Hi everyone Please find attached levels for today Friday 12th September 2008 Always remember to use the numbers as a guideline for potential areas of high probability plays Always use a set up based upon your system to enter a trade. Thank you for your support. Good trading all ESResistance
I have been trading just over 2 years fulltime, had a "career" in IT for about 2yrs after uni, working for the man wasnt for me so spent my evenings learning to trade. Overall I have been trading 3yrs or so. My trades are around 76% successful, not the greatest level of success, I know people that do better. However My risk to reward is on average around 1:2. Which means that my wins are generally twice as big as any loss.
I appreciatte your frontality in answering my question, but CAGR means Compounded Annual Growth Rate for example you have 140.000 and you began 3 years ago with 100.000 then your CAGR would be (140/100)^(1/3) - 1 = 11.87%. If you don't know or rather not disclosure can you answer me only if you are 1) making money and 2) making more money then having it in a savings account? And W/L ratio doesn't mean anything really, what matters is positive expected value. You can be right 99% of the time and still lose money. Cheers
dude I just told you my trades are 76% successful and my wins are usually twice as big as any losses....Doesnt that say I make money? and yes I make more than having a savings account lol.
Couldn't agree more. That's really interesting. Had skimmed through two or three of those threads without ever paying much attention to their S/R levels, on the assumption that they'd all have come to the same conclusions. Again, assuming they're using visual levels, I think a lot of the variation would come down to extracting S/R levels from different timeframes?... I would have thought that most traders would place more faith in visually determined levels/pivot points, simply on the basis that they would know that many other traders would be looking at the exact same charts. However, if all pivot calculators determined the same levels, and a fair proportion of ES traders were using them, then again, they'd have confidence in a consensus agreement. Of course, this all assumes either trend or counter-trend trading. More abstract trading systems could certainly depend on calculated levels. Again, interesting point. I agree that simplicity and ease are subjective; the most basic system could seem absolutely overwhelming to a novice, whereas a world class trader/athlete could make the most complex tasks appear effortless. As for the monitors analogy, that's more a question of style than substance?... I imagine the trader who uses just one monitor finds it easier to narrow his focus, whereas one who relies on multiple monitors finds trading easier when he has more information on which to base his trade decisions. Although both may ultimately achieve the same ease in trading, I suspect the second trader would face a steeper learning curve, having to absorb and assimilate information from more sources. One hundred traders. A 60-min ES chart. Print a hundred copies. One copy, one pencil, one ruler for each trader. Five minutes later, compare the results. How many get paid?... Lowest common denominator. Absolutely.
Price is the strongest indicator we have at our disposal. That being said. Ignorance is NOT knowing about something and still offering an opinion or commenting about it. Since you don't know exactly how I use a single indicator, what the indicator is, on what charts or even the increment of those charts, your comment speaks for itself. I agree that using any indicator without some familiarity with price movement is worthless, in a few rare cases using a single indicator can and does add clarity to price direction and strength. I think my 14 continuous years of untainted research into pure unadulterated price movement qualifys me to make statements I have backed up in my college classes and here in this forum. Of course your have a right to your opinions as well.
Ofcourse their are many threads about Support and Resistance Trading, they all come from the realisation that S/R should be a major focus of any method! This thread is also about the management of trades and trying to achieve Risk to Reward ratios of atleast 1:2, I have described my management in previous posts and I would urge others if they have a great management method please describe it here so that others may benefit. Good management is the closest anyone can get to the "holy grail" imo. Day to do this thread is about using the levels.