It is my experience that the patience and discipline come once you start thinking differently. Then you are naturally waiting for the market to show its hand to identify a good opportunity. Otherwise you are chasing or blindly entering and exiting predetermined trades..so is 'the herd' and you will be shaken out. I've been down that painful road and finally realized you can't impose a system on the market without putting it into context. Salesmen get paid to sell some gaudy red light green light trade system. Traders get paid to play the probabilities as to what is most likely to unfold and manage risk.
XB You omitted one small, but very important detail As long as the four lines captures the essence of what price is saying RN
Not sure what you mean. I was projecting ahead, as to what may happen if the uptrend continues. Of course it may or may not do so, time will tell. Something that strikes me about the chart is that on the last day is different because after the initial jump in price, it seemed to be going down as if the uptrend may have broken, but then it was Friday so maybe it was just profit taking. Sentiment seems positive so the upmove would seem more likely to continue. Alas I won't be there at the open.
What is obvious? You're either on on the right side of the market, or you're not. If you dont know what side you're on, it's probably best to stand aside until you figure out what the right side is again
I remember reading the person who started this thread (nyse stocks) and remember a few things that DONT make sense to me as far as Trading is concerned, and also there are things that DO make a TON of sense and are indispensable in the trading game Trading is random and you cant apply rules to it - couldn't disagree more When a stock opens and bounces up/down like a yo-yo there is one thing you can do to immediately "start taking money from other traders" -- Another one. I disagree. This is gambling to me, there is nothing to trade off at 930:30 30 seconds in. There is no method Buy low and sell high (most of the time) 90% Buy higher and sell higher (the other times. i think he said ONLY 10% of the time) I disagree. i find trading AFTER confirmation (buy high sell higher) (sell low, cover lower) works BETTER in day-trading. Following the trend! He also said you dont know how to read a balance sheet know about "order flow" know about reading volume ect.. and you dont need anything as far as indicators and all the b.s losing traders use- I AGREE 100% a chart is what you should be looking at when day-trading. [possibly a sma or something simple as far as your setup is concerned.] I remember reading about gambling examples and how once you start trading 5k shares or more youll find out about what gambling aka trading is really about. (and that type of pressure) The point he touched at people are missing what ENABLES people to trade....- To me I AGREE if he is talking about RISK MANAGEMENT (and more importantly EMOTIONAL DETACHMENT versus BEING SUPER EMOTIONAL WHEN TRADING) Trading is gambling game - so its NOT like any other business. so NONE of those rules that apply to regular business apply here!!- I agree 100%. Trading IS a gambling game IS a game of odds and IS a game of skill, and also nobody said you couldn't exploit it for a living! (become the casino.) Many people that shell out advice [in general] know nothing about how to "take money from other traders" And more importantly you SHOULDN'T be listening to them!- I agree 100%. People talk but probably CANNOT make money tomorrows trading session. and more importantly you SHOULDN'T listen to people because they are likely NOT profitable in real life. To those who read this thread. I think much of this posters comments were directed at intraday traders. and that being said it makes a big difference versus longer term styles of trading So in the end there is no ONE magic secret to trading. I mean come on! As serious you may "stay with the trend" "cut losses" or "stick to a f*** plan!!" There is no "holy grail" that will magically win for you everyday. It takes effort, practice, hard work, and actual skill to win day in day out in trading!!!!
well PS..practice makes perfect if u think that u can not win everyday..then the odds are u will not if u think u can win every day..and are serious about it..then why should it not be possible? when u look at a chart..and see a previous s or r being hit..and price reacting at that level..what do u think is happening the majority here have missed the simple point..that has been mentioned many times over..but not directly..as to do that would be an insult to people's intelligence..for..unless a trader discovers it for him..or her..self..then they will never be able to make money each and every day of course..in order to win..u must have adequate trades..for..the only thing that is guaranteed..is..that ur next trade is a loser..until it is a winner the maths are simple..again..as mentioned..so will not be repeated A wise man sees as much as he ought, not as much as he can
I've been watching DV out of curiousity as to how it behaves. The ADR has been decreasing in recent weeks. Lots of levels and 35 seems significant. Now the EU leaders have agreed, except for Cameron, maybe US stocks will proceed more orderly.