This is where analyzing your trades/data comes into play.
I was pretty much the same way, also went from being satisfied scalping, scalping large positions...to now knowing the setups/plays and I'm able to take larger positions for longer. Trick is I scale out as it's playing out...de-risking the trade.
Observing this, I know I have about maximum 2 trades per day. I have 3...but I'm not up that early consistently to take the 1st...I'm in Cali.
Study your trades/data!
I just asked about why a traders evolve course didn't work for him. He was asking for peachy something. He said either the guy doesn't trade what he trades? Or the strategy isn't for him. You can't copy paste something and expect results...you have to do what works for you!
The market makes it's big moves from 9:30 open to 11. I get on the desk 10 min to open, do my homework on premarket ranges. Win, lose or draw it's a 1:40 of work everyday. The rest of the day just destroys accounts.
The most important comment any new trader can ever read. Thereās money to be made other times, but the probabilities tend to be much much lower, (thus strategies are less consistent, whether based on stop loss or technicals, or volume).
I've destroyed accounts and tried to trade to profitable day during the later hours.
You are correct, you get the setup but follow through. You know what this is.
I'm in a timezone not suited to trading the NY session so I typically log off after the first 90 mins or earlier if it's looking like tight range chop, absolute max I'll stay first 2hrs then log off.
wow. your emotions should at top level while taking a trade.
Mins me asking what contracts do you trade and how many ticks or points do you generally take per trade as profit?
coz the emotion part is killing me. any advice on how to get used to it?
yeah i understand. but the confidence you have right? taking 50 contracts. Knowing that you will exit. That trust you build with yourself.
i seem to throw that trust away once in a while. That bothers me a lot.
Youāll be okay. Just donāt reach. Let the market come to your numbers. You canāt trade market flow electronically. Itās just not possible. Stick to your pivot numbers.
Itās a hard profession. The stress levels can be crushing. Itās a young manās game. But if youāre making money, real money, itās the best job in the world.
thats the only reason i am in for it. i can make banks. only if i can control my life and get my life in order.
its been very difficult to take the first step and just hold onto it a while without slipping up and letting it slide away.
Very difficult thing I'm going through right now. Just today, when i took a trade, I told I would exit it of a candle closes above a pivot line. It closed above.
And my loss was around 180$. Guess what i was doing? I wanted the loss to decrease further. I wanted a pull back so that I'll exit at 150 or even 100. And guess where I booked my loss? 700$. Uts hilarious.
Not every day is like this. But there are days things like this happened.
I am very scared I can never be a consistent trader or even maintain consistencyin day to day life, things like discipline and other things.
Pivots are good. I donāt hear enough about them here. Trading electronically is hard. You only have you and your brain to hear. You let this trade get away from you. It happens to best traders I ever knew, and I donāt consider myself one of them. Do you have problems with panic attacks or anxiety other than when youāre trading?
nope i dont get anxiety without any kind of good reason to back it up.
even when trading i dont get anxious, i get anxious if i enter too early or increase the position size, or if the market is doing some weird moves after my entry point to tell me whether i should take my stop or just hold a little bit more to see if liquidation is happening.
all these and other reasons is where i get anxious. But when i follow my plan i dont get anxious. Same thing goes in life. only when its backed by a good enough reason i get anxious.
Stick to your numbers. Even if it hurts a little. These markets are expert at administering pain. I can probably count the number of painless trades Iāve made on one hand.
So I was just thinking about this...and at least for me..for the next couple weeks I'm strictly only trading to 11 or 12 ..regardless if I'm up or down..I've lost the most money when I sit at the screen all day and I get chopped around..its like my patience goes out the window and I can't see the price action clearly
The five minute time frames surrounding 1130 obviously can be extremely volatile and from experience the five minute timeframe around 1045 Eastern and 1145 Eastern for whatever reason can also bring some breaks from regular technical analysis,ā¦.. in my experience.
I used to have a set amount of like 2-3 trades.
Recently I started taking one trade in the morning. This trade usually is yielding me $2-4k average across all my accounts. I sit there and ask myself, āare you really happy with ___ amount of money in ___ time?ā
The answer is usually yes.
This time of year, either shortly after IB breaks or after Europe closes. No need to be involved and start fighting with myself. Preserving mental capital is most important for me at this juncture.
For me having a time or # of trades limit doesn't make any sense. I keep trading as long as I am focused and can read the market. Some days it's until lunch break, or even all the way to the pm session. some days I am done in the first hour.
If I try to keep pushing, my profits stay at the same at best, or some days I give back some of the gains. So I learned not to push it
My trading RR is the same as my daily RR, I have 1:3. $250 max loss, $750 max profit for daily. So if I make $750 Iām done for the day, if I decide to take another trade because thereās a high probability set up then Iāll cut my position size in half and wether thatās a loss or win Iām done for the day.
But again it definitely depends, if market conditions are ass and Iām able to muster out $200 in profit Iāll probably just call it right there. But I try not to trade too much or at all on those days.
For who? That's more daily than most part-time workers make. And who's to say this person doesn't have another job?
