Hi TheAngryHermit, well I have to disagree with you about the idiot part but for me I think the KISS method has been what has worked well in the past and is working again for me Best to you Robert
Hi TradeViper, We were thinking the same thing. Instead of changing the number of stocks I changed the number of setups and cut out the discretionary trading and the clouds have lifted. I have gone back to the mindset when I walk into my office of "I WILL trade well today" and lost the thinking and worry that I may lose money which of course creates that 'scarred money' attitude that is so destructive Best to you Viper Robert
Hi Placebo, Thanks for the well wishes and taking the time to post them. Would you settle for the big profits and fading but only fading the signals that work greatly? Robert
Hi yobo, I really do want to know more about qualifier gap ups that should be taken long. Its a project I have for myself this summer. I think you have my trading of gaping up stocks in general mixed up with my gapup short signal. My gapup short signal is well over 90% profitably and since I added in the last qualifier about the end of last year I think every one of them has been a winner. Other trades that I have made that where with stocks that gapped higher have been a problem though and that I am working on. this summer i hope to make some improvements but for now I have adjusted the filter so that the majority of them will not trigger a short sale signal. Thanks Robert
Hi Xspurt, I agree with making changes and qualifiers. I sometimes tighten down the bolts a little tight and than i dont get any trades and if I have them too loose I get to many and sometimes they really run on my. plus they work with multiple time frames wtih some short and some very long and it all has to come together to provide an entry with an edge and someone who can maintain the trade and try to scalp through maximizing the reurn Best Robert
Robert, thank you for your kind words. You sure have followed my zig-zag journey from the nearly start, because I followed your amazing live trading on ET's chat for a couple months before I started day trading and learned a LOT from you. When you thought TIVO would rally into the close, that was truly a low-risk/high-reward idea. The psychology behind this type of trade is that a lot of counter-trend traders are trapped. So by that last hour decisions have to be made. Day traders who are short these stocks, fading the move, have to cover somewhere and once it's clear that support is well-established, the covering will begin and accelerate as price rises. Add to that the fact that the institutional investors also trade heavily in that final hour and they'll be buying support as well. You've been limiting the heat you're willing to take on your trades and also limiting your losses to around the $500/trade area. So if you were to take a long position in TIVO Thursday when you had that thought (it was around 15.55 as I recall), and put in a stop just below late day support (15.44), you could put on as much as 4000 shares and still be well within your max loss level.
Hi NoDoji, Yes I totally agree. At some point I will have the final rally trade codified and backtested fully and will add it as a trade. I currently do not have a final hour trading trade and this type looks the most promising to me right now. We are both on the same page with this type of trade but its not a rule for me so its not a trade either : o ) Next week is my spring break and I may actually get a chance to move forward on some automation towards the end of the week. Next week will also be my last week of posting on ET until the semester is over so maybe if you don't mind I can direct people to you via PM if they want to find out how to track my results and join us in the chat. I will be making a post either later today or tomorrow about this more. Have a monster week next week and make big bucks (either real or sim is fine) Robert
Robert. Your best skill is documenting your trainwreck journey on trying to become a successful trader. Don't stop writing. It really does make for a fascinating read. If I were you I would make or save a copy of this thread and also create a blog to refer people to. This way you could sell a download version of your journey or begin selling advertising on your blog. People seem to love to follow it. What the heck. If you can't make money as a trader you might as well make money by selling your story.