Took a quick scalp (BUY) and used a tight hard stop. The moment I hit "transmit", I knew I was going to get stopped out. Talk about being intuitive and utterly imbecilic at the same time.Simply unbelievable how quickly I unlearn old skills!
Went in again, this time focusing on momentum instead of thinking about stops. Got out when candle was a tick away from the previous high. Waited for a retracement. Retracement became reversal, so no play.
Am looking for a long setup. Relying on hourly chart for a bullish pattern. No more scalping for now.
6 comments:
Jules,
Nice scalping. Just keep chipping away the stone until you are above your old equity high.
I love how Don talks about doing the same thing when he's in a drawdown. "Aggressive emergency scalping" he calls it!
LT
Hahaha....ok, LT, that's one thing that Don says that I totally agree with!!
It's just difficult to trade futures the "proper", or "sane" way once the US market opens. Scalping is about the only way to make a profit CONSISTENTLY. That's my experience....not speaking for others.
I see you're really starting to like scalping :-)
Jules,
I agree that scalping is the only thing I've found that makes money consistently.
What is the sanity of which you speak? Either you can make money or you can't. Get that book learning out of your head - conventional advice is why 95% fail at trading. Don't be afraid to trade it YOUR WAY.
LT
No doubt, Jules possess a high degree of scalpability. The question is whether she will embrace it like Don did or turns her back on it and deny her true calling forever. :)
Hi Jules :
You're back!
I'm down with the flu bug for nearly a week.
Tony Chai
Hey guys,
I've just found a way to make a lot of money and I don't have to work everyday.
I just took a look at my moving averages (the ones I had on my charts just to show me how far away price is from mean), and noticed that if I trade every crossover, I get a perfect multi-day run with every 2 to 3 that would take me out by a couple of hundreds each. Not bad huh? Everything looks so darn good on hindsight!! LOL!
LT and Cory, you really tickle me :-) I'm not doubting my own belief. 2009's been a really frustrating year - my performance has gotten from bad to worse coz I just can't stand scalping for 100s and 200s everyday. But the more impatient I get, the more I give to the market. That's why I need to be able to scalp a bigger position. My most disastrous trades are all SINGLE contract trades. What an irony.
Tony, hope you're feeling better! The weather here has not been normal for a long time. Stay away from crowds maybe? I've gotten sick less frequently after I stopped going out altogether LOL!
Post a Comment