Don't listen to the unproven book writers and internet gurus who just love to help noobs to satisfy some need--- Truth is, you are doing the right thing, the only way to learn is by doing-- not by writing plans and pretending-- learn from every trade, its the only way. Do Soros, Livermore, or any of the proven greats past or present have a written fixed plan? NO, they have an edge which was learned by doing... The reason is markets are constantly in flux, they repeat but not in an exploitable manner in any way that you can observe-- a fixed plan or system will simply lose over time guaranteed. best wishes! surf
My suggestion is that you follow no one at all but determine how the market works -- how and why and when prices go up and down -- on your own. It will then be yours, and that will more likely lead to a level of confidence which will enable you to succeed than would hanging on to someone else's shirt tails. As for marketsurfer, I suggest you look at his last trade before he was banned (he was helmholtz or some such then, one of many aliases). Whatever "edge" he developed by "doing" wasn't worth a whole lot. One might even call it toxic. Incidentally, I won't be posting here further. I don't want to run your journal off the rails.
I think DB and I are saying the same thing--- learn by doing and if you follow anyone make certain they are proven entities not simply internet gurus who never have a loss. Please don't follow me, as I have many losses. Facts are losses are a very real part of this business and BIG RISK IS A MUST FOR BIG GAINS-- anyone who tells you otherwise is a charlatan or crank. best wishes, surf
Hey DB. Thanks for the reply. People really are here! First off, I guess I contradicted myself when I said "I've got a written plan", and then detailed how that's not so. Woops. Sorry about that. What I should say is that I have chosen 1 set up that I intend to master. Part of my plan that is not yet complete, is deciding on stop and target placement. Obviously, I will have a stop. Hopefully my risk limitation can handle putting that below previous support. The targets are bit tough for me to plan. Some hit the 4 point mark on NQ really quick and then reverse in a retracement. Also, sometimes the target can be heaven. What's my plan for letting winners run? I'll have to make that. Maybe at the sign of loss of momentum? If long a lower high than previous higher high. My set-ups are nothing extraordinary. You probably employ them. Buy and retracement in an Uptrend. I've listed a few very well defined confirmations that must happen before I enter however. Such as, previous resistance must be broken, must have a pivot low, one HH, one LL, second HH(which broke resistance), buy the retrace. Also, that retrace has to have a confirmed failure. Maybe a micro-TL break with a close above the TL. Every time I look at charts in hindsight, these setups play wonderfully. I'll attach a chart. I am currently "back-testing/back-playing" the past 3 months on NQ. I go bar by bar, and play at the hard right of the screen--without cheating. The set-ups are being tested, but I'm going to begin writing them in excel to calculate the probable outcomes over time. This screen time plus seeing my setups work, might give more confidence when trading. Sorry for staying I've got a plan. I'm still writing it...
Really? I've read a lot on here in ET--I mean this is ET. But I've read some very nice journals by Anekdoten, NoDoji, and I enjoy the back and fourth between StealthTrader and mailbride? I forget. Also BigHog has made some nice contributions as well. Many promote finding a set up or two, mastering them, plan everything around them, and then exploit the hell out of your instrument. They also recommend highly the psychological side of buyers vs. sellers.
I understand if you must go, but thanks for the input. I've been reading a lot on understanding the markets. Unfortunately, succeeding here--which is rare--means devoting years, if not decades to this study. I'm feeling like I want to commit to that, but I am new. We'll see in a few months right?
Quick question. I'm sure you guys have notice that S/R levels change. What once was a nice horizontal Support, later became a horizontal Resistance. In an Uptrend the trendline is Support. Normally, once buyers begin covering, and Sellers are now putting a lot of supply on the market and drives prices down. More hop on board to sell to grab a few bucks. The question, at the exact point of consolidation, whether a chop zone, double top, h/s whatever, at this point the line that once was support for an uptrend literally flips symmetrically to become resistance in a downtrend. The intersection is at the point of consolidation, or where there is now more selling than buying. It's not always 100% as S/R is very dynamic, but this consolidation zone seems to be an "intersection" if you will, into the possible continuation of the uptrend, or a reversal, where once again, s becomes r but with Diagonal Lines. Anyone else notice this? I've seen it a couple days this week. I could also be literally insane. Let me know. -Jordan
Yes, really. The things you mention look great on past price charts, but in real markets they simply don't work. Catching traders is much easier than catching profits. surf
Yes, that they are a must for big gains. Patience, time and the ability to take big risks without a big loss effecting your lifestyle, goals, or dreams is the primary key to trading. Not a set up or fixed system. stay flexible-- surf PS-- but don't listen to me. Look at PROVEN successful traders-- not just claims and good writers. Your last question is an example of you starting to see the truth--- you will understand what I am saying after more hands on experience. good luck!!