all novices:before you start trading read this

It is intentional.

Actually he is a great trader, for 20 years.

 

Hello padutrader,

I was away for a day.

I agree with this part. I think as traders we want a rigid intraday strategy, because it makes it feels comfortable and systematic like a full time job. Like work, we do a task, and we get paid for it, we go home.

Traders want to trade like this : 1. When this candle does this and hit this line, do this. Repeat.

But from my expereince so far, it is not always that clear and straight forward. Everyday, the market does something different.

I like your statement of Read and then React.

Read, React, set risk, prepare for exit.

I think traders need to take trades based on what they see on the chart, and just bet on it. Risk it for about 50 trades and see what happen

 

I agree on the react part.

Why you do not like pivots on your day chart? Price reacts to the pivots daily. At a minium, I use them for trade management.

 

padutrader,

I have one question for you. I understand what you are saying.

You enter based on the context of sellers and buyers, BUT how do you know when to exit the position.

In other words, do you exit the position based on :

1. Price action context, just like you entered? Meaning, you enter short trade, and you exit the position, when price action turns bullish.
2. A fixed profit target or fixed stop loss level?
3. X amount of pips for every trade?

Thanks,

 

I do not like too many things on the chart...in fact I just like to see how fast the bars are forming...but if I concentrate on 1-2 bars then sometimes I react to very short term movements or noise...so I wonder.....and get confuse and exit...that is why I am more comfortable scalping

 

but it keeps doing it whole day....do not trade until you see what it is doing.
I make that mistake all the time....I like to trade and that is not a good thing

 

I am happy you are asking me these questions because it forces me to think about it.

 

at least I do not bore

 

I think see what the other traders are doing.....I like that...simple

 

interesting concept, very close to my trading style. I call it in short APE "anticipate, participate and exit". Especially when you are scalping you cannot form a bias, you can only follow market when it dictates the moves. For longer term trades involving more than 5-10 points then you can form a bias, i.e if you had an excellent entry at start of a minor / major trend. If not you will have to scalp and as scalpers 2-3 points is the goal. But its good to know the read, react and exit style that is exactly how i trade. Its a scalpers bible i think.