liltrdr, thanks for your message.......... I use price to confirm, you see the "pole" or impulse, I will post in a little bit, its 2:43 am on sunday my IBM buy today, was a nice 5 min bullflag around 10 am.........we gave buy into 113.80 support as i recall.....one more day U P could kick in a daily bullflag, so something to watch, but you want to see a nice impulse out of a range.....OR in direction of larger trend.........technically the markets QQQ SPY DIA & leadership stocks trend is up, higher highs & higher lows, continue working strenght on pullbacks ( bullflags) until trend changes.........Stochastics, looking at that 5 min IBM today with the stochastic method in my vidoe, it was classic, oversold stochastic into lower trendline of bullflag into 20 ema, came close & doesnt have to always test, or could test thru but as long as it doesnt break thru & show a failure its a good moving average to use as a support/resistance........all those togther confirmed a buy..........I will post my transcripts & charts tonite so you could see it on my "trading methods" link on my website, i have each days chat transcripts so traders in my room could see what i did & when entry & exit was........you also asked if head & shoulders patterns or double tops have an edge, YES bigtime.......I wrote an article for activetrader mag & its coming out in Feb & its based on short term time frame has head & shoulders top or bottom in a counter trend channel ( flag) on larger time frame & I tell you, this will be perfect for you to see....just remember this when it comes out, you wull like it........if you go to http://www.stocktrendwizard.com/nov26calls.htm this link......AAPL had a nice head & shoulders bottom on the 1 min for a buy confirm on the 5 min bulllflag for retest up........i use this stuff all the time & your win ratio will increase with it........here is also a method for ABC waves & bullbear flags http://www.stocktrendwizard.com/waveabc.htm, study that & you wil have a better sense when you look at things.......NO you didnt swamp me with questions, I would stay up all night typing if i had more people asking them, I have always been a fan of supporting others, there is a saying......"to whom much is given, much is expected" I dont know you BUT my help may turn your trading business around & one day you may be the next big trader or show somebody else who you will change thier lives.........I am not selfish with my time & never will be........keep the faith up & read the info I gave you here & study it......any questions post me on the technical trading link as this is for self talk only & should be seperated.....chris
yea I do.......its i that link for my site, i use that as a outline for my business plan.........Linda Raschke did one back in Sept 1999 & if you go to her site, http://www.mrci.com/lbr you will seee free articles & a link in there for Business Plan, was a very very very VERY good article & i base some of my plan on that, ALSO look at the MENTAL ASPECTS OF TRADING LINK.........powerful, this link i have to say saved my trading back in late 1997 or early 98 , i was still devloping as a trader & I took my hits, I was on my knees praying to God to please stop the pain, I feel the emotions as i type this right now.........This one article she wrote single handedly saved my trading meaning it mentally turned me around........Self talk you asked, I am mr selftalk I pump myself up each & everyday & all day long..........who else will ? nobody...so I have to & we all do...............anyway ........I get this daily email from somebody on aol......I happned to get the same one a few days ago that I read around the same time i read Lindas mental aspects article......this is it & hope helps anybody out there keep thier hope alive & dream intact & put a spark into thier trading........... YOUR DAILY MOTIVATION Monday, November 26, 2001 THE HIGHWAY TO SUCCESS IS A TOLL ROAD. ----------------------------------------------- You must give up something to get whatever you want in life. The greater the value, the greater the sacrifice that will be required. Everything has a price. Nothing worthwhile will come easily to you. Work, continuous work and hard work, is the only way to accomplish the results that last. You pay a price if you want to make things better, and you pay a price for just leaving things as they are. You'll find no success at bargain basement prices.
I tell you.......revenge on the markets when your down on the day..........its everybody weakest trait, why do you think they have entire sections in the book store devoted to it ?.........selfhelp section...........anyway We are all vunerable to getting off our game, I am glad you wrote this..........I went long a stock today & didnt see a resistance above it......clear mistake , rather than exiting, it went against me......I am trading this with 5,000 shares & was against me 30 cents & I kicked it out.......now I lost 1,800 +- on this trade......I immediately because i let emotions get to me.....went right back in with another 5,000 shares to buy it......& it went lower........now i am down 3,000-3300 on both trades & did exactly what you talked about.........I was a winner on some good trades today & loser on that 1 stock 2x that took away my profits to maybe 2,500 + for the day.........I looked for revenge rather than forgetting the mistake & moving on...........case & point.......if anybody tells you that they dont get emotional or make mistakes here & there they are either using smaller size so cant get hurt or should be training guys like anthony robbins,,,,,,,ya just need to & as we all need to do is continue to decrease our revenge trades or slipups .....happens to everybody, I could have given you a speech on how to be perfect but my showing you that i am vunerable just like you are makes it all that much more real, BUT I dont make them much anymore....when i was a 500 share trader & newer i was making those mistakes alot.....I do 500k shares sometimes more in a day I make them here & there maybe 2x a month....so just work on it thats all........you will be fine.....I have some books you should read & I do on a daily basis always read these kinds of books......... The books I recommend for my personal growth are: Master Key to Riches, Napoleon Hill Keys to Success, Napoleon Hill Success Through a Positive Mental Attitude, Napoleon Hill Think and Grow Rich, Napoleon Hill Keys to Positive Thinking, Napoleon Hill Power of Positive Thinking, Norman Vincent Peale You Can If You Think You Can, Norman Vincent Peale Amazing Results of Positive Thinking, Norman Vincent Peale Enthusiasm Makes the Difference, Norman Vincent Peale The Richest Man in Babylon, George Clason Personal Power, Anthony Robbins The Seven Habits of Highly Effective People, Stephen Covey Chris.
