[OAC]

Gene, may be you should exercise more patience and consider spending more time on the simulator. Six months is not much, believe me. From some of the trading blogs that I have read recently, many experienced traders are having problems in this market.

[GeneTrash]

Originally Posted by Nick1984 »

Are you sticking only to the MP levels of the previous day or do you use a developing MP to make decisions?

Also in relation to your profit targets it seems as if you don't actually have a set profit target for each trade. What I've found is that by creating a quasi mechanical rules system to my trading its helped heaps because it effectively takes the emotion out of your trades. When trading one contract I'd take +10 all the time simply so i could used to it even if the price kept on going. It helped to develop my money management discipline. Now I'm trading 3 lots on the ES and I always hit +1.25 as an automatic exit on my first 1/3rd. The second target is +2.50 and the last contract is discretionary with my stop moving up to break even +.25 so I effectively have a free trade which covers my commissions.

Maybe you can look at setting up a more mechanical profit target system to get you used to being more mecahnical and less emotional.

Good luck mate.

Hi Nick,

I am charting the MP levels from the previous day(s). I am in the process of learning MP more in depth and at present do not take the type of day (normal day, trending day, neutral day etc) into account. Though I do try and note the levels at which the market finds value each day as well as overlapping levels. I try to review this list each morning to see if the market may potentially revert towards these areas.

I find if I try and focus too much on one technique (MP, VSA etc) it overpowers everything else and I start to notice only things needed to make these tools work, rather than what the market is actually doing. I'm not sure if that makes sense haha but I know in time I can incorporate more in advanced portions of MP into my trading.

In regards to the mechanical exits I think you are right. I wish I could trade another contract and scale out after 10 points as I had success on the sim doing that. I think I will be using 1 contract for a long while though haha and am starting to get a idea for target sizes per situation I trade in.

[GeneTrash]

Originally Posted by OAC »

Gene, may be you should exercise more patience and consider spending more time on the simulator. Six months is not much, believe me. From some of the trading blogs that I have read recently, many experienced traders are having problems in this market.

OAC,

I debated staying on the simulator longer but just felt like I was getting a watered down experience. I am enjoying trading a lot more for the fact that it is real and am willing to step back on the sim if I lose this account. Besides, the greater the variety of markets I can experience now will help me in the future.

[GeneTrash]

Very low volume day today. Took too many unnecessary trades. Struggled again with trade management. My goal tomorrow is to stick with my targets and stops better and be more patient on the setups I take.

[GeneTrash]

Haven't traded the last two days as the net at work hasn't been working properly. Gave me a chance to begin back testing a trade setup I am interested in.