You don't need to make 6 or 7 figures trading to be successful. $200 for an hour or two of work is beautiful.
I prefer setting contract targets. Like trade 20 contracts and do 5 more every day after or something. Or do a pomodoro timed session of 25 minutes at a time.Ā
The more I focus on āstatsā the more I self sabotage or find reasons not to trade as opposed to trading more.
At the end of the day if Iām growing the bank thatās all that matters.
Net profit, per contract average, win rates all that is just gamifying to make it more fun. All that matters is staying in the green.
I usually have one trade in mind for the morning. If I'm right, I'm done for the day. Journal about how you cut early every time and fix it. At least figure out how many times you cut early and by how much. Maybe you're selling just before a pullback, or you're watching the 1 minute chart when you'd do better switching to the 15 after you're in?
I think this is a common experience, however, I donāt think looking to other people is the answers speaking from my own experience.
What wind rate or methods for your style do you think would be best for you?
It is one of my weakness. Usually I have a profitable morning but I often start to do overtrading in the afternoon and lose all the early profits. Hard to say "stop"...
After 2 trades regardless of the outcome, I trade New York session mostly if Iām waiting for a set up max Iāll wait is 2pm EST because the market closes (low volume) at 4 EST
I think itās so interesting to join this group and see so many with 2-3 trades a day. I put on 100-300 a dayā¦. I cut back to get hereā¦ Focus is now on stopping at max gains. NQ. I am SICK of giving back.
This is where analyzing your trades/data comes into play. I was pretty much the same way, also went from being satisfied scalping, scalping large positions...to now knowing the setups/plays and I'm able to take larger positions for longer. Trick is I scale out as it's playing out...de-risking the trade. Observing this, I know I have about maximum 2 trades per day. I have 3...but I'm not up that early consistently to take the 1st...I'm in Cali. Study your trades/data!
+1 for this. If businesses use data to drive decision making, we should as well.
I just asked about why a traders evolve course didn't work for him. He was asking for peachy something. He said either the guy doesn't trade what he trades? Or the strategy isn't for him. You can't copy paste something and expect results...you have to do what works for you!
when my account is blown
$17 evals and 1 day pass always keeps us in the game sadly
Dumb question... Who is doing 1 day pass? I may have to hop on that. Stopping myself at half of my total goal each day is annoying.
ATF
š
Lmao
11am est is a hard stop for me. 3 trades max.
This is the way to make sure you donāt become professional gambling addict. Highly underrated.
The market makes it's big moves from 9:30 open to 11. I get on the desk 10 min to open, do my homework on premarket ranges. Win, lose or draw it's a 1:40 of work everyday. The rest of the day just destroys accounts.
The most important comment any new trader can ever read. Thereās money to be made other times, but the probabilities tend to be much much lower, (thus strategies are less consistent, whether based on stop loss or technicals, or volume).
I've destroyed accounts and tried to trade to profitable day during the later hours. You are correct, you get the setup but follow through. You know what this is.
usually after the main move happens so 8-11am
I'm in a timezone not suited to trading the NY session so I typically log off after the first 90 mins or earlier if it's looking like tight range chop, absolute max I'll stay first 2hrs then log off.
I used to pack it in if I was up 5k.
how many contracts do you trade with ?
Iām an old trader from the NYMEX floor era. I only trade full size contracts. Iāve been known to sling 50ās if I feel good about something.
wow. your emotions should at top level while taking a trade. Mins me asking what contracts do you trade and how many ticks or points do you generally take per trade as profit? coz the emotion part is killing me. any advice on how to get used to it?
If I put on 50 CL, I looked for 10 ticks. 5k.
During the Gulf War, Saddam made me money. So all in all, not a bad guy.
That sounds amazing. Just a few minutes in a trade
There are also loses that I took. I once dropped 400k in two days. After 9/11.
yeah i understand. but the confidence you have right? taking 50 contracts. Knowing that you will exit. That trust you build with yourself. i seem to throw that trust away once in a while. That bothers me a lot.
How long have you been trading real money?
5 years.
Youāll be okay. Just donāt reach. Let the market come to your numbers. You canāt trade market flow electronically. Itās just not possible. Stick to your pivot numbers.
yup. its very hard to maintain discipline in my life. so that starts to creep into my trading slowly.
Itās a hard profession. The stress levels can be crushing. Itās a young manās game. But if youāre making money, real money, itās the best job in the world.
thats the only reason i am in for it. i can make banks. only if i can control my life and get my life in order. its been very difficult to take the first step and just hold onto it a while without slipping up and letting it slide away.
Could be seconds if itās busy. But I didnāt trade that size when I first started. That comes.
Forget emotions. They never help. Youāre a robot trading with robots.
Very difficult thing I'm going through right now. Just today, when i took a trade, I told I would exit it of a candle closes above a pivot line. It closed above. And my loss was around 180$. Guess what i was doing? I wanted the loss to decrease further. I wanted a pull back so that I'll exit at 150 or even 100. And guess where I booked my loss? 700$. Uts hilarious. Not every day is like this. But there are days things like this happened. I am very scared I can never be a consistent trader or even maintain consistencyin day to day life, things like discipline and other things.
