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Quick update on a minor change I made to get closer to what I described in the above post. I just changed the STOP order type to a market instead of a limit. This guarantees a fill when price reaches my level or above (vice versa for short), but doesn't guarantee a fill below a certain limit (ie. no more than $0.05 above stop price). So it still scares me a bit due to the possibility of a bad fill on a really quick pop, but I'll play around with it to see how it is in simulator, and how often I get unacceptably bad fills. - Phil

Depends on how serious u r abt reading and understanding ALL the possible patterns. Wave patterns and Candle patterns r different but can be used together. For wave patterns and wave structure look here https://www.youtube.com/user/elliottwaveforecast1. Theory used from 1940+ and holds true today, which hedge fund managers use and has fixed rules. Top down analysis is used or MTF..... multi-time-frame analysis. Important to understand WXY and WXYXZ wave patterns....works on all Time-frames.

@Jad Welcome to the BBT community! Great traders come out of Vancouver so you already have an edge! lol Welcome once again see you in chat!

Jad, welcome to BearBullTraders! We look forward to seeing you in the room.

Monday 04/13/2020 I had a well-being score of 7.5/10 this morning. I took 1 live trade with DAL. My watchlist: MU, MGM, DAL, TSLA, CCL, and BA. Well I took a 5 day vacation. I didn’t feel myself lately. My discipline was really waning. I usually don’t take enough time off from trading, but at least my family’s vacation will force me to stop trading a couple times a year. Due to the pendemic the vacation was cancelled of course. So I went awhile without a break. Plus, the additional stress that of course will be added at this time, I needed a break. I was actually prepared to trade last Wednesday, but I didn’t feel myself. I didn’t even have a plan at the open. I always have a plan. I knew something was up and shortly after the open I turn off my platform and walked away for 5 days. DAL had an interesting PM. The last five 1min candles before the open all touched the 24.95 price without breaking it. SPY was also dropping as we went into the open. The plan was to go short if the price broke the 24.95 and 200MA-1min. DAL opened with strong volume. And quickly dropped below the two levels. I shorted with PDC as my target and the 24.95 as my stop. The price dropped and I took two quick partials. Then I set my autostop at B/E and was quickly stopped out. Another minute later it looked like DAL was setting up even more for a short and SPY was really dropping. So I shorted again. I know I take terrible partials, but today was ridiculous. I will chalk this up for being my first day back. But I caught a 10R move, so I usually get about half in profit. Today I got 1.4R profit from a 10R move. What did I do good today? Good use levels and watching SPY What I am grateful from today? Taking a short. I have been taking so many longs lately I am getting a bias.

Hello Andrew! I'm still on sim, but I've thought about that a lot, my answer might not be as important as other live members opinions, but I'm still willing to give it. I treat sim as close as it's to live as possible, therefore, my daily goal is 200/300$. However, I'm not always sticking to that goal, sometimes it's more than that, like x2 or x3, sometimes it's just half of my daily goal. Let me explain how I treat my daily goal target and what I'm doing after that. First of all, if the day was easy, and I hit my daily goal with a few trades, and I see a lot of opportunities, I won't quit the day, I've a rule I set for myself," If I hit my daily goal, I allow myself for 1 extra trade, if it's a loss, I quit with 260(my max loss per trade is 40$), if I win that extra 1 trade and I see opportunities, I give myself another extra trade, if I get stopped out I quit, if not I continue) and so on. Secondly, if I started red, the market is choppy, and eventually I got out of that red status to green, or close to daily goal, I just quit before hitting my daily goal. I think a lot of people might agree that starting out bad and getting out of a red whole messes up the psycology, and one should be greateful he got out, so just quit the day there. Finally, If the day is choppy, but I'm doing fine, and it's hard to trade, I'd trade until I either hit the goal, or until I start feeling that I'm starting to make stupid trades or broaking the rules and get out with less than the daily goal Hopefully that's helpful! And I'll add more if I remember something!

10 Best Reasons to Quit While Ahead The discussions is whether it is best to stop trading, even very early in the day, if you have made “your money” (whatever that is for you). For me, a relative newbie (just went live 2 weeks ago after 8 months in Sim) the answer is YES - better to stop. Here are my reasons why: Part of Risk Management - right there with setting stops (hard or mental) and putting controls on your account. Don’t let “trading” become an “addiction.” Keep it in moderation in your overall lifestyle. 8. The mathematical laws of probability - even though every trade is independent, odds favor a neutral outcome over a lot of events. Even if the mathematical odds mentioned in 8 are not activated, the psychological knowledge of this likelihood may play on you in the background of your mind. Time of Day - If you have made some money, some time has passed, and the longer you stay in, the more conditions change. So, whatever type of trade you like best will wane as time goes on and you will need to be thinking about a different strategy, which can be challenging and add to likelihood of diminishing returns. 5. If you do stay…. - It is very natural to want to have another good trade, and there is nothing wrong with staying, but if you do, make a change to your rules. For example, only take the very best setups, or for experimenting switch to simulator, or do NOT let yourself give back more than X percent of your gains (I suggest 10%). Then you can still walk away proud and yet have tried to improve on the already good situation. Helps you stay with A+ trades - If you adopt the suggestions in #5, then you only allow yourself to take A+ trades if you do stay because Who wants to give back money? This general concept of cautious selection of trades will spread naturally into the times before you “make your money” - not just after you do it. 3. Minimize self-loathing - If you have not felt this after giving back what you worked so hard to earn, then you are not yet trading - even in Sim. It is universal. But, it does not have to continue to happen. This mistake does not have to be repeated. Try waling away a couple of times with some good early profits and notice how good it feels for the rest of the day. More time to learn - If you love trading, you probably also love reading about trading, watching videos about trading, thinking about trading strategies, etc. So, just because you have stopped trading for the day, does not mean you can not be engaged in other exciting trading activities. Have time and better energy for your journal and other trader improvement activities. AND, the number 1 reason to stop trading after making money is: RESPECT and PROTECT your account and live to trade many more days. Now, if I can only listen to myself….. Regards, Emily