Back at square one

Discussion in 'Strategy Development' started by cashmoney69, Jun 2, 2006.

  1. I developed my own method, and for a while it seemed to work great.

    Yesterday I shorted TIE because I thought it was over priced. Apparently the market thought otherwise and went up 1.55 today. Even worse, I didn't set stops because I was so sure of myself that the stock was gonna fall. :eek:

    The problem is , I think my strategy is only good if a stock is trading in a range, other than that, its not much good.

    So now what?, I feel like I'm back where I started. No edge, just guesses. Do I study fibs, pivots, WRB's (like Nihb)..

    - nathan
     
  2. Agyar

    Agyar

    I think most traders have been where you are. You need to just keep studying until you find something IMO. I read tons of postings here and other places and always take note of anything interesting and research it myself to see what I think of it. The only problem is, most things that are worthwhile will take a big time investment to get what you need out of them...
     
  3. u are tradin' what u think.....deadly
     
  4. BSAM

    BSAM

    Cash.....

    You're worried about the wrong thing. You do have an edge, you just don't know it. It's called "price action" and it's just waiting for you to figure it out.
     
  5. I kinda wish that there was a "here is how to trade" book. There's 1,000,001 ways to trade, and thats why I'm kinda frustrated. It might take me another 2-3 months to come up with a new strategy.

    - nathan
     
  6. Hi , I hope that I don't come off sounding condescending.
    The underlying commodities that affect metal producers were in bull mode at the time of your post.
    The supply /Demand for titanium will give an indication as whether or not to trust your technicals...technicals are good but they are better when used with supply / demand factors for the underlying commodity.
    From what i understand titanium is in short supply during this expansion..although the stock can be overdone its probably best to buy the pullbacks due to the large demand for the stuff.
    Sorry to hear about your temporary loss of heart , but it is part of trading, there are times when you just can't figure out what the F is going on.
    I think I 've had everything happen to me except someone showing up at my door to throw a bucket of water on me.
     
  7. Qwerty

    Qwerty

    Quote from Cashmoney69:


    My attitude never changes when I'm trading. I stay calm "neutral", so why am I not consistently profitable? sense after all, according to the author, reading charts, finding patterns, understanding how economic factors affect the market is obviously not as important.





    Let's not play ignorant Cashmoney69, the proper attitude is not an assurance that a trader will be consistently profitable. There is no denying that the proper attitude is valuable, however, if one has a mediocre trading method, it is of little value. For example, If you're repeatedly buying @ known areas of resistance & selling @ known areas of support, will the proper attitude & remaining calm help you in these situations?
     
  8. Qwerty

    Qwerty

    Quote from Cashmoney69:


    Yesterday I shorted TIE because I thought it was over priced. Apparently the market thought otherwise and went up 1.55 today. Even worse, I didn't set stops because I was so sure of myself that the stock was gonna fall.





    On this particular day Cashmoney69, the fact that bulls broke above a key area of resistance was cause for concern for sellers,
    this development did not speak highly of the bears condition on this day. Always remember this Cashmoney69, if the market is trading below the prior day's lows, the sellers are usually stronger & push the market lower, in other words, the bulls are usually covering their positions more often, the same is true if the market is trading above the prior day's highs, the bulls exploit this & are usually more dominant. I'am sure you've heard it before, "there is no better indicator than price", knowing how to interpret price action is key, in my humble opinion, if a trader is to achieve trading mastery.

    Every day, the bulls & bears engage in a battle, as a result of this struggle, the markets move up & down because the bears aim is to drive the market down & bulls aim is to drive the market higher. It's a battlefield that many traders do not fully understand or cannot interpret, that is why they use technical indicators to tell them when to buy or sell, technical indicators serve to handicap a trader from achieving true insight on why markets move.
     
  9. "There's 1,000,001 ways to trade, and thats why I'm kinda frustrated."

    Lol, I've figured out 1,000,001 way NOT to trade :eek:

    "It might take me another 2-3 months to come up with a new strategy."

    Think longer.........

    cm69