Christmas In March For Price TA Trader Wannabes

Obviously that it will go into profit right away.

 

Is this working satisfactorily for you?

 

I'm honestly not too sure. The problem is that I tend to overthink each entry and then enter when it's much too late. Then it naturally retraces a bit and shakes me out. The stop often has to be bigger than I would like so I'm chasing a precise entry. But the precise entry requires getting in before you can see the trade working. So my trading doesn't reflect what I'd like to do and hence its difficult to actually ascertain if my instinct is actually correct since the trades aren't ideally entered.

 

Would you say you're more of an artistic trader or a rules based trader?

 

There is room for both. For example, I would never chase a breakout. (Ie. ES opens at 4005... Goes up 10 points and pokes 4005. So way am I shorting at 4004 or 4003.

But the art comes in because every setup is different. Price movement has a certain feel to it, and you have to be in tune. Also, breaking a rule could be justified given good rationale, and this once again would be an art thing.

 

So that would qualify as artistic.
I notice yes/no is difficult for you btw.

 

So is entering trades! Lol

 

@NoahA many here like to poo-poo him, but Al Brooks covers everything Scataphagos outlined in great detail. Framework answers to questions you’re asking can be found in his books, just with different terminology; trade logic, where to enter, where to exit, when to fade/chase, rough probabilities, traders equation, etc.

Easymon1 keeps mentioning stats…I wouldn’t just apply that to traditional price patterns, but price behavior intraday. If you know your odds based on your own criteria, you can lean on trades.

 

Yes, very familiar with Brooks, and he does have very many good concepts. But I would just think that given this is a forum, it would be easier to talk about trading more so in specific rather than just going over what a book offers. In other words, talking about actual trades is I think the missing ingredient that that any discussion about trading suffers from. Going with my previous car analogy, imagine wanting to learn to drive, and being offered all sorts of resources to read, and yet nobody offering to let you get behind the wheel for 30 minutes so that you can actually practice the skills you're reading about under some supervision.

 

Traders, trade. Brooks .... teaches.