[enochbenjamin]

To frustrated to click a screenshot.

-300 today after being down $2200. It seems I get disciplined only after taking a big loss. I need to work on that...

[JEHs]

Trading for the week

[method]

Going against the trend + overtrading = not good!

[enochbenjamin]

Originally Posted by method »

Going against the trend + overtrading = not good!

well i always go against the trend, but i feel ya on the overtrading part! Took 45 trades in oil today - mostly because i was behind and was trying to erase my loss.

i have actually gone back and looked at my best days - rarely do i do more than 10 - 12 trades. On losing days I always seem to be in the 20 - 30 range. hmmmm.....

[method]

Actually I usually am contrarian as well but coupled with overtrading it can lead to bad results. The thing is, I was unsure of putting on the trades because the market didn't look like it had reached a temporary bottom but I did it anyway because of fear of leaving money on the table.

Do you scalp?

[enochbenjamin]

Originally Posted by method »

Do you scalp?

Most of the time. When I scalp and I know I am scalping I can pull 8 - 10¢ out of oil with regularity. My problems occur when I enter a trade as a counter trend scalp and decide it can be a swing trade. Then I widen my stop and usually get burned. The trade I made to make up my losses was a single trade that netted 2k, however that is not what I am comfortable with. My identity when I am on is to be a bricklayer and come to the market everyday and take advantage of the bearish nature of commodities.

Just typing this lets me see the error of my ways, so thanks for allowing me to have this cathartic experience.

[brownsfan019]

Originally Posted by Dinerotrader »

I've heard this many times and am realizing it more now, that many trading methods are good in a trending or a choppy market but not both. This leads me to think you have to do one of the following:
1. find a way to determine what each day is going to be before trading and then use the matching method (not sure anyone has a good way to predict if the days action will be trending or nontrending)
2. find a method of trading that works in both
3. trade your method on both types of days but try to set rules to limit losses on a day that is not ideal for your method
4. give up and play the lotto

That is more than you asked but I had a few more things on my mind.

1: Very difficult to know in advance, based on past movements, whether a trending or non-trending day is going to show up tomorrow IMO. Let's scratch this option.

2: Trending day - play breakouts, moving average pullbacks. Non-Trending - play candle reversals @ bollinger bands. It's that easy IF you know which one to use that day. Let's scratch this option as well.

3: This is my preferred choice of the 4. Why? B/c I don't think #1 is possible to do w/ consistency and in order to do #2 I think you need #1 so by default if nothing else, we are on to option #3.

4: Tempting, but I think you'll get better odds heading to Vegas and having a hell of a time at the craps tables.

So option #3 appears to be the best choice at this point. So the key Dinero is simple (yet hard) - knowing when to shut your system down for the day and when to keep it running.

As Thales said - you may want to refine your entries as well using some sort of filter to keep you out of as many bad trades as possible. The L, LL, HL method, the 2B method, using some volatility bands/indicators, whatever.

[bathrobe]

Originally Posted by brownsfan019 »

3: This is my preferred choice of the 4. Why? B/c I don't think #1 is possible to do w/ consistency and in order to do #2 I think you need #1 so by default if nothing else, we are on to option #3.

This sounds like the best way to trade to me and is what I do.

Intraday what looks like a trending day can quickly turn into something else all together. The market can chop all morning and then trend all afternoon also. My advise would be to have a setup that works for you most of the time and when you spot this take advantage of it.

In the time I have traded I have come across countless setups, I cant look for all of these during the day, I look for the ones that are mostly profitable for me, if I looked for them all I would have conflicting views all day and would be hedging a lot. Not to mention commission would be through the roof.