I have read 5Pillars and I will not comment on a fellow Trader. R & Wr can equal Right or Wrong, but as far as I am concerned it equals Rich or Wretched. I am selling into the buying traffic and buying into the selling traffic and so I will leave it to you to figure out my slippage and most importantly my lot volume. All I want is my 10 handles per session and I want them buried in the ABCD high traffic periods of the market. Some days I am out in 30-40 minutes, some days it takes 60-90 minutes (usually because I cockup) In order to make real money, you need real volume and lots of it and you need to be 1 tic ahead of the heavy traffic going in and coming out of the trade. Lastly, dont take losses, trade your way to breakeven or as close to it as possible or reverse. Ever tic you lose and every buck you payout in comms has to be earned back in front of the screen before you can bank your earnings.
Safe and simple, sounds like a good recipe to me. That's what I think is really cool is that we have several different types of traders in here. Nobody tries to make others trade their way. We just share info and hopefully we all are making money. The one thing that really chaps my hide is watching a winning trade turn into a loser, in this I think we both are the same. Well I hope everyone in here thinks this way and avoids that trap. Welcome to the thread and I look forward to trading with you. 4re
This is something I have told other on here. In the beginning it can really mess with your mind when you start trading real money. The going for 1 or 1.25 points per trade can really help you out. Your account should grow just about every day like this. Grow slowly but surely is always better. It won't take long and then greed will set in (we all fight this). But you can always go back to looking for that 1 point gain to settle yourself down. I think it is a very good thing. Good for you and welcome to the thread. I hope you enjoy it. 4re
Today's price action is very typical following such a perfect WRB, minimum pullback. That's one of the reasons I am not "afraid" to enter at the high of such a WRB and scale in on possible pullbacks.
Hi JJ, I have taken a look at Trin and Vix and my take for what it is worth is this. ES is one of the most hunted animals on the planet. It is stalked by the most intelligent and cunning minds in the business and the normal rules of fair play simply are not applied consistently. Those rules that are in force are designed to entrap retail players in order for the big boys to feed. A small rodent is not much of a meal for the mighty hunter, but eat enough of them and you walk off with a full stomach. The thing to remember about the mighty hunter is that no matter how loaded the odds are in his favor, no matter how careful he is to approach from up wind, no matter how lightly he treads across hard rock, he does leave tell tale signs. The retail trader however leaves enormous signs without realizing it. With the aid of high powered computers and vastly overpriced software and secretive natures the good ones eventually all arrive at a series of points centred around pivots( s&r) The next step is the best. Like the lazy old lion who sends his wife(s) down to hunt at the watering hole at sundown rather than run all over the hot savannah during the day , the big boys focus on the pivots where the sweet meat lies, skillfully hidden in the open by the unsuspecting little traders. The rest is history. And so back to Trin & Vix. It is all good stuff along with anything else that you can get to work in your favour. The point is, everything is a derivative of price & volume and of course time. The big boys know this and so all you really need to do is learn to track them, secure in the knowledge that if they are doing their job properly then you too will feed at the waterhole. People will feel comfortable with emas, CCI, Trin, Vix, BB ... you name it, there is an indicator for every occasion. I should know, I spent 1000´s hours trying them all, until one day I turned of the PC and vowed never to turn it back on until I had figured out what this game is all about. It is very simple and through its simplicity it becomes extremely difficult to do well and on a grand scale, but it starts and ends with this. "Once upon a time a buyer and seller agreed on a price for the briefest of moments" In the case of the ES this happens 100´s of times per minute involving 1000´s of contracts. Anyway JJ, these are only my ramblings on a quiet day ... read them, ignore them, we all live to trade another day.
JJ, I did read through the 5pillars journal. Very interesting indeed. Have you tried anything like it before? My only problem with it is that I am married to my charts. If I can't see it on my charts I have a hard time trading it. Maybe that is a fault of mine that one day I'll regret but I could not imagine putting on a trade without my chart telling what to do. I want to know if and when you try it though and how it works for you. One thing about the trading game is that it seems like those who think outside the box can suceed if they are persistant and stick with a plan 4re
I'd like to wish everybody out there a Happy 4th of July. And to all vets I salute you. Take care and be safe. 4re
*** Actually, I'm not quite sure volume has anything to do with it on an intra-day level ... in fact, I think volume (when used as a verb) is just yet another lagging indicator (traders see price action, interpret it as moving up or down, and try to hope fruedian slip, I meant hoop on board, or bail). Now if you are looking at EOD Volume in relation to Open Interest, NH/NL's etc., ...Or if you mean "volume" as in average number of contracts traded on a daily basis (to determine liquidity), I'll agree with ya when you're using it as a noun. But intraday, as in action word, as a verb, nope, it's just another lagging indicator (else, how did we get Monday's action on such extraordinarily low volume? ) Happy 4th, JJ P.S. ... and not that it matters, but this guy agrees with me. http://www.rc3200.com/en/..\article\column_traders.pdf