That is a very good setup you describe there (depending on some other variables), at least for me. Just one of many though. And actually you can trade without a pre-defined setup which is also very good sometimes. It all depends. I'd like to say thanks to TO & Redneck & all the other authors of "strange" threads like this one. If there were any secrets in any of the threads I don't think I found them, but I no longer need them. After probably 2 years of reading threads like this one things have finally clicked for me. I seriously don't think I've used my brain & thought for myself in 15 years of failed trading. Now I do. I feel like I can turn my trading platform on at any time & trade succesfully as long as price is moving adequately. It's thinking & planning & concentrating & common sense & simplicity & risk control & discipline & staying calm & experience & preparation & knowledge of what you're trading, and a few other things I'm sure, but it's not secret knowledge or a complicated technical method from another expert's best-selling book. I feel like I've finally found the simplicity of it all which was buried under 3 tons of garbage in my head. This doesn't mean I'm an instant millionaire, but I finally get it (at least for me). So anyway, thank you TO & Redneck & Expert & NYSEStocks & a few others ! By the way, if you do have some really good secrets feel free to send them my way. PS: I placed a big fat losing trade a few minutes after posting this. PSS: I placed another trade & made it back & then some. That's trading.
You really don't get it ,do you? You seriously think i'm after some book or excel file?? Did you get something of value out of all this? congratulations! i am genuingly happy for you.
I have arrived at my own conclusions in trading after a few years of without the help of anyone, and i am very happy with the way i have been progresing. The point is, the true fools in this world, not just in trading, are actualy a minority, they are the people who display class in their everyday life, not just in trading forums, they are not always wealthy, that is NOT the measure, the way they conduct themselves displaying true pride, not ego, and despite of their achievements they do not hold themselves on a pedestal above all others. We call them fools because they refuse to fall into the trap of what our society has really become, so they maintain honesty and integrity. Tell me honestly, how much of the above do you see in all these hunderds of posts of these "experts"? The part of "elite" few holding the "secret" which if you behave you might just work out or they will show you. Natural progresion of trading should distill down your conclusions to some sort of improvement, if it doesn't you either are not suitable for day trading or work harder. I don't have fancy words or poems, but i do have common sence of the "fools" and that has served me well so far, i do have worked things out for myself. In other words, it is "how" not "what" someone is saying to you sometimes that needs critical judgement, and i have come to my conclusions. How do you know if some trader is profitable or not? is it because they tell you so? Enough of these games, since i don't belong here i'll finish off with a quote by Mark Twain. "Keep away from those who try to belittle your ambitions. Small people always do that, but the really great make you believe that you too can become great.â
Hey TO & RN, How do you keep track of your trade stats or daily performance (other than p&l)? Seems like it could create a rigid mindset for your styles. Or do you just focus on R:R and execution once you 'get it'? thanks for all you have taught those of us listening now...these inner demons are a bitch.
I've had a CFD account with CMC Markets for about 18 months and I've never had any really bad experiences. There are occasional issues with service disruption, but thats also the case with any internet service. I don't trade for a living, at least not yet, and it suits me to continue using CMC as there is no minimum commission charge, and commission charges are in proportion to the trade size. For larger trade sizes that is probably a disadvantage.
This is a just a general reply to anyone, I'm not getting at you baron193. I would expect that the excel file would be useless without a data feed to use it with. So perhaps instead of expecting a free file some effort should be put into learning to program in excel/visual basic, writing your own program and importing a datafeed into it. As to the question: "Did you get something of value out of all this?" The answer for me is definately yes. Sometime ago whilst swingtrading I realised that TA was a waste of time, the wrong way to trade. I decided to switch to day trading and I met TE on T2W, and the things he said about TA agreed with my own thoughts. He also descibed an approach to daytrading, not a precise set of instructions, but a general set of ideas often in the form of riddles. From the outset he mentioned the need for adequate daily range and also the equation: AR+BE+PE=GM which I won't explain. Later he continued the posts on ET. The end result is that my daytrading style has been developed from what I learned from TE first and later other TFF members when I discovered their posts. Having said that I do some things that I expect some would disaprove of, such as occasionally looking at volume on a 5min chart, aswell as displaying my own version of momentum. Besides TFF there are others with valuable info, most notable RN for common sense, and a few others who occasionally put in an appearance. So I think it is fair to say that my learning process has been considerably shortened as a result.
Everything we achieve in life we achieve through people. I don't remember who said that. Another one said that your only friends in life are good books. It's hard to talk to a book, wouldn't you agree? So, I look for good people that are willing to interact. Some of them become friends. Doing Google and using computer for other tasks will never replace what another human being can do for you - make you feel that you are not alone, so you don't feel lonely. This particular thread brought several people in my life who helped me understand who I am as a trader. In this thread and by people I interact with I'm constantly reminded that I'm always on my own since it's me only who always will be making decisions. I hate riddles and gain very little from the poems I read here. But, as Aldous Huxley said that most human beings have an almost infinite capacity for taking things for granted. So, I definitely see value in the way we interact here. --- Buy on open, sell on close. Or, if you don't mind nightmares and sleepless nights - buy on close and sell on open, for even better results. Reverse the process for a downtrend. Use it as your starting point. Zoom in to lower time frames when you get more experience. --- Something simple like that I was hoping to hear from you. Instead I got another riddle ...this time from you, which I don't mind - it is what it is, in this thread ...where obvious is not so obvious ever!
Well, I'm a brand new trader with no clue and only $3000 to play with. I've learned a huge amount from this and other similar threads. Thank you! And thanks to you RN, something you said in another thread switched a light on for me. I even made a couple of bucks yesterday when the market was at it's lowest and the stock I was trading was deep in the red. Appreciate all the time you guys have put in. It's very much appreciated here.