romik i hope you stopped out? that's why stops so important for most. . man 12 pt run since 1 pm eastern yesterday. the drop was all a scam to get th big boys long for the fed
------------------------------------------------------------------------------ 4re--No, I am not a full time trader. I own a couple of medical diagnostic companies which keep me plenty busy. I am hoping that in maybe 5 years or so I will be able to sell my companies and retire. At that point I hope to be good enough at trading with a well funded account to enable me to trade full time. But I don't really consider it as having a job because I really enjoy what I do, to the point that I still go to the patients homes to check on them and I like working with the doctors as well. -------------------------------------------------------------------------------- Thanks Gary, I took a look at some of your videos. The ideas seem simple and reliable. I was wonder about the full time trading because you mentioned one trade a day acouple of times. Depending on what you need to live on that could be enough or not. I was wondering about how you would approach the whole day. Would you use your support and resistance targets from the previous day all day or would you reevaluate during the day as the market trades through the lines? Like you take the first trade moving down through support- hits target- passes back up through target (now resistance) and target what was the trigger on the first trade. Is this close to your view of your numbers or would those lines not exist after an amount of time. Thanks
no doubt about that....notice the nice,neat & orderly sell off right down to the Dow daily T.L..............they got the job done creating their illussion of weakness & trapping new shorts & getting long themselves. i`m working with an ET trader thru IM......teaching him my method & i mentioned this short trap to him several times as well as the dow daily TL.......something was rotten in denmark the whole way........................futs are the sneakiest of games. steve b.............not porgie
If I were retired and trading for a living I would still probably make one trade a day but you have to understand that my one trade a day is with a fairly large position. My thought is that I like to take what I consider to be the most likely trade of the day (cherry picking) and make my money and get out. Limit my exposure. That is how I would daytrade anyway. Now at the same time I also have an options trade going that I have been building my positions up since July. That will end up as my big money making trade.
I will be around for the first hour of the trading day today but I really don't expect much until 2:00 ET. If my numbers come up I will take them if possible. Either way I will let you guys know.
Gary, Thank you for the info. Your right 2 points with a bunch of contracts would be good money if you can get it with consistancy. No offense meant. Just wondering about how you view the lines after they have been breached? Thanks. Good trading
The market isn't analysis, it's head games. So you have to focus and keep yours tight when you trade. Hence the "no more chit-chat when mak'in money" rule for me. Best Regards, JJ
No offense taken. I have taken my losses as with any method. If I lose on my initial trade I allow myself another trade to try an break even. I only take that trade if my numbers or a good chart pattern comes up though. If I lose that second trade I stop for the day. If I win I am at breakeven for the day minus commissions. Since starting this journal I have lost two trades in a day 3 times. I also have a set punishment for a losing week. If I have a losing week I go into simulation for a week. That has not happened since two weeks prior to starting this journal. That was the hardest week for me. Because I won every trade I took in simultion. It sure did help my conidence though. As for how I approach the lines once they have been breached. I have several different ways I do it. If I got my 2 points, I wait and re evaluate at the end of the day although I have traded the same S/R numbers several times in one range day. If I lost the first trade and the same numbers come up again I will take them a second time (Romik has even doubled up on the second approach, successfully I might add). So those are just a couple of ways I do it. Does that help any? Gary
Actually, it doesn't even need to be "head games". That's why Gary's strategy and many others are so nice. You don't spend a lot of useless energy thinking about things that either don't matter or are out of your control. As many of you know, one of my set-ups is buying the S2 or selling the R2 using a 4 point stop. Yesterday's S2 was 1325.75. When I got filled, I put in my stop. I then went to work out, took my dog for a walk and did a few other things. I came back and saw that I was darn close to getting stopped out (by 1 point). The only thing that hanging around the screen during that time would have gotten me was a bunch of wasted, spent "head games". You can find a way to trade that is stress free. The strategies are out there.