Trading Room Trial: Goals and Objectives
Hello and welcome to the new format we are trying out. After about a year of answering questions on whether or not I would do a live trading room, I've decided to give it a try. So, before we begin, please read the description of how I view this educational trading room working.
1. The objective of the room, for the main part, is to fine tune the intraday updates and let members know what I'm thinking and/or doing during the trading day. I will NOT be answering questions all day, but I will be pointing out trade opportunities so that you will be able to learn how to spot them better yourselves. In addition, I will talk through my entry and exits, as I manage the trades during the day. Usually there are 4-6 good trade set-ups per day. I won't be giving out my quick in-out scalps, but will focus on what appear to be "by the book" set-ups throughout the day.
2. There are several goals for this trial. One is to help members stay on course with the nightly update, and shift gears if necessary. Two is to make a profit of three (3) ES points per day. Three is to help members shorten their learning curve as I talk out loud through trades, good and bad ones. This will *not* be as intense as the trading Camp, but more relaxed and with my total focus on the trading action, not the chat box. When I trade, I'm in my "cave", I'm inviting you into my cave to see how I have been trading for a living for more than 26 years.
3. Unless stated otherwise, when I enter a trade, my initial stop will automatically be placed 1.75 ES points away from entry, and the first target will be placed for 1.75 point gain (one cancels the other). The stop and targets will be adjusted based on volatility and how the market acts after entry.
Sometimes after I enter a trade, and it goes profitable right away, I will scale out rather than cover the whole position on exit. On exits I will make it clear if I'm covering part, or all, of my position. Also, I will often times use a "time stop" if the market doesn't give instant gratification, or isn't working as expected. If, after a second look, the trade still looks valid, I will re-enter quickly. Those are some things to remember and expect when our trading room trial begins.
And please remember.....
TraderStalker.com's Live Trading Room is for educational purposes only. This is not a financial advisory service. Traders assume full liability for all trading risks and outcomes. You assume all risk/liability for all trades that you make. There is substantial risk of loss trading futures. There are no guarantees or certainties in trading. If you are looking for guarantees, trading is not for you.
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I know Mike's a very busy man, so this is for anyone that's experienced in Mike's scalping style.
ReplyDeleteMore info on how they setup would be great. I see the grouping of bars that touch a price level, and how that acts as an S/R level, but I'd like some more specific knowledge on what levels are important to watch. Thanks!
John(Piper)