I have yet to be able to fund my account. 2 weeks and everything should be set-up. I'm over my emotions a lot more. My mentor is even impressed with me. Back when I first started, I definately would have had the problem. But now, it's amazing how I even realize how much better I am. I used to be jumpy in Forex with live trading, but, it's a very smooth process for me now. I admit Volente, that I might have trouble to adjusting. Exactly why I said I would use 1 contract until I can get adjusted. But I am a quick learner, and have been controlling emotions very well. If there is any problems with me, it's controlling my excitement at school. When I'm in school, the only thing I think about is trading... even had that problem today during my Government test... I thought about trading. But in all seriousness, it might take me a few days to get adjusted to trading the last hour with real money. But I'm very confident. I don't believe in papertrading, but it is the only thing I have been able to do. I'm more of one to go out and actually try it while limiting risks. So I agree volente, I must prove to you I can do it in real trading. 100% Correct. I am going to post my results *HOPEFULLY my account will be ready* in 2 weeks and I'll see where I can take this. I'm going to have to have to be "sick" a few days of school to trade the whole day, so, I'll definately post those results as well. But as for your comment on if I will be able to detach myself from my money. I am sure that I have already surpassed that stage, and it was a rough one, but just from my way of trading these past few weeks, it is no longer a problem, which is why i said in my posts before, the problem that lots of traders have is the emotions, and I realize that, and am now a better trader because I have been able to.
"So I agree volente, I must prove to you I can do it in real trading." You do not have to prove anything to me or anyone else. I am rooting for you and wish you the best of luck. Are you trading on a simulator right now ?
JM, from reading your posts, imho you have some ways to go with overcoming emotional attachment withyour $. It'll start when you go from ...."I can easily make $1000 a day" to .... "I'll focus on my setup and let the market decide what I make today." Focusing on the money aspect is extremely corrosive to good trading ability. Trading is like any business, some days it's really slow, some days you have returns and lose money and a few days are blockbusters. Either way, I'm impressed with your emotional maturity. With your advantage of youth, you're already way ahead of the game than I am.
I agree with everything you have said. I don't really focus on money, but me and my mentor like to focus on potential profits if I was actually able to trade the whole day. So I just like scanning days to see possible profits. But I still have to learn, completely agree Definately fun to learn about the markets though... always learning.
JM, I'm very much interested in seeing some more charts. I'd like to work on a shorter time frame and you got some nice trades there on those charts. btw I have a hitachi 21" 812 monitor for sale; its a crt monitor so might not be what you are looking for but I have had it for 6 years and its still in near perfect shape (used it for trading) and I know what you mean about trying to use a 15" monitor. I could never go back to a smaller monitor.
Sure thing... I'll post more charts, I like analyzing charts, it helps me identify support and resistance and such. So i'll get on that. And, I'm actually looking for a LCD, mostly because of my eyes, and CRT's are harsh on your eyes. But... I can definately post some more charts.
Ya I can understand wanting to get a lcd; I'm using a dell 2405 atm. I really like this one; I'd probably suggest getting one of those more then getting 2 of 17 or 19" monitors. btw are those 2 min charts that you have JM? I really liked reading stock books; mostly T.A. books; although I dont think they helped me much to be able to trade on a 2 min time frame; they help more in position trading ie a 15min or larger frame. Maybe thats why I have a hard time getting below the 15 min time frame; its another world.
Actually I am trading the one minute time frame. See, my mentor identifies support and resistance for me already when I come home from school, so I know exactly where it is at in relation to that. I probably could do it myself, but it would take up more time *and I usually only have 45 to 50 minutes anyways*, so that is a good help. But to identify support and resistance, I look at the day or two days, maybe even more, before the current day coming up and locate key areas of support and resistance, and I make note of that on my charts. My charts always have the support and resistance noted. If it breaks above or below that support or resistance, then it is my job to know what is the next area of support or resistance actually is. It is "fairly" simple *for myself at least*, for me to trade then once I locate those areas of support and resistance. Then I wait for the price to come close to that area. I watch what it does. If I think it might break through, I will wait to see what happens. If I was already holding a position, and then it gets to an area of support or resistance, I'd consider taking profits on at least half of the positions *I trade 2 contracts on papertrading*, and leave one more to see if it'll break above or below Support or resistance. And keep a stop loss trailing it. Like I said before, it is fairly simple for me to trade now that I understand these concepts. I am very fortunate to have been tought these concepts and am very greatful. I just must stress to you to try and learn as much as you can about support and resistance, because I overlooked it when I started, and I regret it, but now I understand, and am benefiting from it. It's 3 am here and I just got off the phone with my mentor, and i'm pretty tired. But, tomorrow, I'll post a few more charts. Good night everyone
Observations: JM is challenging Volente. JM is getting to the danger point based on no experience... JM DISCOVERS: support/resistance SO DID ADAM AND EVE VOLENTE DISCOVERS: secret 20 pt stops absolute magic number. {worst YM intraday approach imaginable and is a recipe for GAMBLING disaster}.........STOPS R UR WORST ENEMY.... NOW THEY ARE BATTLING THE EGO FIGHT: I will disclose my secret when others show me one as accurate............I only admit I have it to encourage others by saying it is possible to be 95% accurate and extremely low stops.....it took a long time and DBPhoenix enlightened a little before he was kicked off these forums....brilliant man, but I only picked one item from his extensive posts that turned me in right direction....He would not approve of my system as I don't use volume or candles................he didn't and I don't use .lagging indicators, detrending crap, macd, stoch, gann, oscillators, ....I'm getting sick at my stomach when I think of the 10,000 hours study to find the answer.....done deal........not for sale or gift....
porgie what time frame do you use for your system? what T.A. tools do you like? ie you dont have to reveal your system I'm just interested in what you feel are good T.A. tools