Music I have been listening while trading instead of CNBC DJ Icey http://www.youtube.com/watch?v=wrRvEuQM8TM&feature=PlayList&p=194B54591A6A8C71&index=19&playnext=2 DJ Baby Anne-my favourite female DJ! http://www.youtube.com/watch?v=vzSj31ekOqA I am not sure why the embed vedio thing isn't working....
l like the coin toss analogy. Having a bias just like trying to fight the market. When things don't go with my bias, I just keep fighting it untill I completely realize it's wrong... I like to be "prepared" "anticipate" the next move, prepare for different senario, then I feel like I am prepared to react when things happen. But I also developed a strong bias...
Interesting study about the "Gap Guy". I have been practicing John Carter's gap play too. I gave up on doing it last week. It doesn't work for me... He manily focus on premarket volume on about 200 stocks corelated to ES Gap. He also mentioned, if gap didn't close for the day and you get hurt, it will eventually close in the next days, or months, you just got to remember the unclosed gap. I wish gap and the first hour can be easy to me. Then I just need to simply trade the first hour and play the rest of the day!!
It's just my advice. We both need to stay in SIM for a little longer. No rush. At least you got the taste of Live. I havent even touched my live account yet... My biggest draw down will be $200. So it toook a while to blow it all up. My daily target will be around $200 too to start off. About the news, my intention wasn't trading on the news. I looked at the news and report to rank the sentiment of the market, bulish or bearish to gather one piece of the information to help make long or short trade. Somehow, it became a bias to either stopping me to take profitable trade or playing the wrong side of the market... See, Sim helped me again to discover the problem without costing a dime. I think trading gap in stocks could be more chanllenging. ES and YM has overnight reaction to rely on. Nodoji and Boli reminded me of this. I am practicing it now. Market trending nicely at the opening most of the days. But you do need more experience to react it fast! I often missed the opportunities. It does take time.... lots of time and practice. We are building up more skills everyday. I know I said I got confused last week. The more I learned the more I got confused. But then the last week I thought we will eventually get rid of the confusion. And I think we do need to "be confused" in order to "be clear" in the future. That's the way to find a suitable method. If you know what I mean...
Wow, I might get a heartattack if I trade this way.... it require lots of experience, capital and risk tolerance. I am staying where I am , Level 1...