ESxxDT ESxxDB what you see..might not be no way to know..what interest show they speak of cot..but matter not if trade is quick..and right the pick so how this trend..it be your friend for sure it be..same you as me what matter so..is how one know to look at chart..and be bit smart the chart do show..where price did go it can not lie..as sun in sky so when you look..forget the book and think of place..that start the race a fool you see..will look with glee add many thing..no money bring reason be clear..as most do fear the thought of lose..and feeling blues to make the cash..do not be rash wait for the time..fore risking dime if time not known..then must be shown for one thing sure..time is the cure now time can be..but one of three no other way..whatever one say when it do show..the chart is so the past is now..let's milk the cow the milk do fall..from tits so small but udder full..like bags of wool so suck real slow..no biting so as cow might kick..beneath your dick J_S
LOL... you're an idiot. I don't see any trades. I even made sure to emphasize what you wrote above. What I see is more hindsight squiggles on the chart. You think my ego is going to be hurt by you drawing squiggles on a chart? Jesus... I can't believe that you actually expect anyone to think that your squiggles have any value.
Impossible to reverse own decisions. Have you looked into situations that create a losing equity curve? It's either multiple losses that offset gains and/or staying with a losing position (hoping it reverses). Multiple losses can only be offset by bigger gains, but you have to be able to hold a position. It is ultra important to learn to hold based on longer time frames like daily chart. That's where 'trend is your friend' will be of benefit, as price oscillates it mostly progresses in direction set by longer time frames.
Six plus years ago, it was all about making the most profits and damn the losses. In 2010, I had brain surgery, wild, the surgeons went up through nostrils(they use to remove nose before) then go up in nasal cavity as I had golf size tumor, I died twice on the table, when I eventually woke up from that, I swear I had out of the body experience during one of the dead occurrences. Tough to explain what happened...when I got home, I completely revamped my day trading and went in the direction of trading risk instead of price. From then on, my trading did a 180 degrees on what I wanted to do in day trading and other forms of trading. I changed from thinking of profits to losing percentages, it never dawned on me to forget about profits and concentrate on comparisons of risk during the trade based only on the original entry, let the ave down entries follow leader of the original entry. It happens sparingly to have a week with no losses, but truly very hard for me to do as I take an abundance of signals in a week, if I took and quit at 6 points based on original signals, I'd probably have ten a year of no losses, cause 6 points can be either 2 or 3 trades in a day, but some days am taking up to 40 trades in hour, going to have losses, usually from reversing into something else. Sometimes I get three losses in a row from this but not full losses, and I am concentrating so hard, have no idea till after I had three losses in a row, LOL. If the pre-fifteen minutes had come from a move of 7-10 points down and for fifteen minutes it is making support area, if opening bar moving up, I am in on long side and most of the time get that 2-3 points. Congrats on no losses. I use two 19" laptops, one for charting and other have 12 Domes, LOL, all color coded, each signal has it's own color. Staff made me Domes that are very narrow and programmed, talks to me of possibilities that is happening, something new we been working on, my memory no longer what it use to be. I use one bar delay on trend, so I go by whatever the bar before was as far as trend, so there are times when it is obvious by the world that trend has changed on current bar, but Trading Plan has trend of bar before, surprisingly how often staying in works well, but when one thinks about it, clear trend change often has retracement almost immediately cause trend change is often hitting opposing protective stops which cause market to go further and retracement generally has to happen. ROFLMAO, I have spend light years back testing to do the opposite, keep thinking maybe next year...But I have figured out a few things from keeping that journal that are useful. When "I just know I should skip the targets as this trade going to the moon" that means get out RIGHT NOW. And when the pain is hurting my brain and I NEED to get out to get rid of brain pain even though price not gotten to my mental stop, stand up and do a few Jumping jacks, market reverses and I get plus one tick. I am constantly reminded of George Constantza of Seigfeld show where George does complete opposite with women and other areas of his life, and he becomes changed man, with women and lands a job with the Yankees after he chewed out George Steinbrenner.......My Trading Pan is so much smarter than I am.
I think, in answer to the OP, that he is right in terms of the title. But in terms of the substance, I would say he is focusing too much on price action. Your real friend has NOTHING to do with price action -- your real friend is discipline and sound money management, position sizing etc
This is not the only insanity in trading. Intraday trends are random, long daily trends are due to deterministic component. In stocks due to dividend payouts and rebalancing of indexes.
Intraday can mean " within the previous day's range", but for this reply we will take it as meaning "daily". Daily trends are not random, in fact, at times they are very predictable, which enable a trader to make low risk entries, which is the essence of good trading. Text book rubbish is just that, rubbish, put out there for the masses, to keep them in the dark! Last Thu/Friday, a talking head on Bloomberg, was asked by nice lady in a dress, "what do you think is current bias", to which he replied "down". This tipped me off, drop after NFP and then a rally into the 50 level, which if I had been sitting down for, instead of gardening, would have resulted in a nice few McDonald's burgers! There is always a reason, things do not happen by chance, no matter what academic asshole might state otherwise - they are nothing but... "so many asses laden with books" Montaigne..1587..Of The Education Of Children J_S
People always forget about the opportunity cost of longer term positions. If high volatility isn't present within the first hour of my intraday entry, I don't want any part of it. Plenty of good setups for a smart daytrader. Based on my research, with leverage factored in, intraday trading pays more