Hey....do i know you ? .........thanks for your comments & anything I could do to help.......I will......I will do alot more work on all sorts of technical analysis for my site & for elite & my threads........good things coming , I have lots to share......Chris
here is my Self Talk for Discipline.. Today I will trade with discipline. If there is one quality that separates all great traders from the vast majority who wallow in mediocrity and failure, it is discipline. In order to excel at trading I have adopted a set of rules that regulate my trading. These rules do not restrict me, they free me to achieve my potential. Indeed, I have not become a slave to my rules, I have become their master. These are the rules by which I trade, and I never deviate from them. 1.) My first concern with any trade is my risk. Before I place any trade I determine the stop price. The stop price on any trade is never more than .25. Once I place my stop, I never move it back. 2.) I am patient and wait for good opportunities. If there are no good opportunities, I do not trade. I do not feel the need to trade. I only take trades that fit my setup criteria. I never shoot from the hip. I do not desperately search for trades. I calmly allow the market to bring opportunities to me. I am calm, focused and relaxed. If I trade then I trade, if i don't trade then i don't trade. I am fine with this. 3.) I always trade with the trend. The trend is like the vast undercurrents of the ocean. When properly harnessed its force will propel my trades toward success. If violated, though my setup is perfect, I will fail. Therefore I always trade in harmony with the trend. 4.) I accept responsibility for the outcome of my trading. If that activity produces a loss of more than 300 dollars in one day, then I stop trading for the day. Trading is more than the sum of one days work. By preventing a large loss on any one day I give myself time to learn from my mistakes and ensure my long term survival. Time teaches all things to he who lives forever but I have not the luxury of eternity. Yet, within my allotted time I must practice the art of patience for nature acts never in haste. To create,the olive, king of all trees, a hundred years is required. An onion plant is old in nine weeks. I have lived as an onion plant. It has not pleased me. Now I will become the greatest of olive trees and, in truth, a great trader. -(borrowed part of this from Og Mandino) 5.) I spend time every day sharpening my most valuable tool, my mind. Every day I educate myself about trading by reading books or other literature for a minimum of 30 minutes. I enjoy learning and my mind easily remembers new information. 6.) My mind and body are closely related. How can I expect to be at my best mentally when my body is out of shape? Therefore every day I take time to get proper exercise. 7.) Keeping paperwork in order is important to my success as a trader. I keep trade records, account information and bank statements organized and in their proper place. By allowing my behavior to be guided by these rules, I give myself the gift of self-discipline. And with discipline I will become a great trader. soon to come...... Self Talk for those who have a fear of pulling the trigger.. -qwik
Awesome post Qwik, Keep em coming! I especially await "... for the ones that cant pull the trigger" Alex
Neo, Failing to pull the trigger goes beyond fear of loss. The issue is WHY do you fear loss. In my formative years as a trader, I did well, since I benefitted from the bull market. But during the summers and the bear, I found myself failing to pull the trigger... why was that? It was because I was losing... why was that? It was because my longside trend trading was no longer working?... why was that? It was because market conditions were choppy on the longside and I was afraid of going short for the only trends that existed were on the short side... OK, so its all about being adaptable... understand the environment that we are in.... and find a way of trading compatible with BOTH the market and your personality... finding something that is only in tune with the market is NOT enough... it must be in tune with YOUR personality... THIS LATTER POINT IS ONE OF THE MOST OVERLOOKED ASPECTS OF TRADING ... otherwise you will fear the unknown... are you analytical? are you impatient? do you seek sector confirmation? are you only comfortable with larger gains? do you prefer smaller gains? There are many more questions, and there are many more answers.... ask the right questions and then answer them... ask yourself what YOU are like, and find a style that suits you... matching YOUR personality to a style will give YOU confidence to pull the trigger... Whats was your favorite subject at school?.... what was your worst subject at school? Which exam did you score higher in? Its the same thing in trading... match trading styles up with your motivations and confidence... you WILL then be able to pull the trigger. OK, I am now gonna quote from The New Market Wizards section on Linda Raschke (page 305 of the paperback) ... try and put it in the context of trading your personality... I don't think Steve had the right personality for Linda's approach, and he was probably so awestruck with Linda's approach that he hadn't considered finding an approach that suited HIS personality >>> Couldn't you train assistants to apply your methodologies to the markets you can't watch? I've tried that. I hired and trained someone for a year. He was the nicest person you could hope to meet. Any organization would have been proud to have him as an employee. He was extremely hardworking and loyal. He was in perfect physical shape - he ate well and practiced karate every day. Emotionally, he was on such an even keel that I never once saw him get angry at anyone. I put a lot of time and effort into training him. I even gave him his own account, because I thought that the only way he could learn to trade was by doing it. Unfortunately it didn't work out. What went wrong? He didn't seem to have any passion for trading. He couldn't pull the trigger. I think he didn't like the idea of taking risks. Linda describes a typical conversation with her assistant: "OK, Steve, what's your game plan for today?" "I think I am going to buy wheat today", he says, explaining his reasons for the trade { presumably the reasons were based on Linda's way of trading} "That's great!", I say, trying to encourage him. At the end of the day, I ask him, "Did you buy the wheat?" "No," he answers. "Well, what did you do?" "I watched it go up." Regards, Candle
Qwik....great post...I think waiting for trades to come your way takes lots of patience...especially if your down on the day...trying to get out of the hole makes you go out and do trades you may not do if lets say you were up on the day...this is one of my weaker traits.....thanks for pointing it out; now lets see how I fix this..... peace