Awww.. thanks! I am secretly stalking you online I have to admit. Reading your posts from when you started and watching to see where you have gotten is a journey I would like to emulate. It is rare to see an online personality that is so dedicated, honest and trustworthy, as much as you can trust anything online of course. It is because of reading your posts that I know to pay special attention to what RN and bighog say in addition to all your posts, and I find that in an online community, it is really important to start by learning from the right people so you don't go down the wrong path. So from one stranger to another, a heartfelt thank-you!
Fail enough, this is a good question, let's just say that 2/3 of the account (24K/36K) are not mine and I sort of "manage" them for someone else for swing trading. So all the swing trades you see are mine but not my money. I only use my 12K to trade FB. BTW i'm out of EBAY at 52.43. -211$. Still holding GLUU (+110$ currently). Considering a re-entry on GOOG.
At the risk of sounding like an arm chair QB The long @ .41â¦, why exit so early Not only is price respecting the 1 min TL (now granted you entered before the 1st touch⦠but then exited soon after price showed it was respecting the touch by zooming off) If you look back from ~ 12:19 to 14:11 EST â price had been in a range â aka PB to the 15 min TL⦠also aka PB / retrace to the 5 min TL (range being 56.05 to 56.40) The B/O of which you bought (aka continuation of the 5 / 15 min trend... aka respect of the TLs for bothâ¦) â but soon thereafter you exited Not chastisingâ¦. rather bringing it to your attention for future exploitation RN
Two of the biggest mistakes I think readers of his stuff make (or any author for that matter) Trying to trade like him â and/or trying to use the same set ups Read the book(s) with the intent of learning how to read PA - then create your own way You'll trust it You'll know its strengths / weaknesses Bottom line - You'll own it RN
Just wondering about the "early" exits. Are they "early" because you exited before the plan said you should exit or are they "early" because you noticed (after the fact) that it went a lot further up ? Notice how your rising trendline confluences nicely with horizontal resistance levels turning into support levels. This "revisiting" of S/R levels happens all the time, so you have to give the trade at least that room to manouver. Since you entered below the first yellow line, you could have set your stop to breakeven after it broke that line upwards and just enjoy the ride. It doesn't always work of course but after seeing some of your trades I think you should try to get a plan which is aiming for a bigger piece of the cake. A possible suggestion: When your trade is running into profit and you see a thing happening like in this graph, instead of just exiting (early), try to just set your stop to breakeven (nothing bad can happen to you anymore at this point), swallow the first retrace (if you're stopped out breakeven, then so be it), and try to grab a second leg up, and only then start thinking about exiting. When you will do this a couple of times succesfully I think you'll find it easier to stay longer in a trade. Tobo
They wern't according to plan (1:1.5 R:R ratio) I admit that for the time being I feel more comfortable scalping just the leg i've entered in. I've backtested it and saw it has a positive expectancy. It's true that i miss a lot of the move from time to time and your suggestion is very helpful. This is one of the things i'd like to add to my set of tools when I gain more experience/confidance. one question though. on case you've traded like that would you have added to the positin in the second leg setup (which is also a valid entry by itself), or just stay with the original amount?
I don't trade like that so I don't really know. It just seemed an interesting thing to try in your position. But even if I said it would work/would not work, then you still shouldn't take my word for it but test it yourself (in the demolab!). Testing really is an undervalued part of a traders life imo. And it's not because tests show that something doesn't work that the testing itself was a waste of time. testing/measuring = knowing what works/does not work ---> knowing = confidence Tobo
Was only able to trade the first 1/2 hour today, and even that was on my way to the bus from my work... 1 trade +54$ (+18cps)
Very bad day today, in terms of dicipline, leading to my first negative day, -13$/4.3cps Chart not even worth posting...