"hello kid do you ever look at how the futures markets are trading or other indicators of intraday market or sector health when daytrading ?" I know I read that I am suppose to look at the futures market but Ameritrade does not have it. But on my second laptop where I have 2 charts (all 1 minute w/ bollinger bands, macd, & stochastic slow), one always is QQQQ chart and the other is which ever stock I am trading. Also, when trading oil stock (mostly VLO), I always have the XOM chart on the side. I notice QQQQ or SPY does not correlate w/ oil stocks.
"If you are making good money trading and you have no idea why or think it is a fluke then you will lose most of the money back...guaranteed." I would be lot more confidant if I can get this run I am having for at least one more month. These days, I am really afraid. I actually felt worst after finally breaking $2000 mark 3 days ago. I felt even more vulnerable because I can make money this fast, I can probably lose just as fast. And I began to feel that diasppointment would be tremendous if I cannot make at least $1000 per day after having this kind of run.
Much trading success is random luck and good traders are constantly cognizant that their edge may disappear at any time. Competition, efficiency, the market changing it's profile as organic mechanisms are prone to do, and most importantly our own emotional perceptions evolving......into sometimes self destructive forces. All can halt a smooth equity line in it's tracks. You mention Market Wizards. Case in point. At least three traders who were profiled there are in trouble. Since you're recommending trading book club selections, I'd suggest you read Taleb and any Zen or Tao you can get your hands on.
cheetos, you seem like a really good trader. I mean you have been winning for a long period, following several basic rules, kind of hard working. If everything you said is true, why not go on with it.
You will be the first one to know if this "luck" will run out. If you have the knack then go for it. Your trades look like you are flipping for quick moves so just watch out for the occasional big loser that will set you back. Good luck.
*funny, typing this while actually munching on Cheetos* I know the feeeling... most everyone in these forums do too... you're so successful for a long stretch that you feel like conducting your own seminars on trading! Just take advantage of your situation while you can. The market gives readily, but takes back even faster when it wants to.
i for one would like to congratualate you, cheetos. i too have made great trades in a winning streak, only to have the streak ended the following month, so i agree with proceeding with caution. however, your trading style is much different from mine and you may be a person who can consistently trade well. only time will tell. i would say, give it six months and monitor gains and losses. if you're still doing well over that period of time, then i would say you have found your calling. to the skeptics, i would say that doing is not the same as teaching. even if cheetos is a great trader, doesn't mean he would be a great guru or would be able to teach others. besides, if we're on this site, aren't we all doing pretty well anyway?
Cheetos, congratulations! If this were a final Exam you would score high (imo); pre-market research (A) quick pre-trade analysis (A) monitoring news & sentiment during the day (A) tracking primary market indicators (A) using TA strategy that works for you (A) balanced short and long system (A) short hold duration on trades (A) dual computer setup (A) direct access broker (B) recognizing where improvement is needed (A) cautious optimism and seeking advice (A)