Not much trading for me lately. This week I was having internet issues all week which makes it impossible to trade.
Attached is a first attempt at understanding the Jack Hershey Channel method. The retracement after the gap confuses me and the break out at the end of the session also confuses me.
here is the re-draw, if reading the future thread with thousands pades is too much you can see how other did it here http://elitetrader.com/vb/showthread.php?s=&threadid=91904&perpage=6&pagenumber=1
channel can be applied to any chart. It doesn't have to be real time drawing, a end of day blank 5m ES chart is all you need. After you master the basic drawing i.e. your chart looks like spyder chart, you can always switch to any chart you want.
The name of this Thread is "Brent's Journey to Success Journal". Success is just that, a journey. I began this thread over a year ago with the intention of designing a system, finding and internship, and trading that system. So far I have done all those things. Although I lost money this shot at trading I realized that i probably needed to abort the mission because I was not fully prepared to trade my own money, and such a huge portion of my net worth at that. I have secured an internship with a trading desk for the summer, I would like to thank everyone that has participated in this thread over the past year and the contributions everyone has made. Have I made a million dollars yet? No, not even close but I can honestly say that I am well on my way to being a sucess.
Hey guys so its been a while and time for an update. It really is amazing how much you change as you learn and become more aware, not only in the markets but in life in general. I look back at this journal and it feels like ages ago. The past couple months have been pretty quiet for me in the markets. I have been reading a lot. I realize the environment I am moving towards I cannot just focus on technical analysis so I have tried to engross myself in the more fundamental side of things. Books of interest that I have read are Rigged and Ugly Americans by Ben Mezrich. Both are phenomenal reads, Mezrich has a way of captivating the reader. I also read Risk Arbitrage by Keith Moore. It was a challenging read for me and looked into an area that I am not all that familar with. Right now I am reading moneyball by Michael Lewis, had it for a couple years just never got around to reading it. For those of you that have kept up with my journal I really appreciate it, sorry I havent been able to post. I am excited for this internship in New York. For privacy reasons I will not say the name of the firm. For those of you that are interested in a career on wall street but do not go to target schools I tip my hat off to you guys. It is kind of unfortunate that the big banks recruit for the most part only at IVY's and top 10 state schools but there are still chances to get out there and get yourself noticed. Something that i learned about that I realize greatly hampered me was access to alumni at my university. That is the first step to networking, building a contact list. For those of you that dont go to very prestigious schools I think Alums would be more than happy to try to help you out since they have a similar background. I am very excited for the summer, I am practically counting down the days till I move to the city for the summer. Even if this experience does not work out I will get to say that I got to spend the summer in New York City something I think everyone should get a chance to do in their life. For those independent traders that are reading my journal the single most important thing I can reiterate to you is that when you are trading do not attempt to trade with money you cannot afford to lose. I had my 1 day blow up and trading wasnt the same after that since I couldnt afford to lose much more money despite having it in the account. Really think about how much money you are willing to lose. I cannot stress the importance enough of never risking more than 1% of account equity. If you have. Anyway I hope everyone has a great 2008 and enjoys this increased volatility we are experiencing in the markets. Happy trading.