For those of you who are using just one time frame I respectfully ask the following.... How many days back do you examine ? Present day, two days back, weeks ? Thank you for your input. Susana
Good evening, J! I believe anyone of sound mind can learn naked trading; most simply lack the interest or initiative to do so for various reasons. Therefore, I accept your premise; however, with all due respect, I reject your conclusion. I'll leave it at that! Regards, st
Hi ST, Firstly, which conclusion have you rejected? Secondly, if you were to teach me how to trade price only & providing results are better than what I currently manage to get, then I will gladly join your camp. In the mean time what I do I have somehow managed to teach myself, it's not perfect, but I manage to consistently lose less than gain with the help of a bog standard indicator with bog standard settings. Isn't this what it's all about? To consistently arrive at end result where gains offset losses? Does it really matter which method gets you from A to B as long as it gets your there? Some people travel First Class, some travel economy, some don't travel. I choose to travel, than not to travel at all. I hope I am making sense in these late hours Good trading to you Sir! I agree with you on the subject of conflicting time frames, it's best to always trade signal derived from 1 time frame. But because we all use different money management schemes, some of us have to drill down to a shorter time frame to get better entries. A signal derived from 30m chart might call for a 10p stop, I like my stops near 2p, for that I seek out entries on 5m & below & enter off 1m chart. But I am a firm believer that to each his own, there's no 1 correct way as there isn't 1 wrong way. For instance: you have a buy signal on the Daily chart, but the closest reaction low is 30 points away. So would you strip down your size to allow for a stop that is required to trade that signal or would you drill down to a shorter time frame to enter into momentum/strength with your usual stops using say a 5m chart which has a strong buy signal in line with Daily one?
Here you go: Lesssons from st. Now, I would use mulitple time frames to get the same (or similar) result, and with a lot less work, which to me, makes for a more efficient process. But as you have said JP, to each his/her own.
It all boils down to choice, which no matter what or how you do it will sometimes be not the right one. If a person is short off a LH & a LL and later, once position is in the black, sees a HH & a HL, then does he: 1. reverse trade? 2. cover short? 3. ignore & carry on with a trailed stop? 4. have a cigar & ignore & carry on with an initial stop? I can guarantee that by choosing any 1 of these options will at times turn out to be beneficial & at other times will be the complete opposite, that's when you realise that you should have done something else. But you didn't. Why? Because there will always be choice & perhaps a multiple one. Today was a classic example of the above, I was short of a signal generated on a 5 min chart, everything was going fine until the time when I spotted a signal on 2 minute chart which indicated a strong possibility of an upside bounce. As I was short off a longer time frame I made a choice of ignoring it, I have already scaled out 2/3 position of a trade & brought stop on 1/3 position to entry level only to realise later on that signal generated on 2 minute chart was a start of a reversal. But that was today, tomorrow same situation might generate a different outcome, so do I change tactics or stick to my guns? Choice gents, it's all about choices that we make. There's no holy grail in trading on retail level.
That chart shown!! I really liked that lesson Could you maybe post one more? Are you not watching volume? What security was that, and in what timeframe? How many securities do you keep an eye on? Do you spesialice in a few that you constantly trade in, or do you change securities all the time? Sorry so many questions, and sorry if there is a lot of wrong spelling. I am from Norway, Europe!
I trade (intraday only) solely off a 233 ES tick chart and average 4.5 points per contract per day. Trading is fun and not stressful.
Sadly for the OP and some of the readers, this thread is turning emotional into a multiple versus single frame versus I know something and I am not telling... bloody typical I progressed from multiple to single, not because there are many many ways of trading for a profit (or a loss or not trading at all more likely), not because I like it better, not because of screen space, but very simply because of efficiency. I can see all I need to see on a single frame chart including the larger picture. I never increase my risk beyond the entry 3 tics, instead I decrease it. And I am well aware at all times that a comm is but a small proportion of a tic. If I could prove that a multiple screen would improve my trading then I would return to it, but this whole trading thingy is all about the journey ... and the journey is efficiency imo. If I thought that a 233 tic chart where all trades great and small were treated equally, then I would use it in a heartbeat. But I do'nt, Oddly enough, a tic chart is more representative of ET where all postings appear equal, but they are not. To me, it is all about efficiency. goodbye f9