If you search through the last few months, you will see this and many more answers to questions, all for free. That was not the reason for my comment about school. The simple fact is that people who know more about how trading reallyworks, do better, and save a lot of money on their "learning curve." Most of you went to school to learn whatever you do for a living, trading is just the same. I do have mixed feelings, and it is tough for me...because I feel the same way most of you do about the "so called trading academies" and all the nonsense they teach ("How to trade Level 2" and all that nonsense). I do think that $1,000 lifetime fee is pretty cheap to learn from people who actually make money trading (not just my brother and I, but our best traders). But, in the end, we all pay for our education one way or another.... Keep the questions coming... Don
Not a bad day at all. I had very good results on opening orders. Afterwards, for a variety of reasons, I didn't trade any more. One reason is that I told myself if/when the first time I could book a legitimate 3 figure day, I would do so and not screw it up. Remember, I am only trading 100 shares. Hereafter, even if I do real well on opening orders... (or do poorly) I will keep trying to trade as if there were no opening orders. I need to learn to book good days on a regular basis. Then I will up my lot size by 100 share increments. Here are the charts for today's trades.
We have found that the Opening Order stategy actually helps pay for the first year of "learning curve" ...by amounting to about 200% of new traders profits ...and while you're learning during the day, don't get stubborn. Don
Bad day at black rock...... not so much from the losing trades but from suffering "moronicus dementia" Opening orders.. couldn't get loose from BA no matter what I did, caused great anxiety and lost concentration resulting in bad management of the other trades. Still need to learn about the "advantage" of trading with a specialist. Here are the opening orders
Tony, I have enjoyed reading your posts just as I have enjoyed reading the other two Journals. I unfortunately find posting here a distraction so I only post infrequently, however I do have a couple of questions. You seem to have difficulty in determining what to do if you get into a trade that does something that is different than what you expected. I determine my exit point before placing my order to buy or sell. Also, there seems to be too many set ups that you would normal like or fit you plan, but then don't take because you didn't trust them. I sometimes may not take a trade initially if it doesn't appear correct, but If you have a second opportunity to get in, then you may consider doing so. Remember scared money makes no money, but choose wisely. Remember are job as traders is to flawlessly execute signals both on entry and exits. Wish you luck.... Sean
I second the part about knowing the exit before you trade. I always place my stop first, order second. That forces you to judge the risk/reward of the trade for one, and to also determine if the trade is worth the risk. Seems like your entries are based on momentum, which in this market is tough to be successful at. I would get good at trendlines to determine market direction, and the S/R that follows the trendlines. Then couch your entries near exit points (s/r) to reduce your risk per trade. I guess fade in direction of trend rather than jump on after its under way. Good luck.
tony sorry to jump in on your thread, but i have to say that maybe this is something that i definitely need to incorporate in my trading too. Placing stop first then the trade. I think that this one rule can be one of the greatest things to make sure you are trading with discipline. No matter what set up i see, i will make it a rule to first put on a stop and then the trade, and just let the trade work itself out. I think you guys are onto something here. One thing though, what happenes if suddenly your stop gets triggered before you can submit the buy? I guess with futures it could reverese violently in a split second, how do you handle something like that? thnx, learning something new everyday