Ditto that! I am with you 100% to stay with what give you the edge - the trend is your friend!!!!! I have to admit that everyone can get something out of the market using different methods. There are many roads that leads to Rome. I used to try all kinds of things that seemed to work for others and getting mixed results. But eventually I limit to using a only a few things that I am comfortable with.
Depends on the context of the market I guess. Sounds easy, all the books said "you should just ride the trend". but to me sometimes it's so hard to tell whether the trend is ending, consolidating or continuing...
Sweet Matcha my strategy = trading like water calm and tranquility water is soft yet very strong in trading, we need to be calm, cool and flexible like water water is emotionless but extremely strong.. drops of water made an ocean if you can trade like water your dream of buying your dream house for your mom, your mentor(Bolimomo) and buying your dream houses in major cities in the world is not a problem.
Another idea that works (although this method is a little looser). Once the current candle posts a new high/low and closes, put your stop above below the previous bar (unless the current candle trumps it). As long as new highs and lows are made, your stops will be adjusted with it.
Hi Matcha, I am glad that you like the book. It is my favorite. Thanks for sharing your trading experience and your encouragement. I, too share a very similar path - started out using fundamental analysis to pick stocks; later discovered technical analysis and the beauty of it to apply to short term trading; have read many many books, too.... I do hope that we can reach our goal to become a CP day trader. You have inspired me to spend the time doing SIM trading to train myself to become a "robotic"/"unemotional" trader so that I can make quicker decisions. Like I mentioned earlier, when I first started full time trading. I jumped right into it doing LIVE trading. I learned my lesson the hard way by paying my dues. Now, I am taking the time to get myself conditioned and be able to go with the "flow" in my trading. For my training, I saved all my charts and print them out at the end of each trading day. Just like Dr. Al Brooks' trading guideline #31 (on page 385) I marked every single trade and study them and place more emphasize on the losing trades. I called out the mistakes I made and learn from them. I found several things that I keep repeating that I need to improve on. I hope I will be able to do what the doctor said about being able to look at any part of the chart and "instantly" understand what is happening and be able to enter and exit trades with minimal or no uncertainty or anxiety (as in his trading guideline #33 that I have to find my trading style). Have a great trading day tomorrow! --po
If statistics are correct, trending days only happen 2 days in a month, this day should be the day generate the monthly income and cover all the losing days. Then today is the day, I must be retarded. I didnât take advantage it at all. Looking at 6/15 chart, that was a trending day too, I didnât take too much advantage of it either. In the past 3 days, price formed D/B with pullback pattern, this morning at the opening on 5 min and 15 min chart, the 20EMA crossed above 100 EMA signals a very bullish trend reversal. I visualized all these before put on a trade. The first trade worked out, but I had to leave my desk before 7:30, so I had to get out before it goes higher. Back at 9am, saw the setup I like, even though itâs 9am, I went in on a long position. Then stopped out, then went back in, moved my stop, stopped out. Doubted myself, took a short position, stopped out again. Wasted 5 trades on one leg, then I gave up. Market shoots higher without me⦠Had to leave early at 12:30 too. So I had to get out TRADE B before 12:30. Losing focus, lack of trading trending day mindset makes me not take advantage of the trend. Also makes me feel foolish. Todayâs PnL: $51.00, 10 trades, 40%winrate
Thank you for sharing your experience with me. Very impressive! I have been living in a frugal life to pursue trading now....Just started to learn to take some responsibilities. It was hard! No shopping, eating out for me anymore...
Analyzed charts and trades at the end of the day is a great exercise. We do realize the mistakes. But to me, OMG! I can't believe it's so hard to not to repeat the mistakes... today I took a long with trend trade, D/B with the MA. Then I was stopped out twice by those pin point bars. Then the price looks like a D/T pattern, so I took the short trade without thinking anything more even though the trend was so strong. Then I was stopped out again. I realized that I just took a counter-trend trade... foolish me The enter and exit trades with minimal uncertainty is the hardest part! I think it takes lots of practice... and trade only one set up to begin with...
Hi, Athlonmank8! Thanks for posting. Are you refering to the bar on 5 min chart? Does this strategy work on only a strong parabolic move- price printing more than 3 or more green /red candle with higher high/low/close? Do you often get stop out with such tight stops?