I here some traders say if I'm in a trade and if it doesn't hit my profit target with in minutes I will get out of the trade... Wtf? Number one, if you do this then you have no confidence in your set up.. And second, you really don't understand the markets.. The markets never work the same all the time.. Some trades you will make your profits in seconds and others may take much longer... In order to have confidence you will need understanding.. Once you understand.. then you would have no reason to trade scared.. I'm out peace..
You have not told us how you trade, but from your criticism I suspect that you are not a support and resistance trader. Those of us who are have very definite notions of how long the meander from one to the other should take. So we're outa there if we find that we are wrong. Meaning that we wonder if price might surprise us and move from support to support, or from resistance to resistance.
Agreed that traders who are fundamentally counter-trending should be able to tell much faster than those who are trending if the trade is going to work out.
I do trade support and resistance but that's not the main way I trade.. So basically you are telling me that you trade time not your strategy?.. I'm not knocking the way you trade but most people that get out their trade early is because they do not have enough confidence in the strategy..
Unrelenting confidence in an environment of uncertainty. That's quite a combo. Also, you may wish to account for the small matter of time frame. Minutes to one trader may be the equivalent of hours to another.
Mr. Money, it is difficult to have confidence in a strategy when you don't have a strategy. I have 38 unique potential S/R levels identified on my charts, and when enough of them are in mystical conjunction I make an astrological leap of faith.
fleming - any chance you can open your pm or email for a period of time. i just tried to pm you but it wasnt open.
Mr. Xburbx, I thank you for your interest in my inconsequential self, and apologize for being antisocial, but I would prefer to carry on any dialogues with others here out in the full open for the amused astonishment of our little inbred society. I am a Theravadan Buddhist at heart, and one of the things I most admired about the Tathagata was his insistence on observing "the open hand." Even if my own hand is empty.
38 s and r levels? I might be wrong but that sound like you trade trend lines.. I don't consider those support and resistance...