Dizzyspell and Hardcash, Thanks for making my point. The questions were somewhat rhetorical. They represent some of the "thinking" steps that most traders go through while on the journey to the end game of actually trading. They're the type of mind games we play on ourselves whether we realize (and admit it) or not. Each of us has to deal with the same questions but we're free to deal with them as uniquely as we are individuals. Until a trader steps back and looks at the forest rather than being enamored by all the trees (as Huios has just done) then we'll wonder what's wrong. Always chasing another combination of this and that to try and get the "right" or "best" answer to our questions. A few folks get pass this stuff quickly. Most like myself are rather "slow" to have come to the realization that all the technical mumbo-jumbo is really just tinsel, smoke and mirrors. Typically traders ascribe more importance to "indicators" than is warranted IMO; just as a witchdoctor would ascribe someone getting well to the chicken bones that were rolled. I'll have to also agree with what Easyrider has said but I'll bet there are more traders who are successful that keep it relatively simple than those that get buried in complication. (Although I do recall on another site this one dude using astrophysics to forecast market turning points that "seemed" to be on to something but NOBODY could follow what he was doing! Way too much calculus, planet siting/alignments, etc.). Learning to KISS ><
hi futurenuts, im not saying that im satisfied and had finaly found my "style" by putting everything aside except a simple pricechart...sometimes i wish i could find an indicator, that would tell me something...it would surely be helpfull, to have that...im still trying...going in circles... trading
Keeping it simple or complicated may not be the issue, the answer to which may lie within the trader him/herself. Perhaps traders continue the quest for the perfect indicator because they have not learnt that losing a trade is part of the process of successful trading. Once learnt however, the usual tools of trading such as stop loss management etc. come into play and, hopefully, our trader is well down the road to being profitable.
7 trades, 1 win, 4 losses, 2 b/e for -4 pts. ME (missed entries) - 5 Net for the day: -233.60 Net for the week: -363.30 Net for the month: -759.40 Tighter stops killed me on 3 of 7 trades, chased 1 (really 2 T2 and T4), didn't stick to exits on 1, jumped out early on 1. Actually, my best trade (technically correct) was the one with the biggest loss, T6, every other one had something wrong. Need to take those morning trades, no matter what. The trades I am not taking me are the ones that really hurt, because they are the profitable ones, or they seem to be that they would be the profitable ones. Only trading in the morning tomorrow. Kinda ticked at myself for screwing up so much this week. Take the trade H, take the trade.
My apologies to all. Thanks gerry for pointing it out. Here is the correct chart for Thursday, 8-22-02.
I've been reading the daily adventures of day traders for quite some time. If what I've read is accurate, 80% of traders lose while the 20% split the profits. It is said that Wall Street attracts the brightest/sharpest minds. These people are your competition, how can one expect to consistently win? Why is it hard to find a successful day trader? Is it because there are so few of them, as the odds suggest? If so, why pick a game within all probability's - you will lose in the end...
Getreal, Fair question. Probably for the same reason people try to make a career in pro sports, even though the odds are even more daunting.
1) because the 20% have a great life and unlimited opportunity. 2) who said that all the winning traders show up here? I'm guessing that some don't want to "kill the golden goose" by yakking about it or perhaps have no interest in talking about it. Usually it's people seeking help that come to a forum. 3) noticed that this is your first post - are you thinking about trading or going to try to peddle a real-estate system? Peace, Paul