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im quite conservative with this trade because i have antagonistic information from intermarket state - 5 contracts from 6 closed at the level of first target. holding just one as a runner
Can you help answer these questions from other members on NexusFi?
this was an interesting situation. i took an experimental entry with little position (2 contracts). timing entry based on smart buyers´activity holding dow jones futures higher (intermarket pullback).
th price moved up quickly, but i hit the first target only (to make risk free), the second one was planned to be closed above premarket high. but the price droped very sharply and hit my sl. total = zero
today it showed me how weird and upredictible market´s movements can be..
people (especially beginners) often ask what is most important in daytrading, what to focus on the most, what is the one thing that gives you the desired results.
is it discipline? psychology? or is it good analyzing skills? or proper context reading? is it positiong sizing? or is it risk management? or trade managemtn? what is it? what is the one thing that matters most?
the answer is pretty simple: entries
it is the entry into the market that matters most. that is where it all begins. the moment (or the place) of entry is the most important thing ever. there is nothing more important as a precise entry. especially if you daytrade with multiple contracts and need to cut your risk as much as possible. you cannot allow to enter the market and take a bigger drawdown.
in my case, first target is 10-12 ticks, and stoploss is 10-12 ticks as well. it is 1:1 in risk reward. in every case, i close a half (or more than half) of the position in my first target and all the position on stoploss, if it goes against me. the first target is for booking a partial profit, after i hit it, the other contracts can stay in the market without any stress, and give me kind of a "bonus". sometimes they give, sometimes they dont.. doesnt matter.
what matters is to hit the target that is 1:1 to sl. if you are able to make it 8 times of 10, you are there. this is possible only if your entries will be absolutelly precise. dont underestimate it, focus on it and make it your number 1 priority
i didnt trade for couple of days. this short was quite an easy hit against deep buyers few minutes after nq opened (the risk validation was little bit more complicated so i took only with two contracts)
another one with bigger posiitiong (6 contracts). timing entry based on intermarket buyers´ abusion combined with dom liquidity overturn
this trade shows my trade management very clearly. the price sliped down quickly to hit first targe, i close 4 contracts of 6 -> risk free trade, after a little bit drawdow i decided to close the fifth target at the same level to lock bigger profit. the last contract is sort of a bonus, closed on the double distance from the area of first target
