>Flashboy I don't usually make comments on people's trading skills. but I noticed something you might find useful. The line you drew is not a proper trend line. The low of the 3rd bar before you entered the trade is above the low at 1250 just before 13:00. That 3rd bar would have had to be below 1250 in order for you to draw that trend line. However. if you had connected those two lows, you would have had a triangle pattern that could have caused you to take a different approach. So, if you have the proper sitution, it should help you with those points you are not noticing now. Hope this helps
Not sure where I'd find one that wouldn't charge me an arm and a leg. And I live in New Orleans. Not many traders if any around here.
============== Flashboy; I agree with much of that bear-mountain/Dr Tharp post; 600,ooo is better than 250,000. And if your employer has computer rules you are breaking, think again. Also my main time frames are days, weeks...; if you like long{uptrend lines}GLD may help you. But frankly even if you do not like DAILY candle charts, when SPY or ES closes below 200 day moving averages. Thats wisdom. That means not only is overhead resistance favoring shorts below200 dma; sell volume/most any timeframe trades , do also.Its had a good bear run, so selling below 200dma is not a prediction.
My friend, may I gently suggest to get away from the noise and trade a longer time frame. Since I have left the day trading world well actually I was forced, due to loses . I did trade the futures but have switched to FOREX. I am forced to trade with high margins but it has allowed me to capitalize on long term profits. Looking at longer time frames has tremendously help me, not only mentally but financially. I have gone from 4 hrs to weekly. Occasionally I may trade 1 Hour chart, but rarely. I am still long the EUR/USD since the beginning of the year. Trading 1 lot of 100k at a time and adding based on my trading. For every $10k in the account, 1 lot of $100k. Margin is $3200. Give it a try, you just might have a better chance
====================== Good wise advice , but only if one enjoys winnng work, good profits. Speaking of good, good help, good patterns, i like good uptrends; but that FlashB long was not a ''good uptrend'' Mentors are all over ET, mentors are not hand holders.They're trusted teachers. Hope this helps, good uptrends/downtrends helped me.
I'd bet, that story by Tharp is complete b.s. Not an embellished story. Complete fabrication, lie. Sounds like utter bullchit.
or the excitement of the trade,some of us are adrenalin junkies,and trading feeds it,that's fine for video games but with real money it's poison,always have a plan,wait for the setups in your plan,then and only then execute,not taking trades is part of the plan,so when your flat and watching,in essence your trading,trading your plan,not taking trades should be 90% of your plan,not falling would be 90% of a tight rope walkers plan..its easy to make money ..its very hard to hang on to it and build,these types of trades are why so many fail..they give to the market
ammo.. long time.. May I add there are other costs besides money in taking poor trades: You are emotionally drained and therefore less available to take good ones.. AND much worse... the long-term psychological damage of suffering through bad trades can be irreparable and execution skills become very hard to fix..