550k shares?Wow thats nuts man.I scalp for 5-20 cents but i trade maybe 10-20k shares a day...and i find that amount nerve wracking...pound fists?I go thru 1 keyboard a month and i curse like a sailor...i hate it but daytrading does that to me...I remember when i walked into a daytrading operation and they had a closet full of new keyboards! I remember when i position traded and i made way more money with zero stress but the market dynamics changed as of mid 1996--thanks to the web etc....I got my head handed to me after that, lost everything.I learned that you shouldnt hold nasdaq stocks overnight.Therefore position trading out....I now daytrade dow 30 stocks and yhoo,orcl.Thats it for me.
Hello all i have enjoyed your posts I have been trading for about three years and have not gotten involved in groups before. I am really enjoying it... thank you Rog
cd23 Nice to see you are a fan. Obviously you do not comprehend what trading breakouts involves. False breakouts are part and parcel of any trading strategy, if you claim to trade without losers then you are not pulling the trigger. Reread the part about cutting losers short. Trading breakouts is about knowing what to expect what price does what price will do. Most breakouts that turn into false breakouts in general will first give you a few ticks at worst to begin with, with proper risk (money management ) procedures you will tell from price action if the trade is a dud and you get out, plain and simple. Many rookie breakout traders are scared to trade breakouts from just what you mention about false breakouts. With solid signals, read levels , you have a great chance to catch the upcoming run and at worst will be able to tell if a trade is not at the moment in time proceeding to bring in the others to follow the breakout and make some bacon. Reread the word "BREAKOUT", does that not tell you if you anticipated the breakout or not? A breakout simply means just what it says.........you have a few ticks in the bag and now it is up to you to manage the trade with your skills which came from experience and experience only. I have done my gruntwork, and now it is your turn to learn, good luck. Please refrain from pretending to know how i trade. From your post i have a dam good idea that you have a lot to learn yet. Blab away and try to discredit my ramblings which are intended to help others. Sorry you are such a poor sport. My friend be gentle on others when you are such a rookie. .. There is no such thing as a prefect trading strategy, all new traders have a hard time comprehending that simple fact. THERE IS NO PERFECT SIGNAL, never has been , never will be. IF and when you learn that .....then and only then will you be able to use proper money management with solid odds in your favorto make money. All else is wishful thinking. ..
The breakout and position traders tend to make more money when a trade goes their way, and the scalpers to make less money, but they make it more consistently. A great deal of trading is really all about the individuals' personality, much more so than what the markets are doing. So while some found the going today to be tough, others made their cake and then went about their business, and will do the same tomorrow. No method is necessarily better than any other, it's all about the individual and their needs ... ... and I need to get paid. Good trading, JJ
jimyjam Right on We all learn our own way. Many do not understand this is a game of numbers, not intelligence. This is a game about the ODDS. A probability game can not be played any other way. Those that discredit others and their methods are just not winning traders. In my mind and many others minds, the breakout strategy is highest risk/reward method out there in a game of probability. Luck is not in my tool box, luck is not a winning strategy for the long haul. Sad but true, MOST new so called traders expect to find a way with zero losses and they drive themselves crazy whenever they get a loser and debunk the signal, method etc as not good. This is why it is so easy to tell who knows how to trade and others are just looking for a hand to hold. Their are no "MOMMY, MOMMY calling out in trading when these new guys find the game is no where as simple as it looks. Hand holders are rookies and thats the bottom line. Jimyjam, good trading to ya and have a great holiday season. I look forward next year to pick your wallet for a few dollars. :eek:
'Zactly correct, bighog. For those with experience and a winning system, it was just another trading day, in another trading week. Every-single-day is just another trading day, no matter what the market action. Good trading to all.
I had one of my best days in index futures. If you setups don't work in this volatility then it's time to look elsewhere.
Taken totally literally, the following question, sans question mark in the ora-ginal, is a fascinating study in the need for accuracy in trading advice: "What would it be like to slow down the scalping and just reverse on each turn of the markets." In my younger and less formative years, I spent $645 (when that was real money) for a day with the late lamented Eddie Toppel, who divulged just such a system for ES. It worked marginally then. It doesn't work at all now. Pick ANY threshold of price-only in any time frame to indicate a reversal. Backtesting shows that it has negative expectancy. As does following MOST (not ALL) of your advice. Only I know which of your advice to follow.
This is such nonsense, and so long winded, it's almost inconceivable that such tripe would require so many words