NumberZ Day Trading Journal

Discussion in 'Journals' started by NumberZ, Oct 11, 2021.

  1. Leob

    Leob

    I just saw, for the first time, 2 video of Mr. Al Brooks today .
    To much details for me...
    Simplicity is crusial for consistency!( for retaile day trader ).
    For the sake of the long run. It must be simple.
     
    #81     Oct 17, 2021
    qlai likes this.
  2. If you're a driver - do you remember how difficult it all was when you started learning it? Or if you play a two hand instrument - how difficult it was to synchronize your two hands to play simultaneously?

    Trading is much the same. With practice - what seems complex initially eventually becomes simple or at least simpler. I don't believe in simple solutions for trading though. The market is too complex for that.

    One of the challenges with the price action approach, though, is that there's a lot of interpretation involved. Two people may interpret the chart differently. Or one guy may interpret the chart differently tomorrow compared to today. Interpretation. Add $$$ on the line and a fast moving market going against you and it becomes even worse.

    A system trader or one using indicators don't have that problem as his system is more objective or with clear rules to follow.

    upload_2021-10-17_20-2-5.png
     
    #82     Oct 17, 2021
    Relentless and NumberZ like this.
  3. NumberZ

    NumberZ

    What are "weeklies"?
     
    #83     Oct 17, 2021
  4. Relentless

    Relentless

    Probably weekly charts a.k.a. swing trading.
     
    #84     Oct 17, 2021
    NumberZ likes this.
  5. NumberZ

    NumberZ

    copy and paste the links here please
     
    #85     Oct 17, 2021
  6. Leob

    Leob

    Absolutely, the quality execution will became a habit ( only after positive experiment).
    But you have better chance to be in square 4 with less moving parts in your system.
     
    Last edited: Oct 17, 2021
    #86     Oct 17, 2021
  7. Leob

    Leob



     
    #87     Oct 17, 2021
    NumberZ likes this.
  8. qlai

    qlai

    He was suggesting trading weekly options on spy or SPX instead of trading the mini/micro contracts. He said that your risk is much more limited so you can practice with real money.
     
    #88     Oct 17, 2021
    NumberZ likes this.
  9. NumberZ

    NumberZ

    I don't know much about options. I thought they were high risk?
     
    #89     Oct 17, 2021
  10. qlai

    qlai

    I don’t want to point you in that direction, but if you buy a call option and pay let’s say $500, that is the most money you can loose no matter what happens. It’s like trading with a hard stop but more reliable. Again, I don’t want to suggest you trade options, just an alternative when trading small/test account.
     
    #90     Oct 17, 2021
    NumberZ likes this.