Thats what testing and revising are for. 'Homework' is working the plan until you find something that works.
do some homework by searching thru the ET threads and find out what actually works. (hint - you have to have some understanding of the market to figure out what actually may have some value)
Sniemiec: I don't trade breakouts because I like setups with high R/W. This allows for more fudge room and seems intuitively like a better strategy for my personality. I also know that breakouts have a high failure rate and even if you are good at trading them you have to be prepared for good sized drawdowns. Please don't take anything I say too much to heart though. Many ways to trade and I certainly shouldn't be saying what's right or wrong. Anything I say is right/wrong is for my own personality based on my limited experience. Just about the only thing I think anyone should be able to get out of my journal is my patience and work ethic in researching my setups. Some people including a recent poster has commented that my plan/setups will never work. True and not true. I am not trading live. I keep detailed statistics and analyze all my trades. I am not expecting to make money tomorrow. I am not expecting to make money in 3 months from now. Everything is one day at a time for me. Either a setup works, or it doesn't. But, I won't know until I get hundreds if not thousands of trials.
Dozu I addressed your post a little in my prior response. I have no intention of paying anyone for mentor ships as I have complete confidence I can figure things out myself. My understanding of the market is limited. This is why I make observations and test them to see if there is any edge in them. If not, I discard them. Rinse and repeat. Someone told me last year at the start of my equities thread that I would fail using my method. By the end of paper trading my strategy as I was developing it, I was up 30-40%, and when I went live, for the first time in a year, I was able to start consistently making money. I don't give up easily...
It is amazing how people take the time to criticize, but offer no constructive advice... Kid, you do not need to justify yourself to anyone... Maintain focus on your goals, analyze your failures along with your successes, adapt accordingly. Perseverance, dedication and disciplineâ¦and there is no doubt you will succeed⦠hwk
hwkaiser It is amazing how people take the time to criticize, but offer no constructive advice... ####################################### 1. Observe qqqq spy dia intc msft csco in premarket hours with AMTD Last sales (or another) Alsov calculate influence of news for companies ,which can have influence on market (EYM/DIA and EN/QQQQ component's) ,gold,oil,zn ,Barnake and political events 2. Take only 1 point risk(20$) for 3-30 points reward for one enh8 and stop loss advancement tactic ,which depend from your opinion about market volatility and trading record Time of entry 8.00-10.30 NY hours (Stock market opened 9.30 NY) Not more as 3 attempts per day . Each attempt 4 enh8 with SL 1 point (4*20$) Each position increase( if market going for you) must be calculated as new trade . .. take paper game (if you not have) with CME FIFO rule and real time quote www.openecry.com or AT from www.infinitybrokerage.com you can play small contest for 300$ price ,without entry charge by www.marketzar.com ,if win play great contest for 50$ entry and 1500$ price Your respectfully ... http://www.youtube.com/watch?v=6TOW_4TXJ2Q
SSSS, I appreciate your advice though I honestly don't know how to apply most of the things you said. I checked on Marketzar but it seems its like a casino. Seems very fishy to me and even though it says its free, to download the platform on the agreements it still lists 50 bucks even though I clicked on the free one. Have you ever entered the contest? 300 dollars cash prize is honestly a very small amount if I am going to be harassed by the company and then possibly billed, etc. etc.