I'm glad that you had a good day in the market. Don't you agree that there are different methods and strategies to trading? My method may not be the best but it is VERY profitable and as you can see I nailed more points on the way down than most. As for the overnight remark, you failed to state the fact that any shorts have been longed stopped out at a profit from this morning. We were only considering holding overnight if the stop was NOT hit! Thank you T-REX
If your above statement is in regard to yesterday then you are late. We are now talking about today's trades. If you had any questions regarding yesterday's activity then you should have responded yesterday. You are arguing a mute point. Let's talk about today's activity.
I agree. There are many ways to trade profitably. I notice that you made a good call to short the market. One thing that new traders should learn is to jump on a trend early and get some breathing room (if they can). I simply caution traders not to take signals without thinking about what they are doing. Stops work just find when markets are orderly, however just one "event" will teach traders a very painful lesson. For your stop to work, there has to be a bid. I avoid this little problem by booking my profit (or taking my loss) and stepping aside until the next signal. New traders (or anyone who hasn't seen a negative event trigger a fast market may have to learn this lesson the hard way. I guess that is inevitable. I am glad you had a good day. Steve46.
The only problem is that if one is going to test a "system", it has to have rules. And those rules cannot be changed at a moment's notice just because of a "feeling". Not that there's anything wrong with discretionary (or, as TRex would put it, "discretional") trading. But it's next to impossible to backtest unless one does it manually. And if one goes that far, he'll be testing his own system and not whatever is posted here.
DBPhoenix: You are right. To test you have to have a static set of conditions. I am suggesting that new traders test what I see. A simple 40MA trend system. Use it as a starting point. Forget the rest. Thats how I would approach this. Best Regards, Steve46
T-REX doesn't use just 40 MA or EMA because yesterday there was a short signal of 5min 40EMA into 60min 40EMA and actually 60 min was stronger. he is also using his brains to analyses current condition and he doesn't explain his analisys that is why it is not possible to code it correctly without more information.
Yes boys; That is my point, he is using his brains. Use yours. A 40 MA trend following system will get its ass kicked in the chop. That is why you have to "use your brains". As Clint Eastwood once said, "a mans gotta learn his limitations". I hope you guys try to develop your own feel for the markets, as well as taking T-Rex's calls. Good luck, Steve46
I for one use my own observation and knowledge. T-Rex's approach merely enhances my trading. I'll tell you two things, 1. the improvement has been noteworthy. 2. never in my life have I blindly followed anyone, save it be the man upstairs