Just peeking in for a minute!

Hello RTT family!!!!
I hope everyone is safe and doing ok in this CRAZY market!
I am doing just fine. Yep... still trading the same system I started trading about 8 years ago. I am strictly trading intraday. I do not hold anything overnight. I simply do not trust this market after it closes each day. My workspace consist of 6 charts. Charts are.... 30, 20, 10, 8, 5, and 1. I trade the same E-System with 30, 20, 5 moving average lines on all 6 charts. I use the ADX on the 30 and 20. I use the MF on the 10. I use MACD on the 8 and 5. I only have candles on the 1 minute to pin-point entry and exit.

My wife and I are approaching 30 years of marriage. I have 3 grown boys. 2 of them trade (go figure-lol) and my youngest plays football at NC State. He is a junior. Wife and I are looking forward to being empty nesters and enjoying the next phase of our lives.

Just a little about trading....
Keep it simple. Develop a style that works for you and your personality. Practice, practice, practice. If you perform well in practice, you will do well when the lights come on. I use TOS. Their paper trading platform looks identical to their live platform. Trust me, I am not promoting TOS or trying to convince anyone to use their tools. TOS works well for ME.

Follow me on this because I think this could help some people.....
My financial trading plan is based on a 70/30 process. I teach my boys that trades are not always going to produce winning results. Believe it or not, it is actually healthy to lose some trades. It keeps them humble and hungry. I have developed a plan that consistently produce winning results at least 70% of the time and could have losing results 30% of the time. I keep my loses small and maximize my gains. My magic number is 20%. I am willing to lose up to 20% of my position size on any given trade as long as 70% of my trades AVERAGE at least 20% profit. This process is simple, less stressful and helps keep me realistic and humble. I hope this makes sense. Normally, I gain profits on 70-80% of my trades. I cut my 2-3 loses at about 10-15%. My profitable trades average roughly 40% gains (maybe a little more).

I will not wear you all out with this, but I wanted to slide in for a minute and share a little that might help someone who is struggling to find a plan that works. Remember, you do not have to win all trades to reach a high level of success. Keep it simple. You do not have to learn all trading terminology, have all the fancy work spaces, or impress anyone with what you know. Just find a process that works for you!

Be safe... Trade The Evidence and take care.
Rookie30 out!



Edited 1 time(s). Last edit at 07/14/2022 08:26PM by rookie30.

Rookie,
It is great to see that you and your boys are still trading successfully. I don't get on here often anymore, I just pop in here and there to see what everyone is up to.
Nice to see you trading the same plan from years ago when you were helping me out. I see you changed a few of the line's values but overall, the same setup.
I just started getting back into it last year. My biggest down fall is NOT letting my winners run enough to counter those losing days, so I wind up just being even over the course of time.

Thanks for sharing, it is helpful.

PastorP

LOL

PastorP - that's probably a better problem than I'm facing right now. I tend to stay in a trade to long it seems. I've had lots of times where a large gain turns into a small loss. Most all of the trades I enter start off very well with good movement in my direction. Then while I'm not paying attention it reverses on me with a $1000 gain turning into a $100 loss. All the while I'm counting up "exit criteria". lol.

Knowing when it's time to exit a trade seems to be my Achilles heel.



Hey Rookie,

Glad to see you're still lurking the board.



Edited 1 time(s). Last edit at 07/16/2022 02:07PM by RichieRick.

Hey Pastor P and RichieRick!

The issues that you all highlighted are REAL. Those issues can and will not only tank an account-but screw with you psychologically. I started using a 1-minute chart to help guide me in and out of trades. The biggest benefit to using this chart is it helps me pinpointing my exit. I enter trades knowing where the next S/R area is located. I actually set an alert at that level. Once that alert is triggered, I am Happy In Seattle and go to my 1-minute chart. I wait for 2 consecutive candles to paint against me-unless it is tanking quickly. It is that simple for me on the exit. Many times, I will reached my exit level, but my option price continues rise (1 minute candles are painting in my direction). I continue to sit on the fence and wait for my 2 candles to paint against me. Well, sometimes it takes a few minutes, but other times it takes 15 or 20 minutes. Normally, the longer it takes the higher the option price rises.

