You traded really, really well for the first half of '08 and have come off a bit. You just stated the problem. To me it seems as simple as going back to doing <i>exactly</i> what you were doing then. Back in your old posts you mentioned not day trading at all and getting your discipline back. Unfortunately the equity markets have sucked over the last 3-4 months and intra-day trading is the only way people have been able to keep gains...but those types of market conditions are only temporary. I don't care who it is, but any interview of any great trader has mentioned at some point that they lost the most amount of money after their best periods and the problem was <i>compounded</i> because they tried to trade bigger or more often to get back to even. I really want to see that equity curve of yours take out the old highs. Good luck.
Good trade on FSLR... Breaking a year long trendline today... 234 and 200 supports. Careful with it as I just jinxed all short trades on it by shorting here mid 254's...
been following this thread and just lurking mostly, but was curious on your last trade, how come you went long UAUA?? What technicals pointed at that trend?
inks2002, This is going to be long... The chart on the first post of this page says 10.25 or so is an area once broken through should allow it to "fly" (LOL..)... BUT, and this is huge... knowing the driving factors behind it's sector should have gotten you in a bit early as breakouts have inherent risks.. Basically summarized, recently I asked "Long UAUA, so why cover energy?" and wallnbroad said "no reason whatsoever". i.e. why were Airline killed lately? Those that can combine theses 3 shall reap financial salvation.... Sector trend knowledge, Technical knowledge and last and definitely not least, PATIENCE.. With these 3 covered and a small sprinkling of Money management Wall Street is yours. Rashid...
Ranking myself.. Sector knowledge... 7 out of 10 Technical knowledge... 12 out of 10 (LOL) Patience... -5 out of 10 (Rat level)
I know you use MACD but just wondering as this trade did not look like you used that. MACD was giving a negative divergence on the histogram, and possibly would have been a reason for me not to get in, rookie mistake obviously. Would not have just looked at that signal of course but it looked like a clear signal to me to stay away.
Almost always I will take a trendline (price) violation combined with sector events over MACD divergence which I don't use very much. If MACD was clearly declining I would re-think things. Whenever an indicator "seems" to fail usually means there are overwhelming sector events afoot. This is why many see TA as hogwash as this happens enough to make you wonder.
Patient flat-lining!.... 3 false breakout triggers cost about 5.5k for the week so this result was meant to be...
gotcha, so what technicals are you basically using? Guess I was under the impression you were basically using MACD and ADX technicals.