[/B][/QUOTE] Those who claim they readily learn from their mistakes are usually lying..... My winnings in 84 and 87 were in buying a bond market that was falling out of bed. Corn was not a glamour bull when I started getting long either. On one hand I curse my self for being anti-trend but on the other hand my winnings were produced by that same strat. What we perceive as a lull in trend vs. potential reversal is often random. It's unknowable and without 20/20 hindsight it's often unrecognizable. The begining of the next "crash" will look identical to every other little break that was ultimately a good buy. Trading is all about position sizing.
Nice counter to Mr. Balls's arguement (Harry Balls LOL). Its funny how ones behaivor at a certain times can reward us so greatly and the exact same behaivor at another time can be devastating. The market really is incredible at confusing us Those who claim they readily learn from their mistakes are usually lying..... My winnings in 84 and 87 were in buying a bond market that was falling out of bed. Corn was not a glamour bull when I started getting long either. On one hand I curse my self for being anti-trend but on the other hand my winnings were produced by that same strat. What we perceive as a lull in trend vs. potential reversal is often random. It's unknowable and without 20/20 hindsight it's often unrecognizable. The begining of the next "crash" will look identical to every other little break that was ultimately a good buy. Trading is all about position sizing. [/B][/QUOTE]
<i>"I have been trading the YM (mini) futures along with a service (chat room) for a month and although they are great people and do okay there are too few trades--"</i> Does "doing ok" mean they are profitable? Is the desire to be profitable, or take some minimum number of trades for other reasons? If the chat room is anything better than breakeven, that pretty much trumps losing money on a lot more turns. Unless the true intent is entertainment = gambling with eminis as the recreational vehicle? * <i>"On one hand I curse my self for being anti-trend but on the other hand my winnings were produced by that same strat"</i> Can we presume your deepest belief system is profitable trading = picking market turns? If all of your profits were made (pleasure) by guessing at price turns and holding the trends, does that explain the numerous other years where same approach resulted in total bust (pain)?
[/B][/QUOTE] my biggest winner was ELX when it was a nazzy EMLX...and it had nothing to do with indicators...I have to thank a college student for that one...the guy next to me made about 400k in 15 minutes that day in one trade one stock and one bogus press release.... :eek:
You're absolutely right. I got bored, frustrated with the calls someone else was making and switched to a 10 tick chart and tried to scalp. I then realized the insanity of it and quit. A year ago I wouldn't have done that and probably lost 30k. I want to thank everyone who was sincere enough to offer advice whether pos. or neg. Your honesty and help made my day especially when I really thought most of you would have put my _ _ _ _ in the chopper for even posting my calamity--so THANKS! I just hope I can be in a help someday to return the favor to some poor sap who's in my position as in my opinion, giving away is the only way you can keep what you have.
my biggest winner was ELX when it was a nazzy EMLX...and it had nothing to do with indicators...I have to thank a college student for that one...the guy next to me made about 400k in 15 minutes that day in one trade one stock and one bogus press release.... :eek: [/B][/QUOTE] Ain't no luck like dumb luck. One of mine....ECNC.OB bought @.22, Dec. of 99, sold it off all the way up to 19 1/2 on March 8, 2000. Made OMG money on that one and it was a completely bogus company putting out phoney PR's. The money was real, very real.
To OP: It sounds like your trying to force the trade. Correct me if I'm wrong, unless you have a strategy that is in and out of the market over a dozen times in 1 day. Using indicators when the market ranges like the ER2 today will most likely tell you to enter when the move is already exhausted. (I personally dont trade fridays) There could be other reasons too - stops too tight - bad trade management or you could stop trading after x number of losers or when your account is down by x%.
the markets are a pyramid of experience, as you get higher and higher on the pyramid you get more and more experienced individuals who have learned, and feed off the ones who are learning. After all predator at the top of the food chain feeds on subjectively on everything below him. your goal is to get to the top of the pyramid and learn without losing too much. If your spending years learning then something is wrong. when I have time, I can teach you to analyze price action. Think of price action as emotions with expectations. When those emotions and expectations are fulfilled it get reinforced. When those expectations fail to be met, the market turns around.
All that money the top echelon of traders pull away from the markets comes from the masses: Who are: 1) lazy 2) too slow to react 3) unflexible 4) egotistical 5) arrogant 6) blind 7) opinionated The money doesnt come out of thin air. In futures its a zero sum game. When you buy someone is selling it to you. If you win, he loses and vice versa. Price is just a indicator of what the top echelon are doing. So if price gaps down 10 points, are you saying your right by stepping infront of it? or will jump on as soon as you see the gap occurring. Do you think price reverses without that top echelon covering? The top echelon 'entrains' the masses, herd mentality in the top echelon. With everyone else trying to follow, those slow get slaughtered. The waves created by the market, are meant to slaughter everyone inbetween. The traders at the top got there by learning that you must move with the price irrespective of where its going. Because price is the most immediate indicator of what the top traders are doing. The traders who have 10,000 lot positions need to exit out and preserve price structure as long as possible. Why do you think buying comes in late in the day? The market is being trained and is training.