Gary, Thanks again for the clarification. There is so much to sift through. I've been trying to learn about the markets for a couple of years and have just started to actively look for things that will work in a short term enviornment. Your method of support/resistance meshes pretty well with some other methods that have a true ring to them. Most of the methods that seem worthwhile set you up before hand to react in a certain way if/when price gets there. Thanks for sharing. Jim
HI Gary, I think this will be the last time I'd like you to check my chart...I'm starting to get the hang of it and am about 90% wins paper trading, and am about ready to hit the big time. Thanks for all your help!
Jim, Thanks, I hope I answered your questions alright. The important thing when beginning your trading is to find a method that you understand and that will work no matter what market you are trading. Once this is met then you need to learn everything about the method while watching how the markets react around the levels you pick out. Once you feel like you got it then test the waters. If you just run up to the edge and do a cannon ball there might be a stump lurking just beneath the surface, guess what part of the body it will enter...If you know what I mean
Hey Guys and Gals, Here are my numbers for tomorrow. Surely we are due for a trendy day soon. I sure hope so. Long 1340.25 - 1343 Short 1330.25 - 1324.50 Ya'll have a good trading day tomorrow, Gary
glad you asked. today, after fomc, i figured the market would move up or down dramatically. so i watched the 2 minute chart and noticed a downward pattern. it would go down, then backtrack, then go down some more. my strategy was to catch it on the backtrack moves, then follow it down for a point. in and out quick, in case it should decide to reverse. i took 2 trades, 2 contracts ( my current MAX), 1 point each for a total of 4 points. i'm counting points so i know how much money i made. two trades and i'm out. i only do 2 contracts if i'm very confident. if i'm just somewhat confident, i do 1. and if i'm not confident, i do the paper trade so at least i'll see what i WOULD have made. here are my trades: 1424 in at 1336 1428 out at 1335 1431 in at 1334.75 1440 out at 1333.75 i took your advice gary. no more than 2 contracts. just go for a point or point and a half. you're so right. it's less nervewracking that way and i get my quick points and out. i noticed the other day when voltaire - (yeah, i know it's volente, but i'm pissed at him right now so i call him what i want) - was trading like a bandit, he would go for quick in and outs, so i figured i would try it too, instead of going for bigger points. to me, it's much easier to get a point at a time because then, even if you're right, you don't have to be right for long....
Princessa, I LOVE IT WHEN YOU CALL ME BIG POP-PA ! Cause I see some ladies tonight who should be havin my baby Bay-bee