JimmyJam, what I am seeing here is difficulty accepting reality. Young men are impetuous. Impatient. Egotistical. Not that you have to be as old as me to trade well, but you have to have been in your skin long enough to know yourself. Price turns (and the accompanying volume patterns, if you like voodoo) are obvious to all. If you are blind, literally scores of indicators and oscillators will confirm turns for you. What determines that THIS turn will last and THAT turn won't? Persistence. And how do you to ascertain persistence? That alone is the key. The machine that cuts and polishes that key is maturity and self-awareness. The maturity and self-awareness that allow you to create a mental avatar of those who make the markets. It is paradoxical that you have to be in your skin for a long time before you can get out of it.
I believe I will take all your advice and swing trade. I see the setups to be much more favorable and trading with the trends will work out much better. I feel more confident leading myself in the swing trading direction. I use to scalp and day trade and boy when there was a big move in the Euro I would be wiped out pretty bad.. :-/
OK, you have an idea of what type of trading you want to do, and it's not a bad one. Intra-day trading is at least twice as difficult as Swing trading. Now, what instrument(s)? JJ
Hi Neet, how are you? *** TB, intra-day moves have a lot of back-and-forth which can easily shake a trader out of a profitable trade, this is much less true when position trading simply because of the change in scale of the trade. JJ
The shorter the timeframe the more quickly decisions are made and thus the more power that habits, excitement, impulses and emotions have. Slowing things down gives rationality and planning a better chance to take the high ground.
What kind of dessert I wonder? Baked Alaska? New York Cheesecake? Cherries Jubilee? No, it has nuts in it -- hmm. . . Key Lime Pie? Russian Tea Cakes? Sounds like heaven to me. I'd live there until Death by Chocolate.
Yeah, very funny one; I had a deep chuckle. But, yes, ETers are living in the middle of a dessert. A very big tasty & deep one, too, made of money with gains being served up every day .. YM, ES, QM, you name it. However only a very very few know how to equip themselves with a big spoon to scoop out huge profits, day in day out, from this truly delightful dessert.
I'd like to meet these deep profit scoopers on ET. George Washington said back in his time that it is best to align one's self with men of quality. Please introduce me to these fine elites of elite trader..