Great advice. Read that book for fun when I was 6. (in plain chinese). We studied some of his strategies in high school text book too(acient chinese). At that time, I didn't connect any of his stragtegies to anything in life. Now I do think his book is a must read in trading, even in life. One more book add to my reading list.
Thanks for nice word! I never consider myself smart. Ha! There are so many talented people out there. To be honest, you are doing way much better than me. I found these days are so challenging to me. I feel like I often look at too many things, then I felt very ansy. I got in either too late or too quick. I also found that with only one contract, if I don't take profits right away which could possibly damage my account quickly. It seems like the psychological level is 20 points. Most of the time if I don't take profits at 20 points, I either b/e or take a loss instead. I am not sure if I can call it odd, or it's just how YM stretched. There are times I can nail 50 points right away. But the rarely happened 50 points can't justify the b/e and losing trades. So I think with one contract, I got to take profits at the first S/R level...
Hi Matcha, You are way cool! Thank you very much for typing and posting the Pivot Points Rules. With practice, this could be a very good tool to jump ahead of others when the situation allows to do so. I agree with you that the 20 points for YM (2 pts for ES) is aggressive unless one can use master the setup and pinpoint the entry. --po
visit www.mypivots.com for more information...also...when will you start trading the YM with real $$ cash?...
Hi Matcha, I think that's perfectly okay to take 20 points profit in day trading YM. Al Brooks talked about taking 1 point profit in ES (approx. 10 points in YM) can be a way to become a successful day trader. If you see the condition exists, there is nothing wrong to take 20 points, you can always wait for a pull back to re-enter later. Marcel Link talked about something similar in his book. Instead of going for home run for every hit, advancing one or 2 bases isn't too shabby! He is a big advocate on PPC (Preserving Precious Capital). Have you thought about using trailing stops so that you won't allow a 20 point profit to become a b/e or taking a loss? --po
Fed day today. I trade neither before the announcement nor 30min after the annoucement. I couldn't find any setup after 12:00 and I was exhausted, so I headed to bed.
I do use trailing stop, tighten my trailing stop on the next lower low or higher higher when price going further. But the price ususally turns back and run my stops. So I ended up getting nothing or a loss. It probably because I moved stops too quickly or the move isn't that reliable. To maintaining a high win rate, it might be a better idea to take profit asap with my one contract when the move isn't parabolic.
I am aware of the website! I looked up the numbers on it everyday Thanks! I hope I am not disappointing you. I am NOT ready yet... I don't know when. It could be in 2 month or 6 month...
hehe, I like to read and used to read a lot in school. I always missed the old days. I don't read that much now since I spent more time watching TVs, Movies and browsing cool stuffs online. Now all I read are trading books