Hello bgp You mentioned books before. I believe I have mentioned some in a previous post here. I can't find the post with a speedy look through. Edwards and Magee book - learn the technical language and tool basics John Murphy's books Bill Williams book on Chaos Linda Raschke's book Neely on Elliott Wave for how markets are structured - not for trading EW ( Prechter's book is ok) Futures Magazine Active Trader Magazine Stocks & Commodities magazine Market Technician Association's Journal The goal of every trader and investor should be to find something that yields winning trades at least 50% of the time in real live trading. Back testing is helpful, but it's as if you were learning to milk a Guernsey by reading a manual. Your pail is still empty. And, your knowledge is still untested. That 'something' may indeed work in real time, but it may not work for you and your mental state/personality/self discipline/self confidence etc. This is a bloody business, not for the faint, the sheepish or the underfunded. Before you master technical analysis, you must become proficient at, and then, a master of "risk management and bet size". Knowing all the TA blarney won't make you successful at trading. Only risk management will keep you "alive" as a trader or as an investor. Only 3-5% of traders survive - some of those make a living at it. They are fully capitalized, know how to bet, know when to not trade, know how to take profits, and know how to take losses. Off hand, I'd say this is a deadly pitched battle between the smart money and their band of green clad hitmen versus the rest of the universe. The smart money wins 90% of their bets due to staying power, the size of the bets and hedging power. They accept small percentage gifts from the market every day. Would you take a profit if the emini moved up half of a dollar? They do every day, dozens of times with 50 to 600 contracts. It's not easy and most of the time it isn't fun. This is a solo business, in an amoral industry where nobody cares about how you are doing. That's the reality. Few people will know whether you blow up or make lots of money - unless you write a book about how you lost or made money. I know many good traders. Not one trades like another, even if they use the same "system". So, you must venture out on your own and expect to stay that way, even if you make friends in places like this forum. You should also incorporate yourself, do your own bookkeeping and tax submissions, and learn the tax focus on traders. To my mind, trading is gambling. Period. There's a much marketed slogan here in NV, "What happens in Vegas, stays in Vegas!" Similarly in trading and in Vegas, the real facts are more often this: The money you bring to Vegas and the money you bring to the market, stay in the market. Broke is normal for Vegas visitors leaving, and broke is normal for traders, eventually. That is why I always try to end my posts with Good trading and God bless W. B. Busin
i appreciate your sound knowledge, wisdom and understanding and i will keep studying and researching . Gods blessings to you, barry
Market Timing â 01/19/2006 Timing Market Turns Taking a profit here, if you have not already done so, would be prudent. Profits are enjoyable. Always leave a few pence on the table, eh? Good Trading and God bless W. B. Busin
<b>Timing Market Turns-2006 Update Thursday, January 19, 2006 Market Timing for Traders:</b> <b>Traders</b> should be short. <b>Investors</b> should still be in cash equivalents As I stated here at my Elite Trader Journal yesterday morning, the upward turn would bounce into today. The downward move should resume tomorrow and end on Monday the 23rd of January. Don't be fooled by what seemed a "strong" rally. We had commented that S&P 500(SPX) 1283 to 1285 as a "profit taking level." Further, at 1:11p.m. EST, I posted here to take profits just before the day's high at 1287. The downward recovery of new swing lows into Monday might get volatile with SPX 1260-67 as the primary level for reversal. Perhaps even lower toward the 1230 level if 1260 is decisively broken. Good trading and God bless W. B. Busin P.S. Intraday postings will continue here, if allowed. I don't mind if you share these postings with others. It might help them at some point. I have started two blogs to see which is easiest to post to at Blogger and Yahoo. They will be the same exact material, mostly the general outlook for people uninterested in day trading. It arises from a friend's comment that searching through the day trading postings was unpleasant. It seems Blogger allows posting by email which might allow more of a 1 click type posting. Yahoo seems mighty limited. I'll eventually drop one when I have a comfort level satisfactory to my ways. <b>For Day Traders:</b> http://www.elitetrader.com/vb/showthread.php?s=&threadid=56450&perpage=6&pagenumber=24 <b>For Investor and Swing Traders:</b> http://timing-market-turns.blogspot.com/ http://blog.360.yahoo.com/blog-VlOf.dImeaSWYAkdvlEY http://blog.worldvillage.com/business/cat_financial_markets.html
I hope somebody made some money from this perfect swing downward from the 12th I'm trying to arrange to call some time locus points intraday on Monday. Good Trading and God bless W. B. Busin