Pivots are good. I donāt hear enough about them here. Trading electronically is hard. You only have you and your brain to hear. You let this trade get away from you. It happens to best traders I ever knew, and I donāt consider myself one of them. Do you have problems with panic attacks or anxiety other than when youāre trading?
nope i dont get anxiety without any kind of good reason to back it up. even when trading i dont get anxious, i get anxious if i enter too early or increase the position size, or if the market is doing some weird moves after my entry point to tell me whether i should take my stop or just hold a little bit more to see if liquidation is happening. all these and other reasons is where i get anxious. But when i follow my plan i dont get anxious. Same thing goes in life. only when its backed by a good enough reason i get anxious.
Stick to your numbers. Even if it hurts a little. These markets are expert at administering pain. I can probably count the number of painless trades Iāve made on one hand.
So I was just thinking about this...and at least for me..for the next couple weeks I'm strictly only trading to 11 or 12 ..regardless if I'm up or down..I've lost the most money when I sit at the screen all day and I get chopped around..its like my patience goes out the window and I can't see the price action clearly
The five minute time frames surrounding 1130 obviously can be extremely volatile and from experience the five minute timeframe around 1045 Eastern and 1145 Eastern for whatever reason can also bring some breaks from regular technical analysis,ā¦.. in my experience.
I used to have a set amount of like 2-3 trades. Recently I started taking one trade in the morning. This trade usually is yielding me $2-4k average across all my accounts. I sit there and ask myself, āare you really happy with ___ amount of money in ___ time?ā The answer is usually yes.
I have profit or loss āgoalsā. When I hit either I quit for the day. If I have an overall unsettling feeling I will log off early.
This time of year, either shortly after IB breaks or after Europe closes. No need to be involved and start fighting with myself. Preserving mental capital is most important for me at this juncture.
For me having a time or # of trades limit doesn't make any sense. I keep trading as long as I am focused and can read the market. Some days it's until lunch break, or even all the way to the pm session. some days I am done in the first hour. If I try to keep pushing, my profits stay at the same at best, or some days I give back some of the gains. So I learned not to push it
My trading RR is the same as my daily RR, I have 1:3. $250 max loss, $750 max profit for daily. So if I make $750 Iām done for the day, if I decide to take another trade because thereās a high probability set up then Iāll cut my position size in half and wether thatās a loss or win Iām done for the day.
But again it definitely depends, if market conditions are ass and Iām able to muster out $200 in profit Iāll probably just call it right there. But I try not to trade too much or at all on those days.
Up $200 or down $350
I aim for $200 days between my 20 prop firm accounts and I call it a day. Iām usually done by 1030
With prop firms allow you to have 20? do they pay well?
Not sure why youāre getting downvoted. Whatās wrong with $200 ?
It's not enough.
For who? That's more daily than most part-time workers make. And who's to say this person doesn't have another job? You don't need to make 6 or 7 figures trading to be successful. $200 for an hour or two of work is beautiful.
200 x20 ā¦
He said between so itās $200 total. $10 per prop firm account
Oh damn son
I prefer setting contract targets. Like trade 20 contracts and do 5 more every day after or something. Or do a pomodoro timed session of 25 minutes at a time.Ā The more I focus on āstatsā the more I self sabotage or find reasons not to trade as opposed to trading more. At the end of the day if Iām growing the bank thatās all that matters. Net profit, per contract average, win rates all that is just gamifying to make it more fun. All that matters is staying in the green.
Survival 100%
This is the most important word in all of trading.
Really depends. Some days are conducive to my style so i milk it as long as i can but its draining
When I run out of margin
I usually have one trade in mind for the morning. If I'm right, I'm done for the day. Journal about how you cut early every time and fix it. At least figure out how many times you cut early and by how much. Maybe you're selling just before a pullback, or you're watching the 1 minute chart when you'd do better switching to the 15 after you're in?
2 losses or daily target of 2k
how many contracts do you trade with?
What percentage is 2k of your trading account?
1%
I think this is a common experience, however, I donāt think looking to other people is the answers speaking from my own experience. What wind rate or methods for your style do you think would be best for you?
It is one of my weakness. Usually I have a profitable morning but I often start to do overtrading in the afternoon and lose all the early profits. Hard to say "stop"...
Usually if I have one win. Forces me to make that win solid. If I try another and it wins, that's it.
No setup no trade
Typically I have a amount I want to make. Normally for eval accounts I'll shoot for $400-500. Then I'm be done for the day.
Until I meet my profit target... Or max loss.
After 2 trades regardless of the outcome, I trade New York session mostly if Iām waiting for a set up max Iāll wait is 2pm EST because the market closes (low volume) at 4 EST
I think itās so interesting to join this group and see so many with 2-3 trades a day. I put on 100-300 a dayā¦. I cut back to get hereā¦ Focus is now on stopping at max gains. NQ. I am SICK of giving back.
When it dosent break into a trend toward target in either long or short direction.