No, your advice (as a 5 yr nonprofitable trader) on what NOT to do would definitely be helpful. That would set you apart from the newb starting on his first day.
My ego?..lol. I'm the first to admit when I'm wrong especially when it comes to a trade, and the fact that I admitted I had a down year. Do you agree with how bush is handling the war?..no?..well you must have a big ego. How DARE you argue with someone who has more experience than you. See my point? "Thats like me walking up to Peyton Manning and telling him I dont think his approach to football is the right one. Think about how silly that would be." Manning is not perfect, no one is. whether I was a NFL player or master trader, I'd at least LISTEN to what people have to say. People think because they have some level of status, that somehow they can walk through life with their eyes open and their mind shut. I say good luck to'em.
Yes, your EGO CM69. The fact that you keep quoting these parts of my responses instead of admitting that maybe its better to listen to the advice of those who are successful at something vrs those who are not (yet) shows me that you are focused on "you" rather than the issue at hand. And what kind of analogy is the Bush/war one? Who cares what my take is, I am not trying to run for President. I dont "presume" to know more about this than Bush. It doesnt make any sense and has no context here. You ARE trying to be a profitable trader and Lescor already IS! And no, Peyton Manning is not perfect, you are right. No one is. But if I were him I sure as hell wouldnt listen to what I had to say as someone who is NOWHERE near as successful as he is at what he does. Same thing goes for a trader listening to your advice or anyone else's advice who has not shown sustained profitability. It doesnt make sense (unless your advice has to do with avoiding pitfalls)
1st of all, sorry I quoted your responces, as this may not help trying to proov to you or anyone else that I dont have an ego, however... I agree that Lescor is a better trader than me. I dont have any problems with that. whats the issue at hand? 1. My ego? because I just prooved i dont have one. 2. Lescor's p/l that I'll never match 3. The topic of this thread which has changed course
rasl, I also think part of the problem with picking tops and bottoms is thinking you missed out on the move. I used to beat myself silly when I missed a move up or down, and in order to try and profit from that move I would fade it. Thanks to a reengineering of my psyche (it only took 3 years!), I now welcome and wait for the initial price thrust and base my trades on their retracements (Fibos, expo MAs). Result = Cutting down average monthly volume in the Bund and 10 year from 60K contracts to 15K contracts, which saves me money. Also cuts down on stress levels. If stuff isn't moving, I'm not trading. Fading is trying to beat the market and trend following going with it. Best of Luck!
You keep proving my point CM69, once again quoting the ego part instead of admitting what should be easy. Look, I think that you will be profitable at some point. But until then, the advice you give out may not be sound, considering it hasnt worked for you yet. Wait until you have sustained success and then be a nice guy and offer advice. Think of it this way, the more you repeat things that may not be true (trading advice), the more you may believe something that isnt valid. This leads to bad habits and repeated mistakes and these things get ingrained in your routine. If they are wrong to begin w/, you will have a hardtime breaking them.
thank you all for response to my call for help,i agree with every thing posted so far. i started this thread as a last desprate attemp to save my trading career another thing i decided to do is to put a candel on my trading desk and light it when i start trading,so if i try or do a stupid trade i will put my hand above candle,this is because on tuesday my trading account came to all time low of $4500. from just over $3 million in march 2000 (i was only investing then in stocks and not day trading)now i got $1500 in tradestation account and £3000 in ib account and can only trade 1 or 2 contracts.ib account has fallen below $2000 twice and i have added money to it but i wont be able to do it this time. i am using woodies cci system 5 min chart with 14 cci and 34 ema,if close above 34ema and cci 14 above 0 then go long and short if other way,also i been learning and using mkt profile last 6 months,my main problem is when i miss the entry and mkt go 15-20 tick up i will try to fade it,or if i get filled and get stop out i will not wait for next signle and try to re enter to make at least 1 or 2 tick back,like a revenge trade,another classic entry for me is if i get filled and take 4 ticks profit on( es emini)and es go anothr 20-30 tick with out me then i go counter trend(because it cant go any higher this must be top ) here is my trading for last few weeks 15 feb 3 trades +$17 -commision 14 feb 6 trades -$70 -commision (kept traying counter trend all day) 13 feb 6 trades +$10 -commision 9 feb 11 trades -$220 -commision (Kept traying to pick bottom again)mkt went up when i give up My last stop out was at bottom 8 feb 1 trade +35 - commision 7 feb 13 trades -$485 -commision 6 feb 8 trades +$90 -commision 5 feb 4 trades +$30 -commision 2 feb 8 trades +$70 -commision 1 feb 5 trades +$55 -commision 31 jan 11 trades +$125 - commision 30 jan 2 trades +50 - commision 29 jan 16 trades -$475 -commision 26 jan 22 trades -75 -commision (Kept re entering after stop out No patience) 25 jan 20 trades -$650 -commision (counter trend ,signles was to go other way but missed entry 24 jan 4 trades +62 -commision 23 jan 16 trades -$187 -commisions 22 jan 12 trades -$312 - commision. i will post at weekend how i manage to bring my account from $3 million to $4500.
============ Rasl; a good place to start is study charts enough to see why your charts said long on Feb 14. Most of Schwagers[market wizards/ top traders cut back on losing streaks/learning stage And since your nickname isnt P.Tudor Jones; you may want to find out why the top/ bottom isnt your friend.