Total: 3.5 Points25 trades: 4 losing (highlighted above)
I realized that I've been using all the wrong time frames to trade the TF (maybe even the ES too.... On NQ, I used the tape and 1min last year and it was pretty darn good).
I used to be good at running, and that was because I wasn't using 3, 5, or 10min charts (actually, NEVER 10 min, as I recall)!
I'm doing this for maybe another day on sim.
Then I'm going live.
Afterall, this was exactly how I traded when I first started ie. it's nothing new.
Why I switched to 10min yesterday, I really haven't the slightest idea.
My most educated guess is that I woke up yesterday morning feeling OLD.
I forgot that D said that I'm a 16-year-old trapped in the body of a 37-year-old.
Really, 10min charts kill my brain cells.
So do 3 and 5 min charts.
I can understand using 5min for forex futures, but for TF during active hours, opting out of 1min chart last year was the single biggest mistake I made.
D has always thought that I'm an extremely extreme person.
I guess I'm just wired that way.
Can't learn any other way.
Definitely no baby steps.
Update:
I was chatting with J and told him I was in and out of the market 25 times in less than 30 mins (20, to be precise, and I totally forgot the Chicago PMI data release!). J said that's a lot of work. I said it's the easiest day for me in the longest time. Really, I'd rather focus intensely on my chart for half an hour than to stare at it for 8, 12 or 16 hours. Looking at my charts for too long makes me see things that are not there, and overlook things that are there!
15 comments:
You think too much.
I should know. I think WAY too much. I need to "dumb" myself down a bit.
:-)
:-) DT. Thinking is good. We should continue to think. I never think I think too much (strange that that's the only thing I don't think about LOL!). I complain about my brain sometimes, but generally, I like the way it works. I would really like it to work faster though :-)
I would like my brain to stay on one path and stop sending me down paths that lead to nowhere! LOL
DT,
I tend to be child-like, and that's both helped and ruined me. But as far as trading is concerned, I think it's good to think like a child - curious, straightforward, positive, and most importantly, think about what YOU WANT (NOT what you don't want or what others think you should want). :-) Just a thought (yes, I think too much LOL!)
alright! the scalper is back but for how long? stay tune for the next exciting chapter, yowsa!
dt233 has something, over thinking in trading patterns with pattern recognition is detrimental.
And 25 trades in 30mins! I haven't traded 25times in the last 10days.
Bit much I think...and I still consider myself a scalper.
:-) Cory, I have scalping blood. I dropped scalping last year only coz I didn't know how to put in a bracket quickly on IB enough and without a safety net, I simply couldn't scalp with peace of mind.
AT platform solves that problem (idiot-proof brackets!). I have my hard stop in place and in the worst case scenario (when I don't run fast enough), I lose 1.5 points. No big deal. I can always switch back to 5 min after 10:30 and there'll be lots of time for me to crawl back up.
I was too stuck in the longer-time frame to realize that I could now go back to my old ways of hit and run LOL!
Thank you, Cory :-) You're always the one that understands what I'm doing and why I do it. I simply don't trust the market.
Sandy :-)
There's only one way to trade, and that's the way that suits the trader's personality :-)
"Looking at my charts for too long makes me see things that are not there, and overlook things that are there!"
One of those phrases that need to be framed and hung up somewhere near the trading station...
...along with, "don't just do something, sit there!" (in reference to letting winners run)
I love scalping too :D
If scalping's your game, I would just continue down that path and then eventually lease a seat so you can bring the costs down. Low costs are key to being a profitable scalper.
"And 25 trades in 30mins! I haven't traded 25times in the last 10days.
Bit much I think...and I still consider myself a scalper."
Sandy, if you're averaging 2-3 trades per day, you are definitely NOT a scalper my friend :)
EMP,
been thinking about that....it curious how this has eveolved.
I used to and still think I am a scalper...but as my trading and discipline have congealed I find myself rarely trading more than 2-3times day.
The shift has not been conscious or deliberate. And the consistency of pattern recognition and execution has been always surprising to the upside.
You may be right, I simply do not know who I am right now...Jules is right...trade your own thing *that is indeed the only way".
BTW, I wanted to thank your co-contributor on your blog Ziad for that enabling and enriching "Living with Ambiguity" post.
It has been most rewarding.
Also, those posts on diets and lifestyle are bang on and I indeed take those things seriously....
You body is a temple indeed.
Best wishes and be nimble.
S.
Thank you, EP :-)
Yes, I love scalping during the first hour. The 1min chart has no traps or fakes - it's pure emotions. And I run faster when I'm wrong on the 1 min. I work within my hard stop and my profit target (my bracket), and there's no fear and no greed.
Regarding cost: yes, I've been wanting to find out about leasing a seat. Will check with Anthony later when I ask him about the AT platform too. There's been a lag the past few days and I want to find out if there's a way around it. Thanks for the reminder (regarding cost) :-)
LOL! MM :-)
Well, I did let my winners run when there's momentum. When momentum stops, I get out. Momentum is king :-)
Sandy,
The label doesn't really matter. What matters is that you're confident of your current style, and it's generating good profit for you. Yes, I think overtime our habits and preferences could change without our knowing. For me, it's difficult to stay with the market from open to close (it's 4am here when market closes), so I need to make the best of the first few hours. I am also a very impatient person and simply can't sit here watching paint dry. My mind is also more alert when things are happening fast. So for now, scalping is the way to go for me :-)
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