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I agree 100% in regards to just taking the trades. My excuse for today is that nothing looked quite good since we were stuck in that range. The only problem was that when we got out, I still didn't do anything, but today there for sure weren't many opportunities. I'm looking for real trades now... the simming was great, but I knew that I needed to test what I would actually do when real money is on the line. So I hope to at least get a handful of trades in this week and then re-evaluate to see if I'm on the right track or not.

Its great to have you trading live Niko because it just seems so much different from sim. Emotions are of course the only reason why it is different, other than order entry mistakes which don't happen in sim, but I too see how when looking for a live trade, all my good trades in sim just don't seem to come as easily. (I also notice you say you got screwed which gave me a chuckle cause of course we both know that price doesn't screw us!) Something does jump out at me though since you are trading 3 contracts. My philosophy is all about protecting money, hence why I find it hard to place trades cause I'm always looking for the perfect one, but I wonder if it makes sense to drop down to one contract for now, and be able to hold it for a worse scratch, but which might make you not give up on a good initial trade. Is this mathematically better? If you get out right away and scratch because it goes against you, the dollar amount for 3 contracts is of course nothing to sneeze at for every point. The idea of course is to scale out of your contracts as Db suggests, which works great when you are in the money to at least have a position still in the trade. But since we are both so new and any move against us seems tragic, could it be safer to trade just one contract and be able to hold just a bit longer without the higher money loss? I find that often my direction is correct, but maybe my entry isn't, so hanging on a bit longer makes the trade work, but I'm too quick to get out. By dropping to one contract, perhaps you can practice with real money and have this be safer. Getting out early and missing out on a good move when you don't have a position on does hurt, but I think for us new guys, price moving against you on 3 contracts is more damaging. Just thought I would share.. but what the heck do I know!

Well I think breaking even is an excellent result! Its like going to work for free but having the opportunity to work in the real work, kind of like a co-op type of program (not sure if you have there where you are). So the experience gained is worth working for free! Today I think was tricky for most. So breaking even on a difficult day is once again excellent, and on the easy days when price just shoots in your direction is where the paycheck will be made.

So how does it tally up at the end of the day? (in terms of points or dollars.. whichever you prefer if you don't mind me asking) It seem both of us were thinking of clearing that 3561 level and we both missed that REV on the bottom. Edit: ALso, did you not think of doing anything right at the open when we broke below 3560?

Nice video. Not only is the message lovely, but its very well produced and hence a pleasure to watch. The guitar playing wasn't too shabby either!

I think its way better than being unable to put a trade on!

We were discussing how chat was exteremely helpful in some ways, but of course since you gotta make trading your own, it can also sometimes hold you back. But its just great to know the old crew is still checking in there. May I ask Niko, you wanted to go live for May, how close are you?

Hooti, Bon and myself are keeping it alive today!!!

I find that the horizontals are actually better at drawing a firm line in the sand so to speak. I see price hesitate more at these levels, and when breakthrough occurs, it does so with force. The diagonals of channels and means according to AMT are a little more fluid in that the channel extremes represent potential overbought and oversold areas, which can get stretched out less or more. It is remarkable how price does sometimes turn right around at a diagonal line, but the firm price levels on a horizontal level like a previous day high or a high on an hourly chart from weeks ago everyone sees much better. Just an observation though. Without doubt, both have to be watched.

This sounds like a good plan indeed. Thanks for sharing.

Oh am I misreading your chart? Oh yes, I am, the trade there is the exit from the short. When I saw your dashed red line and the trade just above it, I quickly assumed this was your long entry as the bounce from the line. May I ask green, where are you at in terms of trying to go live? Are you waiting to sim some more, are you backtesting more, or still trying out different things?

Beautiful reversal trade at 45. This is all almost starting to look too easy. Not saying its easy to trade and profit, but once you do your prep, outline the levels, know where you are, do what you should do, and just sit back and watch and wait, then this is kinda easy.

I fully understand, and thanks for the heads up about moving my posts. My journal at ET is enough, so I will stick with that. What I am attempting to pursue is what you're teaching, execution is my last hurdle to overcome. I might not take every SLA based trade though as right now I'm just focusing on the open, and especially on the extremes as outlined by AMT, and of course the ranges and means. Opening my eyes to the areas where traders are no longer able to find a trade, the rejections, its all just gold.

I did not Db. Even after the discussion about the first entry, there was of course another good one at 9:25 at about 3610 just below the crest. I have no excuses, wasn't even fear really, I just didn't. Oh.. and in terms of the bounce at 45 if this is what you are referring to, that is way trickier for me. Calling a bottom is hard, even though there was a very good reason why this price level might be it. Of course now its worth 20 points! I won't be lost in CWS though or won't beat myself up. Its just more confirmation of the power of AMT, not that any more was needed mind you.

I found it interesting how we blew through the bottom of the channel so easily. The low at 45 I had in my sights after the channel bottom was gone. In a way I'm not surprised because this huge rise up yesterday all happened after hours, so there was so much airspace on the way up. Not sure if this can be taken into account though.

Absolutely! I find I'm waking up too late, but for me being on the west coast, its already early enough. The best entries happen easily an hour or more before I wake up. And I love love love, the best entries. You can really sit through many RETs much more comfortably when you're in at a much better price.

If it wasn't for my darn prep work (which of course has to be done! ), I would have seen this lovely short as marked on the attached chart. It is reassuring to see my thinking is in line with what you are saying and so that bounce at 3618 being the upper line was perfect for looking for a short. Edit: The offical entry might even be a few ticks higher if you followed the crest up, this is just where I saw it when I glanced over.