Thanks for responding MarkBrown, Very interesting. Can you please use another example to explain to me? I am not sure I understand you when you say "If you trade for money I pity those people because they are missing the magical mystery tour that is trading." I love trading. I enjoy the art and obtaining a skill for future revenues increase. I have tried several other businesses but trading is something I enjoy day-to-day. It challenges me and it is self rewarding. However, 90% of the reason I trade is because making money. I am not sure I would do this, if I could not predict I will be sucessful making money in my future. I also look at trading as sort of hobby. I enjoy listening and reading from other traders who have traded for many years. P.S. Congrats on your trade with partner you mentioned.
If you do it for the money and not the unconditional passion you will never succeed. For what profit motivated individuals are left without passion is lust for the unearned. When you do anything with utmost passion the money will come automatically.
Thank you MarkBrown, now I understand you. I TOTALLY agree. There is noway on earth I would have made it this far if I did not enjoy and passion for what I was doing. No way. I definetly have passion in trading. I really enjoy it even though still not as profitable as I want to be, but I know the work that is needed.
i gave up on intraday anything - i think you will find that 24 hour pivots will better fit the price of most globally traded markets with multiple sessions.
Thanks MarkBrown. Yes, I use the 24 hour pivots only. I was using US session and 24 hours pivots but the chart was too crowded. I do intraday trade. If you don't mind sharing, why did you give up on intraday "anything"? Did it not meet your personal comfort levels or you found something better that fits you?
40 years ago the US was the Only market. Only the US day markets mattered because the rest of the world was insignificant. Most all day calculated indicators and price patterns have become useless because we are in a global market now. You have to treat the 24 hour market as a whole now and calculate everything you do in totality. So I have given up on so called day-trading completely.
Thanks for responding . It's more like 24 hour a day trading. I too have noticed that after market trading provides good high probability trades setups. When I first start trading in one trade room I was paying a lot of money monthly, the guy said don't trade after markets at all. He said the robots on trade after markets. Well I belive the robots think like humana too.
@humbletrader2016, I would like to thank you for this post of yours. It was like a whack! And it further compelled me to closely observe my thoughts. There always lies an underlying "Market Behavior" (emotions so to speak) which precedes everything that follows. Consistency in recognizing such behavior(s) is what I need to achieve. But how?? Indicators can only indicate (i.e. does not "forecast" - a better word instead of using "predict" ) but what in me and what in the market would reveal the truth? Just floating......
Trading off charts successfully is an acquired art. Recognizing signals is easy after the fact but not so much at decision time, if fact, many times 2 chartists can be looking at the same chart and reach opposing views based on patterns still forming, once the pattern has formed, it appears it was obvious but the opportunity has passed. I use symmetry rather than patterns and have had reasonable success with that. i.e. fundamentals give me the likely direction, symmetry gives the entry and exit points. Day trading can be frustrating, trading on fundamentals is much less stressful and rather more profitable especially if you hedge instead of placing STOPS. Markets will always gravitate towards the fundamentals (eventually) even if sentiment drives them off in tangents temporarily. Right now, fundamentals say to short.