Here are my numbers for tomorrow: I have 2 plays for long and short tomorrow just in case one gets taken out in the pre market. I hope the chart isn't too jumbled for all to see. Some of the levels are very close together so that is the only way I could do it. Long 1275-1278 if this gets taken out then long 1279.50-1281.50 Short 1269-1266 if this gets taken out then short 1261.25 under todays low. I hope everyone has a good trading day tomorrow. Especially me. 4re
Hey Everybody, One of the most frequent things I hear on this thread is that I leave too much money on the table. The market trended all day don't you wish you would have stayed in and captured more money today. I always answer no to this question. There are several reasons for me to pick a target and stick to it. The main reason is it just makes sense to take the money and run. I have personally experienced the pain of having my trade go in my favor very fast 2 points and beyond. I rode it out. Then as fast as it went up it came back down. Now since I didn't have a stop set because I broke a major rule of smart trading I couldn't get out fast enough. What would have and should have been a sure 2 points all of a sudden I was lucky to get 1 point. That is a fact of the market. Also this is a couple of exerpts from Dr Alexander Elder on the subject of money management. Survival First and Get Rich Slowly, The first goal of money management is to ensure survival. You need to avoid risks that can put you out of business. The second goal is to earn a steady rate of return, and the third goal it to earn high returns â but survival comes first. Professionals tend to run as soon as they smell trouble and re-enter the market when they see fit. Amateurs hang on and hope. An amateur trying to get rich quick is like a monkey out on a thin branch. He reaches for a ripe fruit but crashes when the branch breaks under his weight. An amateur who opens a $20,000 trading account and expects to run it into a million in two years is like a teenager who runs away to Hollywood to become a pop singer. He may succeed, but the exceptions only confirm the rule. Amateurs try to get rich quick but destroy themselves by taking wild risks. They may succeed for a while but hang themselves, given enough rope. If you set modest goals and achieve them, you can go very far. Maybe this will give you some insight as to why I set my money management rules as I do and do not veer away from them unless I personally see something that changes my mind. I do not listen to anybody elses ideas about this matter because I am the one responsible for my survival. Hope this will help somebody keep from losing their bankroll one day. 4re
I hope not, I think you are probably more disciplined in this than I am. That, my friend is a compliment.
leaving money on the table comments really don't make any sense at all.........none...why do people say that and what sense can one make of it? doesn't make sense.........the table is always loaded with money.......could one person take it all? ridiculous for anyone to say tht.....
In my estimation, 4re has slayed a demon responsible for the demise of many....greed. As a result, I predict he will, if not already, become wealthy. I have come to believe that steady, methodical, repeated small victories is way to achieve a larger goal with a far lesser degree of stress. Am I wrong?
the success depends on how often right and how often wrong......4re is on track......he is doing great.......
4re- you are the real deal....I'm glad I got in on this thread on the ground floor..... If you're not wealthy yet, you will be...I have no doubt.... I hope you don't mind if I ride your coattails to the top....
Thanks for all the positive feedback, I really enjoy doing this thread as it acually has kept me more focused and disciplined. And you guys have been great to work with. I have been very surprised about all the positive feedback that is recieved on a daily basis. I only hope it continues if/when I have a couple of bad days in a row. It sucks when it happens but it does happen. I wish all a great trading day today. 4re