dear Exnav,
i am totally screwed up in the mind. yesterday, you know i was holding on to the long scout. After the news when the breakdown happened, when i the 1st sign of retracement came, i did not enter.
when the 2nd sign of retracement came, i entered and price turned against me. Almost exact price action is depicted in the US oil, below.
when the day close was nearing when the final attempt of rescue with 10X was pushed, there was not follow through, or i could not withstand till the 10 point retracement, in my favor.
As such when the end of the day approached i have turned with a net of -1, for overnight (1,3,-5). the overnight opened with the benefit for bear and that was paid back to the market when i tried another -4. Look at the noise on 5 minutes (right side).
dear phil,
consider me as a someone starting in trading with a small trading account (micro account) and relate all the below with that.
reg mm: i am trading with the least possible size as my 1x. attack and rescue is rigid. attack (1,1,2 ..) and rescue (1,3,8). with the demo account, i would not flip when rescuing unless the trend i am fighting against is exhibiting long legs.
market structure: i would mark my war zone with a channel and insert scout by the angle its making. whenever the war zone is breached, the maximum toleration level is till the channel becomes horizontal, cos usually this is where the final push back into the channel happens. if we are beyond this, usually it means we need to turn and mostly this will confirm with the opposite trend on higher time frame.
mindset: killing the scout is never plan and as chief said i could not lake the loss. however, when i am turning i am actually killing the scout + first level of rescue (1+3) and opening a new position (4).
after so many years, when i thought that i had the niche, somehow, it did not fall in place. seriously considering quitting.
ps: my wife is working hard in a regular job and instead of supporting her with another income, i am actually bleeding the family in the name of trading.
i am totally screwed up in the mind. yesterday, you know i was holding on to the long scout. After the news when the breakdown happened, when i the 1st sign of retracement came, i did not enter.
when the 2nd sign of retracement came, i entered and price turned against me. Almost exact price action is depicted in the US oil, below.
when the day close was nearing when the final attempt of rescue with 10X was pushed, there was not follow through, or i could not withstand till the 10 point retracement, in my favor.
As such when the end of the day approached i have turned with a net of -1, for overnight (1,3,-5). the overnight opened with the benefit for bear and that was paid back to the market when i tried another -4. Look at the noise on 5 minutes (right side).
DislikedHi pannet1 There are three disciplines you must learn to start with money management, market structure and mindset, you must be proficient in all these as a basis, you are asking a complex question according to the way you trade and your experience and capital relative to what you may want to achieve…AOW, I have already said elsewhere you must be well practiced and experienced in all these areas, if you only want to trade very short term then no hedging in any form is not the correct way to achieve this, but I believe we should understand all aspects...Ignored
consider me as a someone starting in trading with a small trading account (micro account) and relate all the below with that.
reg mm: i am trading with the least possible size as my 1x. attack and rescue is rigid. attack (1,1,2 ..) and rescue (1,3,8). with the demo account, i would not flip when rescuing unless the trend i am fighting against is exhibiting long legs.
market structure: i would mark my war zone with a channel and insert scout by the angle its making. whenever the war zone is breached, the maximum toleration level is till the channel becomes horizontal, cos usually this is where the final push back into the channel happens. if we are beyond this, usually it means we need to turn and mostly this will confirm with the opposite trend on higher time frame.
mindset: killing the scout is never plan and as chief said i could not lake the loss. however, when i am turning i am actually killing the scout + first level of rescue (1+3) and opening a new position (4).
after so many years, when i thought that i had the niche, somehow, it did not fall in place. seriously considering quitting.
ps: my wife is working hard in a regular job and instead of supporting her with another income, i am actually bleeding the family in the name of trading.