We can put up some P, V charts as the day passes and fill in each move on the failure preventer illustration. After a few charts are up we can see how they work through "experience". As a person acquires more and more skill he trades more frequently by moving to faster and faster fractals.
While this may be another trolling thread like the "Trading is not a Business you will all fail" thread, I at least appreciate the approach of this thread. That said, I think the most important thing to understand in this endeavor is that unlike almost any other pursuit in life, no one who has what you want is incentivized to help improve your chances of survival or accelerate your learning curve. Please really consider the implications of that paragraph before choosing to move forward. Consider a profession where everyone is hiding their valuable knowledge and most discoveries of significance are kept secret/proprietary as long as they work. Consider a profession where I am incentivized to mislead you (one way or the other) so I can take your money. The path is very treacherous and very lonely, there are certainly easier ways to make money and own a nice car.
Translation: Idiot highschooler who knows shit about shit, wants to go diving for clams in a shark-infested lagoon. Why? So he can he don some shades and play Gordon Gekko to his (even dumber) highschool friends. Here's some real honest advice: You know nothing. You're ambition counts for shit. You've got ZERO relevant knowledge. That my colleagues would even waste their time with your post, makes me seriously question their judgment. Popping boners and zits in algebra class doesn't qualify as life experience. 5,000-10,000 hours. The equivalent is 6 years of highschool. Of your own free time. Good luck, sparky.
Congratulations on your 100th post. To find out get a pic of me and watch Fantasy Island. Let others know what you find out in future posts.
My experience working with some very successful individual traders and a few funds has lead me to a couple of conclusions: 1. An Ivy League education does not make a good trader by default. It might get him or her hired, but it does not mean that they will be good traders. 2. Successful traders do not necessarily trade more frequently; in fact, if anything, they become more selective and their timeframe sampling periods and holding timeframes get stretched out. 3. It would shock 95% of the ET forum readers at the simplicity and purity that many really successful (7 and 8 figure annual producers) traders have in the marketplace. Technical sophistication and automation does not guarantee a successful P&L. 4. Jack Schwaeger's "Market Wizards" series has done alot more harm than good in terms of educational material. The reader is left with a mental image ingrained with high risk/high reward strategies that in reality do not work for most traders. 5. Build consistency, and then gradually and methodically lever that consistency. Consistent traders can get money thrown at them, and lots of it.
I did what I said I would do. Go here to find four charts and a few failure preventers completed for those fully annotated charts. http://www.elitetrader.com/vb/showthread.php?s=&postid=2920793#post2920793 fortunately there are two more charts you can annotate and then fill in the failure preventers for. When you have those done you will have a handfull of sheets that show you how to move to making 20,000 a day by doing 10 4point trades a day on the ES. This is 100,000 a week and usually is enough for most people's life style needs. Please keep all this a secret so that no one else is able to make 100,000 a week after three weeks of trading.