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Plan the Trade

  • #6,881
  • Jul 30, 2018 3:36am Jul 30, 2018 3:36am
Quoting The Cableguy
{quote} Another variable! Is is best to set a rigid limit.... 20 ticks loss? 40? 100? or is it possible that some days your emotions will be affected more than others?!) I am definitely affected by outside factors, being generally quite a sensitive person. If i have troubles in my private life, they will affect my trading psyche for certain. Who would have thought that the woman you find yourself living with, can also be a factor in your trading? Ok that might not apply to everyone, some people are thick skinned, but if i were with someone who'se...
GC

In the past I can relate to what you are saying 100%. It is a really horrible situation and it can completely change you beyond your own recognition. If you have something independent of you (the framework I mentioned) you have a chance to be independent of whatever way you have been made to feel. What ever that trigger may be, it takes you out of where you are and focuses you on the task in hand.

'I probably should write down my results at the end of each session though, because if a typical week saw a couple of minus 30 days, but the other 3 resulted in a net gain of 70/80+ it's important to realise that you're winning!' Very good point.
'in less than half an hour he made over 100 ticks'
  • #6,882
  • Jul 30, 2018 4:43am Jul 30, 2018 4:43am
Quoting onejester
{quote} CG, here's a question for you. After, you hit that button, does 100% of you stand by your decision? And when I say 100% I mean totally everything you have? Imho, until I'm there psychologically I'm not fully ready. I can taste it though
I think THAT is the crux of successful live trading ... practicing on demo and then live small volumes until you have so much confidence that you stand 100% behind a trade ... or TOTALLY accept the risk, as Mark Douglass "Trading in the Zone" states it ... and then only increasing the size of you trades.
Never give up !!!
  • #6,883
  • Jul 30, 2018 4:57am Jul 30, 2018 4:57am
Quoting theunis
{quote} ... and then only increasing the size of you trades.
That's exactly the crux of the issue - Futures on the NQ combined with the flexibility, speed and control of positions that Sierra gives you, is an 'edge' in itself. There simply isn't enough movement in any Forex pair to match, (not consistently, at least!).

Add your spread costs and it is only really possible to trade such, on longer timescales... that is a different way of trading because you need targets and the patience to sit through pullbacks until your target is reached.

With the fact that trades on the NQ Futures are usually only a matter of seconds, it develops a scalping mentality and requires intense concentration, so much so, an hour is all that can be expected to maintain such levels.

The problem is that the minimum size position on Futures with contracts, is often multiples of what most are used to.

Many years ago, when i had a 6 figure balance in my bank accounts, it would have been an easier proposition, now it is merely 4 figures and thus a far more daunting prospect... (well, that's my predicament anyway!)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #6,884
  • Jul 30, 2018 5:18am Jul 30, 2018 5:18am
Quoting The Cableguy
{quote} ....There simply isn't enough movement in any Forex pair to match, (not consistently, at least!). Add your spread costs and it is only really possible to trade such, on longer timescales...
10 pips a day on a 50 lot trade size gives you over a million a year!

Your problem seems to be tick value, which causes you to worry about risk too much, and probability not enough and that's where sim trading won't help, no anxiety, no disruption in thought processes and most importantly no pain when things go to hell. The way I've always looked at it is: If you can't make $1.00 a day consistently, how can you expect to ever make $10.00, $100.00 or a $1000.00 a day! The most important aspect of longevity in trading is capital preservation. At the end of the day all markets are the same so trade whatever gives you the least anxiety until you become consistently profitable and once you are, then you can trade whatever you like.
  • #6,885
  • Jul 30, 2018 5:23am Jul 30, 2018 5:23am
Quoting theunis
{quote} I think THAT is the crux of successful live trading ... practicing on demo and then live small volumes until you have so much confidence that you stand 100% behind a trade ... or TOTALLY accept the risk, as Mark Douglass "Trading in the Zone" states it ... and then only increasing the size of you trades.
Absolutely. If I'm in demo and I get it completely wrong, I'm angry. Not because of the loss, but because I thought I was reading things correctly and I clearly hadn't developed my understanding of the market (that day). And boy is it different every day.

