I am currently going through a rough time daytrading. What I am proposing is that a small group form to support each other via email or chat room or whatever. This will require time and effort from all involved. Maybe exchanging written B Plans, trade parameters/setups, and following up at the end of each day with emailed marked charts showing actual trades and why they were initiated. This will hopefully add some accountability which I presently lack. If anyone is interested PM me or respond right here. Thanks.
Are you trading the minis via price and volume action, indicators, patterns, planetary alignment . . .?
pattay, Sounds like you are searching for a method that works, not so much a support group. There are many Yahoo groups and other boards where you can post charts and trades and talk psychology all you want. But my suggestion is to find one, just one, method that yields a positive expectancy and fits with your trading personality and risk threshold. Then trade the heck out of it. Pound it into submission. Become a master of one setup and grow your account steadily.
Well, it's a good idea.. but I don't see why a profitable trader would share their system with others that have probably have very little in exchange.
Pattay I have been going through a long long learning curve and understand what you are experiencing. As I look back, all that time I was searching for a strategy that works and was losing losing losing. About three months ago, I started playing the gaps to close on the ES and found it to be a high percentage play. Of course I experienced more drawdown as I learned the strategy and because of carryover of bad habits. However, I think I have turned it around as the last 8 trading days I have averaged $307/day net profit. If this fits your personality, the following are suggestions that will steer you in the right direction: 1) Keep daily statistics of the ES behavior; i.e, open, msl, msh, retracements and the times - note time does matter. For gap plays, I am not interested in anything beyond 11:00am. Study these as you will start seeing different ways to play. 2) I do not trade anything beyond 11:00am unless I am riding a position - I have an uncanny ability to lose money 95% of the time after 11:00am I am still fighting this and am totally surprised at how stubborn I am - but I am gaining self control. 3) Study and gain good understanding of fibs. 4) Use regression channels to help you stay in a winning trade. Also candle sticks with higher lows or the inverse is a secondary way of staying in winning trades. 5) Know your exit before you enter and adhere to it - I have not reached perfection on this one either. Best of luck to you.
Very good advice. Observe one setup, test it, and trade it. Know its strengths and weaknesses, know when its most likely to work and when not. Know how the market conditions affect this one setup/technique. Then you'll have a foundation to build on.
db- mostly cci (woodie) and also ma crossovers in a smaller timeframe within a larger trend. don't know much about planetary alignment. dottom- i believe that i have some decent methods (nothing new or complex). you are correct on becoming a master of one thing. prox- really no reason anybody successful would be interested, that's true. another person temporarily struggling to follow his/her methods might be though. if only for being responsible to explain executed trades to someone else. i think that would keep "gambling" or unexplained entries to a minimum. Mr F- you make a good point in finding a system or method that fits your personality. thanks for your input. my big problem - and i am getting over it quickly - is getting behind early then trying to make it up to soon by forcing trades that just aren't there, just as usually the ones that got me into trouble. i sometimes have a difficult time being accountable to myself in this regard - though i am getting much better. it's really simple, but man it sure is hard.
You ought to just hang out in the ET Chat Room. A tip for any newbie is to just sit watch and listen. Chime in often enough to be friendly, in off-topic banter. But mostly observe. And, then when you've developed a rapport or at least people know you, began to ask some questions or comment. There's some good traders and nice folks in there during market hours. André