I'm one of those who has been a "beginner for years." I guess my case may differ from many here at ET who have long harbored hopes of trading for a living some day. During my nearly nine years as a beginner, I never considered "trading for a living ." I can only imagine how miserable I might have become had I been trying and failing to achieve that goal for nine years. For the last several months, since finding the straight line threads, and admittedly having been inspired by reading and watching fortydraws's progress and the diligence that game, in his journal, has applied to the process of learning to how the markets work and how to trade them, I have come to consider that "trading for a living" may not be all that far-fetched of a possibility for me. So I have set to work, embraced "the whole trading plan nonsense" and I am ready to start trading, for the first time since I first funded an account specifically for active trading in May 2005, with a plan and an objective. I would add that I hope also to retain the necessary humility to put my plan in action, to stick to it, and not to second guess it. Toward that end, I have added a morning viewing of Mark Douglas's WizeTV video to my routine, as per nodoji's instructions to another trader here at ET. As you have noted in other threads, dbphoenix, there is "Gold" here at ET for those who wish to learn how to develop and trade a consistently profitable trading plan. For many, however, it would seem so much damage has been done that they lack the ability to see the gold, much less to distinguish it from the vast amount of fool's gold laying about, and some are so far gone as to even doubt that gold exists. I am taking the time to post this because I want people such nodoji and yourself, those like you who do share their knowledge and experience here at ET, to know that while many may disparage you, there are at likely just as many, if not more, who silently appreciate your efforts. And as you yourself know, as a result of what you and nodoji offer here for free, a few actually do raise themselves to the task and succeed. I do intend to start a journal here at ET. A lot of the work that the journal helps one accomplish has been done. But I will do so, both as a way of "paying it forward" by being an example of what you teach as a necessary part of the process (hopefully a good example), and also as a way of giving me some sense of "accountability" to someone, anyone beyond myself, I will journal here at ET as I ready to put my trading plan into action.
ET never changes, I have no idea why NoDoji insists on even being here, although she has taken brief absences to veg out from all the BS of this forum. But then trading is a lonesome endeavor, we need occasional outlets to veg out from the stresses of trading. People overall are just plain lazy when they first approach trading, don't have a clue what to read, what software to buy, whether to go Price Action or TA, they have a hot new account they just opened up and want to start making the big money, I mean how hard can it be, the neighbor made $600 the other week sitting on his arce, so he says. I always thought forums were for exchanging ideas. And I have received more ideas here than time to test them all out. But the real lazy ones want chatrooms so they don't have to work at this craft, they cover up by insulting those who try to offer more than they ever could. "Why Profitable Trading Is So Difficult", many reasons but mostly people will not spend three years min and not trade real time until they can sim trade and prove it over and over they can compete with the very best. Most don't have a well defined trading plan which needs to have answers to ever conceivable problem that might occur. The entries are but 1% of the trade, the during is like 90%, the 9% are like what to do when internet goes down or when to not take a good signal. The nuances of trading are overlooked as something not important when others post them. Can you imagine what your account would be if you got rid of two losses each day? I never been a good trend trader in day trading, I met very few who still had an account after ten years, I learned how to trade chop consistently, concentrated most of my energies on not losing, has nothing to do will ego or wanting to be right all the time, it has to do if you not going to lose often, account has to go up. Also, if you seldom lose, you can average down and trade size. Breakeven trades makes consistent money when you average down. But not many have the talent and discipline to do so. Have to put in the time, keep great records, back test more than 100 sample size, ask questions then research the answers given.
Handle123 - I disagree with you here - I used to be in ET chatroom with many great traders, we learnt from each other, some talked politics, some talked about their sex life then one day BIGhog came in with his friends and everything fell apart!!!! Nothing to do with being lazy! Why are you posting during market hours?
chating is part of work work hard does not mean being productive. nomatter how hard you work, the market still goes where it wants to go. no direct relationship between working hard and rewards. look at those CEOs, because they work hard, they get paid high. Not really. they get paid high because they have ideas,they look beyond, they .... you do not need glue your eyes to the screen to make money. if you have the right idea, money will be kept delivered to you. ifyou are assembler labor, work hard just makes your employer richer, but notyou
I really like this, Ammo I'm not trading because CL is in the environment I call chop/range. Price is consolidating above the 50% retracement level (96.80-ish) of the pit session range. Price is above the demand line (disregard the news spike down when drawing that line), above a rising 5-min 20EMA and consolidating in a symmetrical triangle formation. The bulls are in control, but "control" is used loosely here because of the 50% retracement off highs. There's no trend in play. Price action favors the bulls until we have a breakdown and a new tilt to the 20EMA.
Is that why so many charts cluttered with trend lines and s/r lines and other TA stuff look like chalk outlines at a murder scene?
First demand line breach of the pit session (barring the news spike). Interim range low (.95) defended. Price action favors no side.