Div says, you have to adapt and he is 100% right.
'in less than half an hour he made over 100 ticks'
  • #6,886
  • Jul 30, 2018 5:31am Jul 30, 2018 5:31am
Quoting The Cableguy
{quote} That's exactly the crux of the issue - Futures on the NQ combined with the flexibility, speed and control of positions that Sierra gives you, is an 'edge' in itself. There simply isn't enough movement in any Forex pair to match, (not consistently, at least!). Add your spread costs and it is only really possible to trade such, on longer timescales... that is a different way of trading because you need targets and the patience to sit through pullbacks until your target is reached. With the fact that trades on the NQ Futures are usually only...
Agreed .. I also think (know) that NQ on Futures is the answer to a traders cash flow issues and more - only an hour or so a day and a limited target so no analysis paralysis ... clear cut.

But Forex has so many instruments and I see the exact same supply and demand levels there (although, as you said, less accurate) ... so I am testing a less intense trading session (than NQ) during the Londen session ... during every session I see the same bounces on levels and get at least 5 or 6 decent setups that gives me a BE or small loss vs at least 1:2 risk reward opportunity .... while using a fraction of my account (like 0.25% per trade) and a simple 1:2 risk reward ratio profit target ... thus ending in a approx. 3-5% per month with little draw-down ... lets use 3% per month ... that is 36% (lets say 30% to make up for a bad month or two) per year and that puts you right up with some of the best investment funds in the world ... that is why I am still looking at Forex.
Never give up !!!
  • #6,887
  • Jul 30, 2018 7:35am Jul 30, 2018 7:35am
I don't think the NQ can be beaten. One could argue that you spend more time looking for setups than actual trading with forex, then when you enter you get whacked for god knows how much before the trade has gone your way. Never put me in a good place to start with.
'in less than half an hour he made over 100 ticks'
  • #6,888
  • Jul 30, 2018 8:13am Jul 30, 2018 8:13am
Quoting onejester
I don't think the NQ can be beaten. One could argue that you spend more time looking for setups than actual trading with forex, then when you enter you get whacked for god knows how much before the trade has gone your way. Never put me in a good place to start with.
Quite true ... Forex is a challenge ... sigh ... I have been battling with it for so long, I think something deep in me wants it to work somehow ....
Never give up !!!
  • #6,889
  • Jul 30, 2018 8:45am Jul 30, 2018 8:45am
What a tank down
  • #6,890
  • Jul 30, 2018 9:00am Jul 30, 2018 9:00am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20180730-215945.jpg Size: 262 KB
  • #6,891
  • Jul 30, 2018 9:05am Jul 30, 2018 9:05am
Very nice pullback to supply
  • #6,892
  • Jul 30, 2018 9:11am Jul 30, 2018 9:11am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 103 KB
Become the casino
  • #6,893
  • Jul 30, 2018 9:15am Jul 30, 2018 9:15am
2650 buy
  • #6,894
  • Jul 30, 2018 9:16am Jul 30, 2018 9:16am
Got 2 today done
  • #6,895
  • Jul 30, 2018 9:24am Jul 30, 2018 9:24am
Quoting Divergence
2650 buy
Why 2650 and not 2675 as below?
Attached Image (click to enlarge)
Click to Enlarge Name: NQ 30-07.png Size: 22 KB
  • #6,896
  • Jul 30, 2018 9:27am Jul 30, 2018 9:27am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 106 KB
Become the casino
  • #6,897
  • Jul 30, 2018 9:33am Jul 30, 2018 9:33am
Quoting erasmus66
{image}
Ras on second trade you were looking to short look left it was a pullback to supply you would have already made 25 don't know why the first long after that was a +1 I got 25
  • #6,898
  • Jul 30, 2018 9:34am Jul 30, 2018 9:34am
Quoting Ozz
{quote} Why 2650 and not 2675 as below? {image}
That was where Demand was look at next candle it fires away from there
  • #6,899
  • Jul 30, 2018 9:39am Jul 30, 2018 9:39am
7224.50 is kicking
  • #6,900
  • Jul 30, 2018 9:39am Jul 30, 2018 9:39am
Quoting Divergence
{quote} That was where Demand was look at next candle it fires away from there
but why 2650 and not 2675 as per the candle? Is the level different on your chart?
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