<i>"I have been day-trading for few months with minimal success."</i> No trader has ample "gut feel" for any market after trading a few months. One hasn't even seen a fraction of differences in price action between rallies, selloffs and consolidation periods. All three are extremely different in behavior. Look back on that statement two years from now... it will have a WHOLE LOT more meaning then than it does right now. Sounds to me like at least a couple of indicators wouldn't hurt at all, to be honest
Thanks all for the contributions and I haven't even posted my reports. I had an okay day yesterday but not so good day today. The thing that sucks about both the days were that I traded like a dumbass. The first trade wa a short at 1374.5. The reason being that S&P and Nasdaq opened higher than the previous close. The market went up for a while but it sold off. I was merely selling the bounce. In the past I have noticed that you can get anywhere from 6-15 points on ES with such set-ups. I exited at 1372 and it was because ES went below the support at 1368-69 and came back up. At the same time I entered ES long at 1372 but I exited at 1371.25, because Nasdaq was weaker than S&P and I did not think it was worth the risk. Anyway, I should have moved my stop to atleast 1370.50 after the ES went below 1368-69. I need to get some dinner but if I have time later on, I'll post today's result, otherwise I'll do it tomorrow. I wil try to reply all the messages tomorrow. Total Profits: 1.75 Total Trades: 2
I don't know what you mean by "gut feeling" But if you mean the kind of "gut feeling" that leads to impulse trading then you had best learn to subdue those "feelings". I do know that you'll never succeed trying to guess which way the market will go. For very sound reasons you should use the same basics most other traders are using. The fact that most use them makes them work. The basics include: trend, support and resistance, volume and breadth. My advice is to concentrate on mastering basics. Never try to predict what the market will do, just react to what it is doing. Never buy a stock solely because you think its price is too low, and never short a stock because you think its price is too high. Let the market show you what it wants to do, and then react accordingly. Once you've learned how to recognize high probability trading opportunities, concentrate on learning where to enter and exit a trade. Many potentially good trades are ruined by inept entry and exit. Either paper trade or take small positions until you get the hang of it. It isn't easy, in fact very few succeed. Perhaps the most difficult thing to learn is when not to trade and sit on your hands instead. There are some who are adept, because they alter their trading style, at trading in almost any market, but the majority of successful traders wait for the "right" market to fit their style of trading. There will be some days that present no opportunities for good trades. Patience is required.
I was going to post my reports and the reason for taking the trades here but I was told not to do it by the guy that taught me the method. He did not seem too thrilled when I told him that I have started an online journal. I can still come here and write about my day but not post a day to day record. That's it for me here. Moderators: Can you please delete this thread. Thanks.
samosa........so you are like most others.....t he guy taught u what you know with his stuff that he earned the hard way.......then you say, let me go to forums to show off what i know about your stuff that you earned and i didn't .....let me give t hem the one signal so t housands can cause me to lose my edge........actually my teacher's edge....that he generously gave me so generously .......that is betrayal of his confidence in you........and inconsiderate of you.......happens every time.....don't feel bad, you are doing what normal people do......that is why one should keep the good stuff close to the vest....in other words, keep it to yourself.....don't talk your real stuff to others.........
I've been a tape reader for about 8 years now, 4 on the markets I trade currently, and there are times I still fade my "gut" reaction. And yes, it makes perfect sense, if I am still trading 20 years from now, that there will be many occasions where I will still look to fade my "gut".
piezoe equity trading ???? don't know......emini speaking...do know......to sit on your hands as an intraday emini trader means your system is not as robust as the best ones are........the curve fitting or changing system to fit the changing market done by some means u don't have a rare system ....rare means 90% and above.....all day every day........the 1 daily loss of 10 trades is minor point loss........must be earned....5 years will do it usually for the bright ones........geniuses 10.......truth....real truth......