 |
lindq
Registered: Mar 2002
Posts: 2475 |
06-27-12 04:32 PM
Quote from Discipline101:
I was reading an article about it, and the guy said just don't even trade for long long periods of time.
Is that true?
At the top of the list of personal qualities a trader MUST have in order to succeed is: PATIENCE.
Patience to wait for the right market conditions.
Patience to wait for the right trade setup.
Patience to wait for the trade to play out.
Now, I didn't say it was easy. But it is necessary.
|
| |
|
Edit/Delete • Quote • Complain |
logic_man
Registered: Oct 2010
Posts: 1489 |
06-27-12 05:34 PM
Quote from lindq:
At the top of the list of personal qualities a trader MUST have in order to succeed is: PATIENCE.
Patience to wait for the right market conditions.
Patience to wait for the right trade setup.
Patience to wait for the trade to play out.
Now, I didn't say it was easy. But it is necessary.
Absolutely true.
OP,
If your trades are based on objectively measurable market factors and they say to go in, then you would only be psyching yourself out not to take your signals. Of course, you then have to ask yourself constantly if you are measuring the right things or not, but that's a completely different aspect of trading.
Also, don't get so focused on only one market that you lose sight of the fact that there are many markets out there to trade. When one is in a funk for you, perhaps another would be giving you good opportunities and vice versa.
|
| |
|
Edit/Delete • Quote • Complain |
murray t turtle
Registered: Dec 2001
Posts: 6273 |
07-11-12 09:21 PM
Quote from achilles28:
Nice post, Murry. Thanks for hint on time-stops. Makes perfect sense. Never really got that aha until now 
============
Thanks.
I was riding along with a female driver several years ago.She paused at a red stop sign[or time- stop,LOL] Also i noticed this was a pattern, with her.
I casually mentioned it, not wanting to start a fuss; a pause is not a stop at all ..No response at all from her...
Within several months later;
a policman wrote her a ticket, explaining a ''time stop/stop sign.''LOL ,She told me.
I guess all have run a stop at some time
|
| |
|
Edit/Delete • Quote • Complain |
vinc
Registered: May 2007
Posts: 246 |
07-12-12 03:49 PM
Quote from Discipline101:
Do most people here subscribe to the idea that there are times when you should completely stay out of the market?
definitely yes! I'd even go a bit further - stay completely out of the market ALL THE TIME !
for a majority of people it's an EDGE ..it takes patience indeed 
|
| |
|
Edit/Delete • Quote • Complain |
tripledtrader
Registered: Jan 2003
Posts: 88 |
07-12-12 03:57 PM
Mid-day is very difficult if you are trading equities (ie. 11am - 2pm ET). During this time it's typically just bots trading with other bots. And the bots are hungry at this time, so if you stick your toe in the water, they will try to game your order.
During early morning or late afternoon, there is more institutional flow, which makes it easier to trade, as the bots are busy gaming the big boys.
|
| |
|
Edit/Delete • Quote • Complain |
Brass
Registered: Jan 2012
Posts: 3509 |
07-12-12 04:02 PM
Quote from achilles28:
...Usually, the best advice is to pullback and trade higher time frames (10-15-30 mins etc). The sub 5 minute time frames alternate between trend and chop throughout the day and can trigger many losses...
Whereas these "higher time frames" bypass all that silliness?
|
| |
|
Edit/Delete • Quote • Complain |
| Receive
an email whenever a new post is added to this thread by subscribing
to it. |
|
|
|
|
