I see it too...if I could just CONFRONT the Nasdaq and the market as a whole as it is... and do trades on paper ....to see which way we are going on a week to week basis. I would be there ... my ideal scene ...would be to see trades as they are and be ''ONE'' with the markets no fighting the trend no thinking just confronting and acting on what I see....and where it's going .. when you look at a chart you are seeing the past ''not the future'' Support levels or resistance mean nothing any trend can be broken...you think your smart buying at support only to see it go lower T/A means nothing! really it's all past tense.. as a trader you got to have a feel for the future that's what matters hey! I bought GOOG ar $450 a share and I think it 3 weeks it will be at $550 so the best way to win at this game is follow the news.. the news let's you see the now! like future oil is going higher so I WILL SHORT the airline stocks and there you go you made a profit... follow news and keep charts out and also emotions.. is key...act just on news to short or go long is all you need to be a winner. Ed
this is a really good forum.. You know pro traders act in seconds ...So if you trading style is slower then you lost! you did not get a good price by the time your in it's heading down SPEED IS KING! here daytrading 5 min charts come into play now.....I was trading on a day to day mind set but I was losing..blasting CNBC made my trading worse even CNBC in the morning there people talk like it dooms day then by lunch there 180' and all bullish the market tone changes so fast! so now I trade with a weeky basis with news pouring out about world events and where oil is heading is how I make my call today...just follow the news let the news be your guide REAL NEWS! not CNBC ...
There are a shitloads of people trading who, bottom line, don't really know sh*t from sh*t. Its not information. Its market skills, detailed market knowledge & experience, suitable personality & savvy and most importantly an accurate methodology.It isn't there or isn't there sufficiently. So all these poor assholes slide down the drain sooner or later.
the thread has gone off rail. champion: i am not sure if you were talking about certain people posting on the thread or not. i will reiterate, since this thread is in the psychology section. too much information clogs up the thinking process and tires the hell out of you. it's pretty much like the hare and the tortoise story of who got at the finish line first.
i haven't said that you should do your charting manually, i was only expressing my worry that not enough traders manage to escape the rat race and get in touch with them, with silence, with void that needs to be filled, recharge while working, etc.... to a newbie these things seem like they have nothing to do with trading and are irrelevant, but talk to any experienced trader, no... pay him a visit and spend a day with the guy...
I take your point.As it happens I am agreeing with you. You need a fresh & trained brain for each day ahead. Abberant information, particularly lots of news, can silt up the brain to the detriment of getting what you need to succeed. And as I mentioned its market skills, detailed technical knowledge & experience, a suitable personality with savvy plus most importantly an accurate methodology which you must have to be a winner every day. Those qualities aren't there or aren't there sufficiently. As a result all the noobs & wannabes sooner or later go skidding slipping and slithering into the abyss of failure.
How do you like the trading off the charts in Sierra? Can you enter bracket orders off the chart also?
thanks for clearing up the confusion there champ. hey, no talking about charting here. there's a charting section or thread or something. even PMs work
Good thread. My personal experience is that the more that I watch the more trades that I miss. My focus is spread over many different factors and I cant make decisions fast enough to be effective in my trading. My solution, I only look at 14 sectors etfs and a few good daytrading stocks.