Theres only one thing I follow to save me from the problem you just mentioned. From CJ on this board HAVE STOP , WILL TRADE.
Been Placing simulation trades, All trades good to go, tomorrow I will place a live trade. Ok heres the thing, from now on , If I want to make a movement, I will first draw it out on my paper, when the movement appears to what I've drawn out, It will 100% make me take the trade without any doubt. I think thats the reason I've been in simulation mode lately, delay. Draw out / picture out the trade before putting it on will give me 100% confirmation. Love the idea!
If I have $200-400k I'll put it in the bank at 4-5% p.a. and Feds are raising rates still. I'll get a job, work for 10 years and that $200-400k would have become $300-600k. Then retire at age 30 slipping lemon and watching cable. (tv not GBP lol ) But then again you're not me. ^_^ Starting with adequate capital and a confident strategy already gives u an edge. BEST OF LUCK!!
What bank gives 4-5%??? I have not seen a rate that high in many years. Living in the US, you cannot retire on 300-600k. Well at least I couldn't.
http://www.money-rates.com/cdrates.htm Plus check out Australian/Switerzland Banks. And oops, i meant retire in a less costly area or country. ^_^
I think the best rate here is 6% for a normal savings account. Maybe from Bank West??? Not quite sure which bank it was. Better returns still if Aussie dollar moves up against the US dollar.
6%?? Woah. I'm only getting 4.9% from Australia National Bank. T_T Lets hope the Feds keep raising rates thru the roof hehehe.
Hello, I do have money in CDs at the moment 4.1% 1 year CDs waiting to ladder up. I Don't like to sit at home and do nothing all day, Not advancing in life is not living life! I'm still trading 1 lots right now. I improved much since last week, I'm only down $50 this week because of a faulty LMT order then a MKT Stop lost which didn't execute for 2-3 minutes. I now look for opening ranges, and define the ranges clearly to go long or short. I don't go short above ranges, don't go ong below ranges. I have picked up buttontrader.com for $22 a month, I feel that will automate my stop losts. and let me relax a bit if I run outside. I have tested ninjatrader, but it won't connect to the API when other applications are running. I've seriously found the beauty in intraday trading, ITs clearly shaped my views on what makes the market TICK which will improve my methods once I work with longer term trading. a) Why do people get stopped out so frequently b) Where to put the best stops c) What kind of action do I want to see when placing an order, I personally like consolidation and right after breakouts. d) why it is important to trade with the immediate trend but not forgetting about the longer term trend (todays / 2-3 trend) e) difference between a scalper and a intraday trader. Their Risk/reward ratios are different. Many people confuse them.. it seems. These are the things you can learn from intraday trading. In my point of view, if you can trade intraday (not scalping but dytrading) You can make money swing trading/ long term trading, I think the methology flows over quite well. I've seen the mistakes I made in picking tops, picking bottoms, these are all newbie mistakes, These mistakes would not have been revealed until I was stopped out 10 times intraday trading and wonder, what the fuck is going on with my shitty entries This journey will take awhile, but I have 20 pairs of Nikes on stand by.