and then BE and I try to stay no closer than 10 ticks as price moves along. The key is to know when to get out and not risk giving a good winning trade back, or worse is turning it into a loser.
