mustip... I will always preach that if one knows when it works and when it doesn't work, trade the hell out of it in market conditions you know it works. The above is something you yourself have said in the past along with someone else in this thread stating almost the exact same thing too in another thread...in less and more intelligent words. The grass is always greener over there. P.S. He's been here since 2006. Thus, I'm sure he's seen the results of the infamous "tweaking" by profitable traders that want to catch the big swings or big trends that others talk about catching instead of being happy with their profits in other types of market conditions that's not as attractive. Therefore, my original statement stands or preached...new trading books on daytrading/scalping not needed.
The best book is your trading journal, backtesting and study of the market after the market close. That said, you will probably need a book that helps you with both mindset and how to actually read the market. A framework if you will. It doesn't matter if you completely discard it later on (you probably will). You could check out Markets in Profile by Dalton. It's a good framework of how market works. To read price action, you MAY find the books by Al Brooks helpful. Maybe. If anything, it gives you an idea about how you can infer information from price and how to "read" it. For me, I went away from the bar-by-bar approach and started focusing more on actual levels and price swings though. Retracements. Bottoms and tops. You should also consider measuring the market. How long is your average swing? How much does it retrace? Is there a specific sequence or pattern that tends to repeat? Basically, no matter what approach you choose or how you choose to view price (some don't use charts actually), it's basically pattern recognition and probabilities. Lots of work and different angles you can explore if you want to succeed in this business. And finally: Be very critical towards who you receive advice from (including me). There's a lot of people on these boards who like to give advice without having anything to back it with (I have a lot to back this with, but the honest truth is that I'm a loser). Regards.
Reality is a good starting point... But you talk like a mark, walk like a mark, think like a mark... You are a mark!. "LF is a cheerful fellow... once you get to know him." How much are you in the hole for, including both losses, and lost job/salary opportunities over how many years?. You might be a professional mark by now. Do not give up though. Riches are nearer than ever, and if you really fail at the end, you did the best you could. And that's not all that bad. Right?.
My losses to the market ain't that much to speak of, but the opportunity cost is worse and all the thousands of hours spent for nothing but losses to show for it. Still, I'm glad I went for it. I have not given up per se, but my time is focused on other pursuits currently. We'll see. How about you?.
My best year ever by far. Dominating completely 5 markets. Customers lining up to pay fees, and doing me favors... 15 slaves running it all. 60% fully automated. Can't find any holes into Norway's oil funds, they don't take risks, like NITE. In summary I finally became a multi-billionaire. It only took 30 years and 5 blowups, including a very serious one. I paid every one back every time though. Mokele curls up in the fetal position every time he hears my name. Somehow I feel empty now. Kind of bored. I need to colonize another planet or something. :eek:
He did say that but he also said his entire sample has been a week -- five trading days. How can you extrapolate that he knows when his method is profitable. It's not a small sample size it is an absurd sample size. You've been around the block ... you know you can't draw any conclusions from his limited experience ... none!!
There are only three books I reread each year Technical Analysis of Stock Trends by Edwards and Magee originally written in 1940's and two books by John Hill written in late 70's, Stock & Commodity Market Trend Trading by Advanced Technical Analysis and Scientific Interpretation of Barcharts. And these are the only three books I ever recommend especially the Hill's books. All three books were pre-computer and especially Hills books many examples were free hand. Much of what I do you day trade/scalp is from Hills books.
First, read his commentary. He specifically said he's been profitable for one week but only in a specific duration of time (3am - 8am) and not profitable in another specific duration of time (after the regular session start). I'm not lying about what he said. He really did say that. My recommendation is summarized below just in case you didn't see it. 1) Keep using the method between 3am - 8am until the method stops working. Don't use the method after the regular trading session starts. 2) Via a reply to NoDoji...if the suggestion is that he get a new method for trading the regular trading session. That's a good suggestion after she recommend such via suggestion he read about some other method. 3) New trading books on futures daytrading/scalping not needed. --------------------- I've specifically stated the above in this thread and you have now showed up to say the following...you can't draw any conclusions from his limited experience. You suggesting he should stop trading from 3am - 8am that's been profitable so far because he only has one week of trading ? You suggesting he should continue using the same method in the regular trading session that's been losing because he only has one week of trading ? Think about the above very carefully before you reply to me and remember the goal is to be profitable. Now pretend you're the one that started trading back in 2006 and for the past 5 days you've been using a "new method" that's profitable for you in the first 15 minutes of the regular trading session and profitable in the last 15 minutes of the regular trading session... What will you say if I tell you that your sample size of 5 days is absurd and you can't draw any conclusions ? Will you stop using the trade method in the first/last 15 minutes of the regular trading session ? Just to be clear, he never did say and I never said that his one week of using the method is all the information he needs. In contrast, I've stated if he has stats (as in backtesting) that tells him when he's profitable and when he's not profitable...don't fight the stats even if he's been trading the method (simulator or real-money) for 1 day, 5 days, 1 month, 1 year or 5 years. Keep trading it (making money) in that specific market condition until it stops working...that's my conclusion and suggestion.
Excellent! Now you can teach me. In return, I may know a way into the Norwegian oil fund if you're interested.