You want to increase your profits? Limit your losses.
You want to limit your losses? Limit your trades.
You want to limit your trades? Limit your set ups.
Addition by Subtraction.
There is no need to try & bottom tick an entry / catch a falling knife. V bottoms are extremely rare. You are virtually always better off waiting for a higher high / higher low for your entry. $QQQ
#NQ_F
$SPY
2 years ago today I literally had a heart attack in the middle of a SPY trade. Glad to still be here among so many good people. Don't take a single day for granted!
1/4
General rules:
Market moves from Balance > Trend > Balance.
When in balance fade the edges. When it breaks out of balance go with the trend on the retest of the balance once retest confirmed. (this can be difficult & its best to use orderflow for confirmation.
Wife going in for surgery tomorrow. I will be less active here for a bit but I will try to respond to any DM's. All thoughts & prayers welcome & appreciated. 🙏💙
I can teach you charts
I can teach you set ups
I can teach you risk management
I can teach you entries & exits
I CAN'T teach you how to avoid that one day a week or month where you give all or most of it back. Sorry, you're going to have to figure that out on your own
#discipline
@scrowder
@BenAltitude
What if they were coming from Russia into Alaska and raising the Russian flag. Asking for a Hispanic friend who came here legally.
This market will continue to go up until I capitulate. I have cash on the sidelines & once "Retail Jim" gets that fomo time to go all in long feeling, and only then, will we see the top. I will let you know as soon as I get that tingle. $SPY $QQQ
IMO The 2 most important traits one can have in their trading journey are as follows:
#1
The self awareness to know when you are about to do something stupid.
#2
Your self-discipline to be able to do nothing is > than your impulse to do something that you know is stupid.
Hey everyone. A new little Scalpert came into the world this morning. My son & his wife had a baby this morning. Welcome Cora Marie Scalpert. I will have limited screen time today & probably over the next couple days. 🙏🥳🎉🐤👶🍼
Odd fact. When price & volume start to surge, my computer fan cranks up & I can audibly hear the change in action coming from my laptop. I have not used this as an indicator but am considering it.
Anyone else?
Mark Douglas explains this far better than I can... but you have to take this trade 100% of the time (assuming you are using a similar AMT / balance rules strategy)
Tree just fell on my house.
Wife: That's it were having every tree around the house cut down.
Me: Do you know how many NQ Points that's going to cost???
Many people ask me: "Jim, what futures market should I trade" here is a guide:
ES: Noobs & wives + pros that take their money
NQ: Degenerates
Commodities: "Urban Cowboys"
Bonds: Sophisticated douche bags
Forex: Don't ask. I hate these people
Woke up at 4:00 am to my dog panting & shaking. At 6:00 am she climbed on my chest and laid down for about 15 minutes, got off me & had diarrhea right by my pillow. at 7:00 on the way to the vet she threw up in my car. Then I lost $1400 on NQ & paid $500 for her vet bill 😳
My cardiologist: OK what did you eat for dinner last night?
Me: Lean pork and some potatoes.
Him: What kind of potatoes?
Me: Sliced
Him: How were they cooked
Me: Um in an oil base
Him: "French fries Jim? And was the lean pork a hot dog"
If you do anything this weekend, memorize these 2 tweets. It takes a different mindset to execute. You have to want to change your behavior to be successful in the long run. Thanks
@ES_F_Leo
&
@MacroTactical
for putting some gems out there for everyone. 🙏
You ever accidentally hit the Sell button when you meant to hit the buy button & before you realize it your profit target was hit? Consider fading yourself more often 😂
I have top ticked a few trades in my time but I can tell you my best trades have never ever been top or bottom tics & my win rate on those is sub avg. My guess is that goes for the vast majority of traders also. So statistically, why would you even try? Ego... that's it.
4 simple rules for trading that will save you a ton of money
1. Don't fade bullish price action
2. Don't fade bearish price action
3. Don't short in the hole
4. Don't long the initial breakout.
Less than 3 months ago this puppy in terrible condition wandered up to my sons house & collapsed on his porch. Unable to find owners he took him to the vet & got his shots & took care of him. Another successful rescue for the Scalperts. Apple doesn't fall far from the tree.
Me: Honey, you want me to post “🚫DM’s” in my Bio to keep ladies from sliding in?
Wife: Or... you could just post a picture of yourself. That should work.
😳
At some point during the day, you have to look at your P&L and say, "I'm not giving this bag back", and quit trading for the day. Switch to Sim if you have to but don't give your gains back!
Fun Fact
-
Trump: Market closed below his inauguration day closing price 2 times in 4 years
-
Biden: Today was the 9th day closing below Biden's inauguration day closing price.
-
It's probably nothing.
If there is 1 bible verse that encapsulates the parallel between the Christian life & TRADING. it is Romans 7:15
"For I do not understand my own actions. For I do not do what I want, but I do the very thing I hate."
Today is the beginning of Lent. It commences 40 days of prayer and fasting, or other sacrifice as the faith has it. For Lent I am officially giving up trading losses. 🙏
Wife got word from the Dr. today that her cholesterol is through the roof. Dr said to modify diet & to get 90 minutes cardio in per week. I told her we can split that up into 30 sessions 3 minutes each.
@cooprXX
You have to call them up and ask if you can transfer funds from your Demo account to your live account:
Look
If you had
One shot
Or one opportunity
To move everything from your Demo
to your Live account
Would you capture it
Or just let it slip?
For me, Globex is basically a place where I go to make donations to who ever can take my money the quickest. I will resists the temptation to trade tonight so that I will not start off in the hole tomorrow morning. 🤭