By using the 1-minute chart, I am forced to take what the market gives me. I have learned that the market is the boss. I respect it and always give thanks after I close out a trade. I am just a kid, trying to get one or maybe two cookies from the jar without getting my hand spanked-lol. I also continue to practice the process of once I enter and exit a trade, I am done for the day. I literally shut down my computer and "go fishing" as Gary would say. I hope this helps a little.

Good to hear from you rookie30 and am very glad you are doing well. I am in today and out today for the most part, but I have entered trades at 3PM if it looks like according to moving averages that down will be the direction. For instance, on 7/21 I bought an AMD put before the close fully expecting it to go down the following morning. Bought 5 @ 6.85 and sold out at the open with a GTC of 7.70. Charts I use mostly are the 8, 21, 34, and 55. When my moving averages line up with these charts I know I am setting up for a trade. I use a 3 for entry looking for a small bite and then shut everything off if I trade, If not I hang around until 11 and then begin looking again if I haven't entered a trade at 2-3:30. I also listen to the news in the morning for stocks that are mentioned often for an up or down. Use to listen to CNBC but now it is Fox Business and if I don't get into a trade in the morning I have it on until 4PM. Love, Love, LOVE Charles Payne lots and lots of nuggets.



Edited 1 time(s). Last edit at 07/27/2022 09:13AM by Darcy3.

RichieRick Wrote:
-------------------------------------------------------
> LOL
>
> PastorP - that's probably a better problem than
> I'm facing right now. I tend to stay in a trade
> to long it seems. I've had lots of times where a
> large gain turns into a small loss. Most all of
> the trades I enter start off https://eldfall-chronicles.com/product-category/miniatures/class/sentinel/ well with good
> movement in my direction. Then while I'm not
> paying attention it reverses on me with a $1000
> gain turning into a $100 loss. All the while I'm
> counting up "exit sportsbetting telegram". lol.
>
> Knowing when it's time to exit a trade seems to be
> my Achilles heel.
>
>
>
> Hey Rookie,
>
> Glad to see you're still lurking the board.


It sounds like you have the market timing down for entering trades, but exiting is the tricky part. What strategies have you tried so far? Have you been experimenting with different stop loss levels or using a trailing stop?

Maybe you could try something like the 1-2-3 pattern, that way you know when it's time to cut your losses and get out. Hopefully you can turn that Achilles heel into a strength! Good luck!



Edited 1 time(s). Last edit at 06/09/2023 07:50AM by JamesBasej.

Nobody on the face of this earth ever gets the timing down of when to get out of a trade. If I have a decent profit I grab it because money is money and green is green. I've been in some trades where it keeps going up or down way past the time I get out.

You need to base getting out on a percentage of $'s or set a profit standard and don't change it. If you enter on a 21 chart for instance AND can watch the chart EXIT when the candle pulls away from the Bollinger band is the BEST rule of thumb. If you are up 20% of the cost of your trade consider leaving. If you want to place a GTC then look at the Bollinger bands and see how much according to them of a run you can get,

Currently if I had bought a call on NVDA today (on the 21 chart 6/13/23) I would have used the 8 to enter (at about 10:30) when it began to rise off the 20 moving average and exited the trade using the 8 chart as the 9th candle not only pulled away from the Bollinger band but crossed and or tied into the 5, 10, and 21 WITH the Bollinger band closing up. It has the sign of flat lining. I would have also looked at my 21 chart and would have taken note that the candles were also puling away from the Bollinger band. As for me I place a .20 to .50 above my entry price, take my profit and run. I seldom look back to see what I could have made. I don't care what could have been. I care about what was.

Understand you are also trading with or against some big brokers who can wipe out or increase your profit in split seconds. This is part of the reason I also watch on my Qharts the Bid and Ask watch.

If you use your Bolling bands to see where to ESTIMATE the stock to run (say $1 up) only take .50 of that $1. That's just how I have seen the options run. If you are buying way....way out in time (more than 1 or 2 months) and based your trade on larger charts follow the same idea I gave except using the chart you entered in and the one you based your decision on. Personally I ONLY use larger charts if I am buying the stock not trading it.