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Showing content with the highest reputation on 05/12/2019 in Posts

  1. 1 point
    Just a few recommendations: 1) never base your stop loss off a dollar amount (ie: a $0.10 cent move) Use technical levels (patterns, moving averages, areas of previous consolidation, high/low of previous candles, etc...). I have a saying directly related to this, which is: "TRADE TECHNICALS, NOT P&L'S." $0.10 cents as a stop trigger is arbitrary, unless it coincidentally lines up with a technical area. 2) always aim for a minimum of 2:1 reward/risk ratio. And if the risk to a technical level (as mentioned in point 1 above) is too much to stomach, then take a smaller position, or find a different trade. Again, find a technical area for your stop (not an arbitrary dollar amount), then take a position commensurate with the amount of money you're willing to risk if things don't go your way on the trade. A 2:1 reward/risk ratio only has to pan out slightly more often than 1/3 of the time for you to make money. If you've read Andrew's book, and/or studied other technical literature, you can easily be more accurate than this. I would guess that my accuracy is well above 80%. 3) stop trading all day. 90% of "day-trading" money is made from 9:30-10:00. From 09:30-09:45 there is a significant amount of opportunity, but it also comes with more risk. From 09:45-10:00ish, there is still plenty of opportunity, but less risk... From 10-11 you'll find plays worth taking, but the movement will rarely parallel the opportunity you had from 09:30-10:00. Frankly, trading between 11:00-14:00 is, in my opinion, the source of many Day-Trader's demise. It leads to overtrading, which leads to giving profits back, as well as overspending on commissions. If you insist on seeing as much action as possible (for learning and repetitions), yet being efficient in the process, trade from 09:30-11, then again from 14:00-16:00; but leave during "chop," which is the window between. And just a little nugget for ya: The best moves/pivots are at 09:45, 10:00, 11:00, 12:00, 14:00, 15:00, 15:30. 4) learn to trust yourself. I'm willing to bet that there have been MANY trades that, had you just stuck with your intuition rather than stopping out -- you would have made money (cuz you were correct on the move). You must trust yourself in this game..., and back to a previous point - a $0.10 stop is taking control (trust) away from yourself, and basing said control on arbitrary metrics (as opposed to the education/wisdom you've acquired). 5) The final point I'll make is this: the more repetitions you get in, the more comfort and wisdom you'll develop. Trading is much like everything else in life, in that the more exposure you get to it, the more repetitions you experience, and the more practice you employ -- the better your acumen will develop. Nothing in life worth anything comes easy. If you want to be a successful trader bad enough-- the only person in your way is the person you see in the mirror. Keep your head in the game, keep persevering, and you WILL develop into the Trader you want to become. Gl; STAY GREEN!
  2. 1 point
    Thank you! The one in the upper left does not because that's where I have the spy, my P&L, trades, scanner, etc. The rest have montage and time and sales because I'm trying to practice reading level 2 and time and sales more.
  3. 1 point
    Week 19 Recap Not a bad week but not that great either. Not thrilled about being back in sim but my trading still isn’t good enough to get back in to real thing just yet. We’ll see how next week goes. I can’t believe I took 19 trades this week. That’s a good bit more than I usually do, I’ve been around 12 trades the last 3 or 4 weeks. Stats are better in every respect this week. · Weekly stats o 2.1 R/R (Goal: above 2.0) [Previous Week: 2.0] o 63/76 83% (Goal: above 80%) [Previous Week: 33%] o -$52.51 (Goal: $250) [Previous Week: -$97.43] o 14/19 74% trades with the trend (Goal: 100%) [Previous Week: 44%] o 6/19 32% Non-optimal Entries (Goal: 0%) [Previous Week: 78%] o 2/19 11% Letting Losers Run (Goal: 0%) [Previous Week: 11%] o 6/19 32% No Setup (Goal: 0%) [Previous Week: 56%] · Highlights o Almost all stats were an improvement from last week. o Great trade in JD on Friday, SQ on Tuesday, MU on Monday. o Better entries this week. o Good one and done days Friday and Tuesday. · Ongoing things to work on o Hotkey error on AMD Monday. o Still holding losers too long, that number needs to be zero. o Too much scaling out on winners. o Need to work on getting all out of trades way before breakeven. Getting in to trades too early is the main reason im consistently losing money. I’m pretty much right on all my trades I just jump on too early with too big of a size for proper stop loss and then get knocked out of the trade before it goes in my direction.
  4. 1 point
    May 7 through 10 I observed a valuable lesson this week. Just like in life, to do something well you must be focused on it and can not just do it to do it. In trading this can have some serious consequences. For the past four days, I have been forcing trading. By this I mean, I had time to conduct my pre-market routine and trade the open, but my post market routine and reviews I could not get done, because of the enormous amounts of other things in my life going. The overwhelming feeling of being over tasked definitely slipped into my trading this week and I am just glad I was able to maintain my discipline with risk management which help persevere my capital. In all I took 6 trades this week 3 on Monday and 3 on Thursday, all of which were outside my edge. My results were 4 stop outs, 1 partial, 1 hit profit target (although my execution was terrible, so I gave most of it back to my broker). Now for the good news, next week is a new week.
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