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Plan the Trade

  • #8,021
  • Oct 10, 2018 9:48am Oct 10, 2018 9:48am
After 17 years of trading I still have the nervous stomach I just take a hit on the vape and it calms me down lol
  • #8,022
  • Oct 10, 2018 10:06am Oct 10, 2018 10:06am
Ended at +30 today .. fast action , sjoe ... saw the power of a good risk reward ratio in action ... 3 wins and 3 losses and I have a good nett profit.
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Never give up !!!
  • #8,023
  • Oct 10, 2018 10:09am Oct 10, 2018 10:09am
Market still trying to push lower . . .
  • #8,024
  • Oct 10, 2018 10:15am Oct 10, 2018 10:15am
Quoting hilmy83
volatility is high towards end of year. I adjusted to just 2 contracts ,and still able to pull >$1000 . it's scary but exciting same time {image}
good move to downgrade and protect from downside risk imo

I am back to 1 contract per $5K now. If I was trading today like yesterday, I would have grown atleast 5x my equity today but need to get out of that spot fx mindset and stick with the plan. one trade at a time. Made two 3R trades today of 8SL and 24TP so "only" 48T or $240 for me today :-(
Staying in my lane...
  • #8,025
  • Oct 10, 2018 10:38am Oct 10, 2018 10:38am
Quoting VEEFX
{quote} good move to downgrade and protect from downside risk imo I am back to 1 contract per $5K now. If I was trading today like yesterday, I would have grown atleast 5x my equity today but need to get out of that spot fx mindset and stick with the plan. one trade at a time. Made two 3R trades today of 8SL and 24TP so "only" 48T or $240 for me today :-(
yea i have indicator that i put on= 20% 14 day atr reading. i watch how this fluctuates over from week to week. adjust size, tp, sl as needed when volatility changes to manage risk.
  • #8,026
  • Oct 10, 2018 12:28pm Oct 10, 2018 12:28pm
The rise of bonds is sucking NQ down
  • #8,027
  • Oct 10, 2018 2:40pm Oct 10, 2018 2:40pm
Quoting hilmy83
{quote} yea i have indicator that i put on= 20% 14 day atr reading. i watch how this fluctuates over from week to week. adjust size, tp, sl as needed when volatility changes to manage risk.
I dont know what to make of ATR-based risk on days like this. This beast dropped 258 points (1000+ticks or $5000/contract) in a single session. We need atleast $10K with your approach. I got my ass saved big time with tight SL (bracket orders) losing all my 120+ ticks and ending the day with -25 ticks. I should have stopped but took some good counter trade long opportunities. Almost all of them got taken at BE after 1R :-(
Had I continued my style from yesterday, I would have most definitely made 3x or owed my broker far more than I have in my account.... all in all, a good day considering the craziness and distractions at work!
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Staying in my lane...
  • #8,028
  • Oct 10, 2018 2:44pm Oct 10, 2018 2:44pm
Quoting Divergence
The rise of bonds is sucking NQ down
I think we will have many such days until year-end.... elections, trade wars, scandals, geo-political tensions, fed policy/sentiment for next year but mostly I see China to be the biggest contributor to nasdaq/hightech companies/nq. Your style is best suited for such uncertain environments. Couple of times, it was scary to see the force of NQ taking out my limit order along with my stop loss... within a second or two lol
Staying in my lane...
  • #8,029
  • Oct 10, 2018 2:49pm Oct 10, 2018 2:49pm
Like I said before it's kinda like sex get in reach limit get out hit the vape
  • #8,030
  • Oct 10, 2018 2:57pm Oct 10, 2018 2:57pm
Free falling it's now down 1300 ticks unfreaking believable
  • #8,031
  • Oct 10, 2018 3:00pm Oct 10, 2018 3:00pm
Quoting Divergence
Free falling it's now down 1300 ticks unfreaking believable
caught this mofo.. lets see
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Staying in my lane...
  • #8,032
  • Oct 10, 2018 3:06pm Oct 10, 2018 3:06pm
Quoting Divergence
Free falling it's now down 1300 ticks unfreaking believable
Geeez . . . Look at it drop
  • #8,033
  • Oct 10, 2018 3:15pm Oct 10, 2018 3:15pm
Seems like its pushing for 7000 lol
  • #8,034
  • Oct 10, 2018 3:17pm Oct 10, 2018 3:17pm
i had to take this break
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  • #8,035
  • Oct 10, 2018 3:18pm Oct 10, 2018 3:18pm
Quoting bapakjason
Seems like its pushing for 7000 lol
I got like 5 trades at BE taken out in the last 10 mins... She really is a beast. Not sure how I feel about catching the falling knife. It wont let me sit on her and ride the trend either :-(
What a crazy day!

Edit: ended the day negative today. I should have exited the +50T moves but desperation to end the day +ve took over my decision-making. Not Good!
Staying in my lane...
  • #8,036
  • Oct 10, 2018 3:26pm Oct 10, 2018 3:26pm
Quoting Divergence
i had to take this break {image}
Were you able to get out before market closed? How does that even work?
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,037
  • Oct 10, 2018 3:29pm Oct 10, 2018 3:29pm
Quoting capstone
{quote} Were you able to get out before market closed? How does that even work?
yes closed +40
  • #8,038
  • Oct 10, 2018 3:31pm Oct 10, 2018 3:31pm
market closed down 1470 ticks i never saw that one before not even the trump election
  • #8,039
  • Oct 10, 2018 3:34pm Oct 10, 2018 3:34pm
Quoting Divergence
{quote} yes closed +40
Market just reopened... going long again ?
Staying in my lane...
  • #8,040
  • Oct 10, 2018 3:36pm Oct 10, 2018 3:36pm
Quoting VEEFX
{quote} I got like 5 trades at BE taken out in the last 10 mins... She really is a beast. Not sure how I feel about catching the falling knife. It wont let me sit on her and ride the trend either :-( What a crazy day!


Trading NQ you have to get comfortable catching a falling knife. She will get on a trend and if you try to fight it she will take your money and smile while doing it. Look for ways to join it. And, when it is trending as strong as it is today, widen out your stops and let it breathe. It's the best way to tame her in my opinion. If you keep your stops in too tight, you will suffer death by a thousand little cuts. It's like trading GBP/JPY back in 2008 when the markets went nuts.

We are about to close out the day below the 200 ema on the daily for the first time in over 2 years on huge volume (second or third highest for this year).

Not trying to tell anyone what to do. Trade like you want. I am just sharing what I have noticed and experienced with NQ in the short time I have been trading it.

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