MajorMagnuM
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aj a buy here or soon?
Amazing , FM and MM reply to each other within 1 minute - most of the time - , i dont understand , are they really scalping and paying attention to the markets or they just keep refreshing the page here to check the latest and then reply ?!![]()
sounds good. I don't know any profitable intraday trader who does not cut losses tight. Certainly I would have moved along with my trading faster if I had stuck to a tight stop loss. For me the sweet spot intraday is 3 ticks, 4 ticks was too much for me. So I NEVER take a loss more than 3 ticks but this is the MAXIMUM and really 2 ticks is far better. My daily loss limit is 15 ticks and I quit when I am 20 ticks up. If I get up to +15 ticks and then lose a couple of trades and I am up +10 I always quit for the day. So easy to give it back. Doing this I had 2 losing days in January, the rest positive.
A surprising amount on the journey to becoming a CPT comes down to loss control imo. It doesnt matter if you are right/wrong/whatever you just have to GTFO. The thing is I know if I make 5 good trades according to my plan and I take 5 x -3 tick losers I will be down -15ticks for the day and I finished for the day. As long as I have done everything I should I will sleep soundly. How would I feel if I had a few +3 wins a few -3 wins and a -11 tick shocker, I would feel like 5hit.
You just have to get over the 'being right' psychological monkey. I watch the Bund ladder and if I take a trade long then it could be the best trade I have ever seen in my life but if someone drops a total 3000 contracts at market in the next 90 seconds then it doesnt mean I am wrong, it means GTFO without feeling your were wrong.
When you are trading I find it helps to focus your 'inner chat' to yourself on loss control. So constantly in my mind I have 'I take 3 tick losers' over and over again.
AND if you cant take small defined losers then quit as you are going to be bankrupt soon.
sounds good. I don't know any profitable intraday trader who does not cut losses tight. Certainly I would have moved along with my trading faster if I had stuck to a tight stop loss. For me the sweet spot intraday is 3 ticks, 4 ticks was too much for me. So I NEVER take a loss more than 3 ticks but this is the MAXIMUM and really 2 ticks is far better. My daily loss limit is 15 ticks and I quit when I am 20 ticks up. If I get up to +15 ticks and then lose a couple of trades and I am up +10 I always quit for the day. So easy to give it back. Doing this I had 2 losing days in January, the rest positive.
A surprising amount on the journey to becoming a CPT comes down to loss control imo. It doesnt matter if you are right/wrong/whatever you just have to GTFO. The thing is I know if I make 5 good trades according to my plan and I take 5 x -3 tick losers I will be down -15ticks for the day and I finished for the day. As long as I have done everything I should I will sleep soundly. How would I feel if I had a few +3 wins a few -3 wins and a -11 tick shocker, I would feel like 5hit.
You just have to get over the 'being right' psychological monkey. I watch the Bund ladder and if I take a trade long then it could be the best trade I have ever seen in my life but if someone drops a total 3000 contracts at market in the next 90 seconds then it doesnt mean I am wrong, it means GTFO without feeling your were wrong.
When you are trading I find it helps to focus your 'inner chat' to yourself on loss control. So constantly in my mind I have 'I take 3 tick losers' over and over again.
AND if you cant take small defined losers then quit as you are going to be bankrupt soon.
anyways this applied to people who overtrade and have discpline issues (like me). Some people who tend to be the 'scared to trade' type have this built in however they have other issues to contend with. I think most people overtrade rather than undertrade.
this is a pretty excellent post
take a look at your statements. Would you be profitable if you limited all those losses to 3 pips? It is the key to moving forward and you can cut your time to being a CPT down if you are able to do this.
GL
im sorry what is cpt = a pro trader?
yes if i got over ego about not being wrong, i would stay with flows of market better.
i must get better at taking a " direction/ course adjustment" immediately"
Amazing , FM and MM reply to each other within 1 minute - most of the time - , i dont understand , are they really scalping and paying attention to the markets or they just keep refreshing the page here to check the latest and then reply ?!![]()
Sorry what point are you making?
i have taken a few scalps this morning. i refresh alot, sometimes i even check back a page if a post i make appears at the top of a new page> Is that ok?
may we need again the cleaner for post same this
Short EU at 1.36116 SL 1.37
Closed @ 67 = -56 pips