Plan the Trade

Quoting magnumfreak

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{quote} 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...

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Quoting VEEFX

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{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! 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!

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Quoting LookinGood

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{quote} What kinda trades were you taking? Buying or selling? It just went down, were you trying to go counter trend?

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Quoting VEEFX

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{quote} my trades.... with 1tick commission applied. edit: Last two losses did experience some shitty DD... so got lucky or I would have been in a bigger red zone today. {image}

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Quoting bapakjason

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Seems like its pushing for 7000 lol

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Quoting Divergence

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so why did market close for 30 minutes because of huge drop? then why bother opening if it closes in 15 minutes strange

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Quoting magnumfreak

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{quote} It stops for 15 minutes every day from 315 pm central time US until 330. It then reopens from 330 to 400 where it shuts down for the day. Reopens at 5 central time. It's weird but it is how the CME operates.

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Quoting VEEFX

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{quote} my trades.... with 1tick commission applied. edit: Last two losses did experience some shitty DD... so got lucky or I would have been in a bigger red zone today. {image}

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Quoting magnumfreak

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{quote} It stops for 15 minutes every day from 315 pm central time US until 330. It then reopens from 330 to 400 where it shuts down for the day. Reopens at 5 central time. It's weird but it is how the CME operates.

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Quoting LookinGood

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{quote} Looks like you were looking for the retrace. If you plan to trade all day then take a step back when you have a certain amount of trades in and re-eval your outlook. The day evolves and so should your idea. It's easy to get stuck in a trade idea. Confirmation bias is real and has to planned around. Be aware of your mental state as well. Always ask "Am i thinking straight? Does this make sense? Am i buggin?" Most important thing is to have a trade plan that you know without a shadow of a doubt works and do your best to stick to it. It'll...

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Quoting VEEFX

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{quote} Edit: I think I am ready for some group therapy. Let's join the NQA(anonymous) club lol

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Quoting Divergence

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{quote} #1 why so many trades? #2 why trade all day long? when you go fishing you know the best time is at sunrise and sunset right. it doesnt mean you cant catch fish the other times but who likes to fish ask any fisherman they only like to catch. i hope you get the metaphor i would have stopped after those 2 25 tick wins

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Quoting Divergence

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Vee let me put this way it's about making and holding on to money. Do you realize what 25 to 50 ticks a day can do for you. And when you get up to 4 contracts your talking 2000 to 4000 week and that only 4 days (no Wednesdays) 4 hours a week that's 500 to 1000 dollars an hour and no ulcers lol

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Quoting magnumfreak

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Tropical Storm Michael passing through woke me up so I checked the markets. Trade careful today. Wild swings in price along with big volume. In the last 2 hours it has swung up 400+ ticks and then back down about 150. I am staying out until this storm passes. Murphy's law says that as soon as I open a trade the power will go out. LOL! Winds up to about 40 mph right now. I may play with some sim trades just to say I traded the craziness but nothing live. I will check again near US market open if the storm passes. Moving fast now so it may not last...

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