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I agree about the one instrument Beth . Its good to know what the general market is doing but for scalping theres no way I can trade more than one instrument effectively . I see guys like Jaguar post big #s trading multiple instruments and have no idea how they do it so Ill stick to what I know - one at a time .
Can you help answer these questions from other members on NexusFi?
Here it comes .. + the Eds Vol Price Bar indicator (save your finding it from the Ninja Forum). You will find the indicators from the regular and Elite Download sections.
How true it is! Previous Day's POC (also VPC - Virgin or Naked POC) 1189.75 has become today's Resistance. It was tested before 9:30 and it's being tested again. It may as well be today's Top?!!
Since ES has stayed within the Value Area this morning, the best strategy is to fade the extremes! I learned from some traders (in their posts) that these trades are their bread and butter.
After reviewing/recalling what happened this morning, I've come to the following realization:
1. I am being too aggressive in using the Volume indicators for trade entry. Still lots to learn and explore.
2. First I could not figure out why I did not have my usual 4- or 6-tick PT for the first contract. Instead, I had the 2 contracts at 8- and 10-tick respectively. Then I realized I was using 1212.5 as the top VPC which should be 1189.75!
3. I will stay with Perry's set-up for entry while having the Volume indicators to confirm the ideal price IF and ONLY IF I can manage multiple charts at the same time.
Regarding this morning's trades especially the first one, I failed to cut my loss earlier when everything was red. Guess I was too comfy with a predetermined SL!! Need to work on my trade management skill!
Good news is: I was quite calm when the SL got hit (minimal panic emotion).
My Next Move:
1. Continue watching more MP-related webinars/threads/websites etc.
I finished watching/going through the Electronic Local webinars/articles. What I learned:
- MUST identify ONE trade set-up and stay with it (I like "fade the extremes" and VPC ones)
- MUST have enough funds in the trading account to cushion occasional losing days, safeguard calls from the brokers and always have sufficient funds to place a trade (My Futures account will gain 150% weight next week)
- Difference between Auto Trader (trades are triggered by an auto strategy) and Mechanical Trader (trades are placed by a disciplined trader who follows his/her rules and trade his/her plan) - It's my mission to be a disciplined and successful mechanical trader LOL! I won't let this happen anymore!!
2. Resume reading the Mind Over Markets book with a big reminder: DON'T GET TOO EXCITED!!
3. Prepare myself (both physically and mentally) to trade with a small start (1-contract trade and 1 trade a day) in May. I listened to an inspiring audo-clip early this week. One has to start somewhere .. and not just talking or thinking. I have a DOER personality .. I believe I CAN DO IT!!
You've laid out some clear objectives, and I would personally recommend emphasis on the focusing on just one setup.... so now just do it!
From a distance, I think you are "scattered" right now, you are not focused, you have so much going on it is hard to really focus on any one thing properly. So, in my opinion, and my advice would be to greatly reduce everything and simplify, simplify, simplify.
Thanks Mike for the Simplify Simplify Simplify Advice and Suggestion! It's a Great reminder as I really need to trim down my activities .. I dreamed of buying/selling tails and Initial Balance until 4:00 am this morning. I'm seriously thinking of NO webinar/thread etc after 10:00 pm when my psyche will have some minutes to calm down ... oooo
I am adding a 2nd S to my KISS plan LOL! I will finalize one trade set-up with guidelines this week. For example,
Fade the Extremes (I will need to do pre-market homework on daily range for the past few days, VPCs, High/Low/Open/Close etc. Good news: I believe I have the 80% Rule strategy in my petite head now.)
My trading day will be:
1. Trade until 11:30 am. If no trade signals, SOH and take things easy.
2. A few hours (maximum 5) in the afternoon doing studies and research.
3. Cushion at least 1 15-30 minute exercise break in the afternoon + an official lunch break (which I seldom have for months).
4. Minimal trading-related activities in the evening - no more than 2 hours.
Wish me luck in accomplishing the above to-do items .. smile ..
It could be a profitable green morning like yesterday - gosh!!
I will finalize one trade set-up with guidelines this week. For example,