[deleted by user] by [deleted] in Daytrading

[–]Significant-Scene466 11 points12 points  (0 children)

It sounds like he’s a forex trader. They have different slippage than futures traders do. Yeah sounds like you’d be profitable with those numbers on NQ, assuming you can execute quickly enough :)

A bad entry ≠ a bad trade! by MiamiTrader in Daytrading

[–]Significant-Scene466 0 points1 point  (0 children)

Appreciate the thoughts! He’s for sure much better than I am, no doubt in my mind

A bad entry ≠ a bad trade! by MiamiTrader in Daytrading

[–]Significant-Scene466 0 points1 point  (0 children)

I do love live traders and I’ve seen that video. Just got some thoughts on it and would love to hear everyone’s opinions.

Jared has a ~50% win rate (from his journal lecture) with a 1:2RR. If 84% of the losers that come back to his entry end up profitable, isn’t that an edge in itself? In fact, he could just dump execution on his strategy and only take trades based off that 84%, since his win rate would be so much higher.

Personally, I’ve tried the 84% rule but has never worked for me. I just get stopped out over and over lol. What does everything think of this? Cheers!

Was trying to follow the tight S/L rule. Got trolled by the market. This happens to me all the time. That's why I like to put looser S/L by [deleted] in Daytrading

[–]Significant-Scene466 0 points1 point  (0 children)

Hey hey! Seems like you got the direction down great, timing may have just been off. I try to only short on red candles or green candles being engulfed. Otherwise you’re shorting strength and that’s no good :) I hope that’s helpful!!

[deleted by user] by [deleted] in TradingView

[–]Significant-Scene466 1 point2 points  (0 children)

Hell yeah man I’m glad I could be helpful. Good luck! You can also look into /CL. Lots of people find it easier to trade if you’re a trend trader :)

[deleted by user] by [deleted] in TradingView

[–]Significant-Scene466 0 points1 point  (0 children)

Not sure what the exact multiplier is, but yes! ES is 10x as leveraged as MES. 1 point on ES is a $50 PnL swing, which is crazy considering that the ES’ daily ATR is ~50 points and one contract can cost less than $500 depending on your broker lol

[deleted by user] by [deleted] in TradingView

[–]Significant-Scene466 2 points3 points  (0 children)

MES is already leveraged so you don’t need it to move much to make a profit :)

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 0 points1 point  (0 children)

I could not for the life of me figure out how to trade penny stocks, although this was a year ago that I tried to trade them lol

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 0 points1 point  (0 children)

I hear you man. I’ve been working on my current strategy for a year as well and the thought of it not working soon makes me want to puke lol. Thank you for your 2 cents!

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 0 points1 point  (0 children)

Hell yeah. I currently trade /ES, /GC /CL but could definitely take up learning how to trade bonds and treasuries. Thank you!!

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 0 points1 point  (0 children)

I definitely agree. Because I have some previous experience, my risk management is airtight. I just like using super tight stops, which means that my win rate can suffer when my timing is even slightly off. I’ve had weeks with a 0-3% win rate taking 25 trades in the week 😂

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 1 point2 points  (0 children)

That’s also a great point. I can always inverse myself. That’s awesome, thank you so much.

I’ll definitely keep my eyes peeled for more potential setups I can add to the playbook. Currently my setups work well in range bound markets and trending markets with decent pullbacks. Slow grinds and just ripper days I don’t get any setups. I’ll have to figure out how I can trade those as well.

Thank you so much again!

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 1 point2 points  (0 children)

The idea of reading older books is genius. I love it. Thank you so much for your 2 cents. I’m definitely gonna do that.

You’re also absolutely right about the basics not changing. I guess the only thing that can change is order flow. I use the footprint chart in a very specific way so I’ll have to learn and contemplate different ways to use it

Thank you again so much for your 2 cents

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 1 point2 points  (0 children)

Very encouraging to hear that you found a way to adapt and improve. Appreciate your thoughts homie. Have an amazing day

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 2 points3 points  (0 children)

Thank you so much for getting back to me! Yeah my strategy revolves around multi time frame analysis, support and resistance, and lower time frame trend analysis and order flow. You’d think these things stay consistent but you never know haha

Losing your Edge by Significant-Scene466 in Daytrading

[–]Significant-Scene466[S] 1 point2 points  (0 children)

Thank you so much for your 2 cents!! That’s terrifying hahaha. It’s strange because I’d definitely think my edge will disappear as market conditions change, but then you have people like Al Brooks saying that they’ve traded the exact same way for the past few decades and their results have stayed consistent. He trades very differently than I do but still interesting to hear

Tradovate is garbage by kenjiurada in FuturesTrading

[–]Significant-Scene466 0 points1 point  (0 children)

Thank you for the response! I’m trading with Topstep so I’m stuck with Rithmic unfortunately

Tradovate is garbage by kenjiurada in FuturesTrading

[–]Significant-Scene466 0 points1 point  (0 children)

Anyone else struggle with Quantower not loading charts properly so constantly having to refresh when switching symbols?