Bright & motivated young person . . . yes, it seems. Strong desire to learn . . . not too sure . . . he seems to have reached a level that he thinks he knows it all and that can be a killer. He doesn't quite get the REST of the information that (s&r) is presenting him. I wish him good luck and a hope that he keeps an open mind as time progresses.
"keeping an open mind" exactly. it requires a life time dedication as best I can tell. a closed mind can easily develop into a bad habit and then bad things happen and it becomes a self-fulfilling prophecy. "see, I told you this would happen" the left hand tells the right hand and immediately an argument develops. regards f9
You still hate Tradestation share bars don't you? I do wish they would fix them. I have been thinking about trying out Multicharts. You use Ensign I assume?
I completely understand this mindset. I have to remind myself of Mark Douglas, "Trading From the Zone", this is a probability busniess and I should take part in any opportunities that fit my plan and have an edge. I was quite intimidated by the action of the last 12 hours. Fearless9 has a point.. we trade it like any other day... by watching the prices. "Anything can happen" - Mark Douglas Including 100+ point swings in 24 hours... Can't say I have lived through one before tho!
No MultiCharts . . . Ensign isn't robust enough for anyone that trades multiple markets. I'm impressed to are using share bars anyway. Shows you have an open mind. Congrats.
Share bars are the only way to trade that makes sense when trying to read price action. I am not a DOM trader... and I found it difficult to trade long bars half the size of the chart itself. I recall your posts a good length ago where you discussed Tradestation CVB's w/ Stealth Trader. They made a lot of sense and I am glad you pointed out for everyone that TS's CVBs were flukey. Thanks for the encouragement, Stone
F9, Is there a simple way to explain the change in buyer vs. sellers while looking at the DOM? And possibly predicting the direction of the market--especially at an s/r level.
I too hit my profit target very early in the morning, exceeding it by a point. I have traded better than my target a few times, but this morning I decided to call it quits.
Exactly, I love that book. Trading is all about...having an edge. I made a healthy profit this am, not as much as when I normally cut off trading but still very healthy. The market seemed wild to me at the open hence I made a decision, to shut down my charts as I saw my edge diminishing. Warren Buffet a man I greatly respect and admire says his first rule of trading is to "Not lose money". I very much agree with that. I have a very risk averse style of trading, if I see my edge diminish I shut down my charts. When FOMC time comes around I shut down for 3 days most times. This is MY style, and I believe the reason why I have managed to maintain a consistent income from trading. With regards to keeping an "open mind" I think sometimes you can keep your mind too open. Adaptation and Evolution are very important parts of trading, as the market environment changes so should your methods. However some traders get lost in the eternal struggle to find the holy grail! The method I currently use is derived from my own trading evolution. This is a never ending process, totally agree with f9 on that, and in that sense I am always open minded to new ideas to improve and am currently studying some potential tweaks to my method, you can ALWAYS get better. Sharing ideas is what ET is all about, if anyone has a suggestion I can use to improve my method feel free to mention it. When all is said and done...all that matters is are you consistently profitable at the end of the day, week, month, year?... That is our aim.