[brownsfan019]

New year update -- I will try to get my p/l up from last week and caught up later today but I wanted to just put a little post up that might help Dinero (and any others in the same situation of having this huge basket to trade from and feeling like you are thinned out) - the last week or so I've just been focusing on the CL to trade. The moves and profit potential is unmatched for me and my trading, so all effort is now being directed there. I have a CL chart up with 3 different timeframes and that's it. I'm still looking for the setups that I prefer the most, but using 3 different (albeit close) timeframes to get into trades. The CL is just providing too many opportunities that I can miss staring at other charts at this point in time. I have no idea how long it will continue like this, but for now, I'm just trading the CL.

[Dinerotrader]

Originally Posted by brownsfan019 »

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.

All my trades are based around S/R levels so here are the rules I am considering implementing for regulating when to shut'er down. I am also only looking to trade reversals as I don't feel competent enough to trade breakouts yet.

1. Only 2 entries are allowed at each S/R level to catch a move. After 2 tries, only watching is allowed. (my stops are normally ~5 ticks away from entry so 2 stop outs would be ~10 ticks on oil or natural gas)
2. Stop trading all together for the day if I have been stopped out 4 times in a row or if a closed trade makes my loss greater than $200.

Let me know if these make any sense or if you have found a more logical basis for these types of rules.

[brownsfan019]

Originally Posted by Dinerotrader »

All my trades are based around S/R levels so here are the rules I am considering implementing for regulating when to shut'er down. I am also only looking to trade reversals as I don't feel competent enough to trade breakouts yet.

1. Only 2 entries are allowed at each S/R level to catch a move. After 2 tries, only watching is allowed. (my stops are normally ~5 ticks away from entry so 2 stop outs would be ~10 ticks on oil or natural gas)
2. Stop trading all together for the day if I have been stopped out 4 times in a row or if a closed trade makes my loss greater than $200.

Let me know if these make any sense or if you have found a more logical basis for these types of rules.

1: Sounds good if the entry method is refined enough for you to be able to say that 2 shots is enough.

2: If you are planning to trade the CL and stop when your day loss reaches $200 = 20 ticks. Depends on your entry and stop loss as to whether or not that makes sense.

[brownsfan019]

1-21-10: +$1730

1-25-10: +$1860


Some nice trading the CL here lately. You'll notice that today's screenshot includes a ninjatrader recap as I was doing some testing with it today. Good idea to have more than 1 broker account open should something happen to your main one.

[enochbenjamin]

Only down $500 today before getting my discipline. By the end of the week maybe I'll be back to starting the day with discipline. Waaaaaaay too many trades to get the 487 I wound up with. Gotta get this shit together.

[brownsfan019]

Originally Posted by enochbenjamin »

Only down $500 today before getting my discipline. By the end of the week maybe I'll be back to starting the day with discipline. Waaaaaaay too many trades to get the 487 I wound up with. Gotta get this shit together.

Is that 30 individual trades or is that cumulative and trading multiple contracts? If that's the # of trades being done, that's a lot IMO. I'm shooting for around 5 per day to give you an idea. Not saying it's bad, just is quite a bit of trading.

[enochbenjamin]

Originally Posted by brownsfan019 »

Is that 30 individual trades or is that cumulative and trading multiple contracts? If that's the # of trades being done, that's a lot IMO. I'm shooting for around 5 per day to give you an idea. Not saying it's bad, just is quite a bit of trading.

Its individual trades. Don't be nice - you can rip me. I know its idiotic. My best days are never more than 10 trades. I have been overtrading because I have been starting each day down so much. I am a counter trend trader and if I am not patient and dont follow my setups to the "T" I lose. I did very well in dec. and was overly anxious to start the new year. I am still profitable but just DONATING too much to the broker.

[brownsfan019]

Originally Posted by enochbenjamin »

Its individual trades. Don't be nice - you can rip me. I know its idiotic. My best days are never more than 10 trades. I have been overtrading because I have been starting each day down so much. I am a counter trend trader and if I am not patient and dont follow my setups to the "T" I lose. I did very well in dec. and was overly anxious to start the new year. I am still profitable but just DONATING too much to the broker.

I think that's a ton of trading in 1 day, esp when you consider that oil is open 9am-230pm basically. The good news is that you did get back on the day, the bad news is that it took quite a bit to get there. And today was a day where it did give you a chance to get back as there wasn't a clear, one way direction trend to fight. My biggest concern would be what if it was a straight shot, look out below trend and you kept fighting it over and over? Could you come back the next day and fight again?

It's good that you are aware that you do not like trading this much and want to do something about it. That's a big deal as many would ignore it.

Keep using this thread to keep you on track and if you know you want to be at 10 trades or under, make that the goal!