and even saved some money on the electric bill Now do us all a favor and do not get filled, then place a STOP and walk away from the trade thinking that will eliminate emotions. We need to hear your progress by watching the screen and controlling emotions the hard way. Emotions will never be eliminated from trading, but they do become far less controlling, thats the goal. Nice trade. Now for 2010, lets see some trades to the long side. Think of it this way...........you are close to being 1/2 way there. Work both sides, pre-plan the profit objective as good as you pre-plan the STOP loss point. Think this way...........you spot a profit objective and wait for a setup to enter. Before you enter you figure out where you will lunch the trade if wrong. BOOM, you get filled, even with a mkt order if you really want in. You place the STOP and assume the profit objective will get hit. Traders wait for STOPS to get hit..........Why not hang in for the other reason for the trade also? As long as the trade is still not STOPPED OUT hang in their longer for more profits.......... surprise yourself. Think of the football game yesterday.........Arizona looked like they were going to cream the Packers big time. Green Bay came back and looked good. Arizona did not get rattled even after blowing the game when the field goal kicker DID get rattled and flubbed a easy score. Trade the same way............. with guts.
This is interesting. I pretty much look at candlesticks and volume only now, and leaning to your type of tactic. I should give it more time, but I like the pure simplicity of it.
I'm goint to post some things I've learned from others that may be of use to traders. I do not use time charts to enter trades but this first setup is mainly for time based charts. Its referred to as a tweezer top or bottom.
+ $0 Day + $1199 Week + $1363 Month For several days in a row I hesitated on trades off the open, leaving thousands of dollars behind as a result, then was busy all week with various things I had to attend to, which is just as well because whenever I trade midday to afternoon I churn profits and give IB nice commish. I plan to meditate and NLP myself to jump on every setup immediately without THINKING; I look forward to raking in the dough next week. Have a great long weekend everyone!
D, I have created my full meditation recitals and everywhere I have read they really work but have not gotten myself to meditate once... Use stops to get INTO trades?? I have simmed NQ for a couple of weeks and stop entries have done a world of good. Previously I'd hesitate, the thing goes and things get complicated quickly..
Mediation does increase your awareness, but you still must stay focused while trading. You also must have an edge, if you have an edge, meditation does improve your trading. The key will be to meditate everyday even if you don't notice any improvement in your trading. It usually takes about 21 days before you will notice the increase in awareness. However, if you are trading randomly then meditation will not help. Meditation, NLP, visualization, etc, etc work well if you have an edge that you believe in and trust. Meditation really helps you get to the last 2 stages of trading ,one which is unconscious competence. It's not needed for the mechanical stage of development. Unconscious competence is when you trade with no mind. It's like playing jazz, you don't think about the notes!
Come to think of it, Al Brooks is all over that. I think he only enters trades using stops. I did use stops a few times last year to get into trades and the P&L turns green immediately because you're entering the trade in the direction of price momentum. For some reason I'm not doing that. Thanks for the reminder.
Everything you need to trade "price action" is in that book.....its a hard read...depending on how much experience you have......I don't really care for "time charts" that he uses [5 minute] I took the same setups and used them with "tick" + "volume" charts...and its fantastic ! [tick and volume...spread the data out so much nicer....and you can read it alot easier...imho] Price action is price action.....no matter what timeframe.....so you can apply it to what works best for you ! The proof is in the charts....everyday !