Thanks for the chart. It is what I expected, given the other charts you posted in this thread. Conga-rats on the day. Anchor, gotta forgive the Dizzy, he's taken alot of flack on this thread cuz he trades with small stops. Dizzy, Anchor is a friend, and was too quick to congratulate me for your chart. Huios, stay out of other peoples little spats, and let them fend for themselves.
PaperTraded today only. Did not look at a 1 minute chart all day. And that is a feat for me. All the setups, targets, stops were based on the 5. The first couple trades felt a little weird taking. Held to my stop on the first and lost 3 pts, then it immediately reversed and would have hit my target at 899. Trade 2 (T2) was my second chance for the move, this time I moved my initial stop because the market was not going my way, took a small .75 loss, but lost a 3 plus gain. T3 was a good trade that had no follow thru. Initial stop was tight, because it could be. Should have reversed (as mentioned over the weekend by gotrader) but not in my plans right now. T4 and 5 were good trades, not because they had good gains, although that helps, but the setup, and execution was good. Both exceeded the targets, and the stops were moved down in an orderly fashion to lock in gains. T6 was the wrong direction. Was looking to short, but got wigged out with the strong up move. As soon as I was in I knew i was in the wrong direction. Let it ride a few minutes, and jumped out with a 1pt loss. If I would have gotten out right away, maybe I would have gotten it together to short it like I wanted to in the first place. T7 should have never happened. If I was short in T6, wouldn't have gotten caught in the chop. Missed the last little rally to short cuz I was playing with an old notebook. Remember what Windows 3.1 looked like? LOL Todays' paper trades... 7 trades, 5 losers, 2 winners for a total of +5 points. Paper net for the day was +216.40 It was a cool day.
thanks buddy.. i still lurk every once in a while.. got to be a distraction.. trading has been going quite well thanks. =).. i hope the market is being good to you also =)... -qwik
Huios.. how you think and how you feel will determine how good a trader you become.. you have to learn to manage your emotions.. psych yourself up for a win.. prepare yourself beforehand that the trades that stop you are also part of your trading plan.. and if taking a loss first thing in the morning gets you out of sorts.. work with that and dont try to fight it.. set a goal, to make one good trade to start the day.. and if your first trade is a stop, and you get that "out of sorts" or "im already screwed doesnt matter now" feeling, then set a goal to stop for the day.. thats when you cross the line from professional trader to gambler.. and the more often you cross that line, the easier it will become.. and one note about charts.. personally, i use a 2 minute chart.. the main thing i think is that you choose one and stick with it.. what you are trying to do is learn.. recognize patterns.. spot similarities between what happened yesterday and what is happening in the present.. and if you keep screwing around with which time frame chart you are looking at, you are making it more difficult for yourself.. 1 min, 2 min, 5 min, 15 min whatever.. just choose one and stick with it.. well, time to hit the road again.. (im in a Travel J truck stop).. what a place to trade =).. gotta love this job.. good trading.. -adam
Paper trading again today on the 5 minute chart. Notes are on the chart. Had a real good day. Net for the day: +538.50 on paper.
I feel good trading the 5 minute. Setups are clear, stops are clear, and the exits are getting much better. Need to learn to stick to my guns. Several of the trades would have been bigger winners if I was not such a chicken. Several of the guys in the room I frequent scale out of trades. Take half at 1.5 pts, move the stop to breakeven, and let the rest run to a predetermined stop, or if it reverses, they stop out even on the second half. Got all kinds of things running in my brain, let winners run, blah, blah, blah. Although that is true, these guys are consistantly knock'n out profits every day. Not sure what I an going to do tomorrow. Paper or real $$$. My wife wants me to go for it! She likes the new trader H, these last few days.
qwiktrade Would you mind explaining how you're trading from a truck stop? Do you have some sort of wireless setup or are you using some sort of dial up connection available there? I'd like to have a remote access wireless capability but haven't found anything suitable - yet. Sorry for the side-bar question H, inquiring minds want to know.
Huios, Congrats on reading the market well today. I could not get anything happening today. I had 3 trades all breakeven. No follow through on anything I traded. Well done once again and I hope it keeps going for you. regards