10yrtrader, I totally agree with you. That book totally changed my life quite some time ago as well. That is the first book I recommend to every one of my students. It just about the best $20 you could ever spend on a trading book.
Depth Of Mud. Measures the amount of mud stuck to buyers and sellers. Enables everyone to do lots of skidding around in the mud. Bible for some, though.
Small shoestring accounts blown up over and over. After it happened for about the 5th time, I stopped trading real money. Then I used IB sim for about 8 months and actually developed a style/edge/system/whatever - mostly it was about stripping off all squiggley indicators - price action and volume only, with the occasional trendline or S/R drawn on by hand to watch particular levels. After many many hours of staring at tape, I began to see the truth. Mostly what I do is look for retests of price levels and note how the market is trading/printing. Most times I can spot what is a breakout or a fake and trade accordingly. Or a good place to re-enter a trend. I use the DOM not really for bid/ask quantities but for the character/size of the prints as price is approaching key levels. Best wishes, Paul
Well folks, this oldtimer had his breakthrough after scrolling the charts in the 'right' direction . When eyeballing (crude backtesting) new indicators or techniques I used to scroll back in history from right to left - they all looked pretty & easy on the charts. Later on, anything new I'd like to check out went through the first litmus test: scrolling the charts to the right - big difference. Cariocas
This would be a good post to start a "how to get your balls back" or "how to have balls if you don't have it to begin with" tread
That has worked, but also you have to just jump in, because if you keep waiting for that one last news event, or MA crossover, or some other confirmation, you'll miss a good opportunity. You have to feel comfortable with uncertainty.
1. Realising the value of following your own rules. It's fun and interesting to listen to others, but NEVER let it influence your trading. Of course it depends on your system, but I've been most profitable when I've ignored reports and indices etc. 2. Cutting losses. 3. Patience as well. But if you know your system well, you'll know when it's time to open/close a trade.
If you were in a trade, then yes. If you were pretending to be Chuck Norris, then no. If you were pretending to be Chuck Norris while in a trade, well...I just don't know? - you may need help!