shugParticipant
Average
I get the misses to keep an eye on things if i have to leave the screen, even for 5 minutes! been cought out before with that. People might think, what do you do if your on 3 losses and then on your 8 wins and market starts to go against those what do you do? I personaly dont let it go against all 8 wins, i cash out on 4 or 5 then watch to see were the market wants to go, if its a case of my other 3 go into profit on the down side i’ll add to those and just follow the move as i’m adding. got to be on the ball using this method but its just a case of keeping an eye on equity and knowing wat you started with and making sure your cash is going up instead of down
shugParticipant
Average
by the way, i traded the opposite of this adding to my loss until market changed direction but its the wrong thing to do unless you have an unlimited account with a tonn of money in it and balls of stainless steel!
I agree and know when to cut losses – on Shorts esp, – as when Price runs too far ahead – as in several days X Daily Range – the Trade Price of the Short might never be seen again, with losses increasing daily.
If trapped in above scenario, it’s best to make best judgement, like – this is probably as low as it’s going to go – and close Shorts, retreat, lick wounds for a few days and let our brains normalise again!
We’ve all been there! 🙁
shugParticipant
Average
I agree completelly m8 best to know when to call it a loss and nip it in the bud!
I’m trying to get my trading down to 1 day a week. I have my other project i’m working on which is harder than trading. trying to build a flying object. I have decided to go with a combination of the dean drive, sandy kidds device and a mercury votrex engine all thrown together into a frankenstine spinning mass. My engineering skills need emproving but i have the tools and materials so i’ll carry on with it.
shugParticipant
Average
with my engineering skills i have im more likelly to be wallopped with a lump of spinning steel but its fun trying. the mercury was a problem to get that but lucky enough i have more than enough now for the project! it is contained in 2 steel containers with fine threads on the lids and rubber o rings and then placed in 2 aluminum containers with sealed lids so should be safe enough while spinning!
Learning Price Action with Naked charts is a great way to learn Price Action no doubt BUT after you have a handle on Market Geometry building indicators to measure key parts of MG/PA becomes rewarding . Once you can mathematize price action you can then test and validates systems to produce systems that have edge . Now i have gone through this journey in my 2 plus decades in this game and the number 1 thing i have learnt is the generic indicators availabvle in most platforms are in the main next to useless . That said there are a couple generics that are useful but its a rare thing . I built my own suite of indicators to measure what i considered relevant and i understood . Markets are a complex beast and you need to look where others dont look to rise above the average trader . Volatility , seasonal strong or week periods , normalize what you build and above all be a polymath , do not think something , KNOW it . Evidence > opinion . Be sceptical and doubt popular opinion until you see evidence . Especially in todays world where critical thinking is an extremely rare skill , not that its ever been common . Providence , Proof , Probability is the cornerstone of any elte trading strategist . Structured systems with attached probability will give you the ability to know what to do before xyz happens . Take the pesky emotions away as much as possible . Good luck to all
shugParticipant
Average
Advice I give out a lot is have no indicators. they all lag as far as i’m aware. Anyone can look at a chart and see the direction price is moving and size of the candles. pull up a 5 minute chart, if price is moving one direction more than the other, if its slopped up just wait on a red candle to close and click a buy trade. get a few points and get out, you can do that all day long, nothing complicated about trading but everyone wants conformation so start there long search for that fantasatic indicator that will give them an edge, they cant see the woods for the trees. I did the same thing so nothing critical here, but sooner they realise then the sooner they can start looking at the only indicator they need which is price. you can clearly see the strength of the candles, you can clearly see the slope of the price you know times the things going to move and by getting on and off quickly you have an edge.
shugParticipant
Average
both 5 min charts of wall st or US 30
shugParticipant
Average
You guys can probably program it using a moving average or simular i’m no good with programming language i’ll let you guys do that if you like and let me know your results
shugParticipant
Average
Im on gold trading now but if i take any losses on gold i make up for it on wall st. gold is a bit more relaxed for me to trade so i.m on longer trades so i can nip out a few hours and enjoy the sun!
shugParticipant
Average
Just incase anyone thinks im picking special days and cherry picking the good ones. thats fridays. check your own charts. away and make some money LOL
That was 7am until market open look for losses, remember your not in for a lot of points just a few! after market open it can get a bit scary until after the big moves!
I’m confident enough with it to compound now so i just add until i’m happy with takings the im out.
” number 1 thing i have learnt is the generic indicators availabvle in most platforms are in the main next to useless . That said there are a couple generics that are useful but its a rare thing . I built my own suite of indicators to measure what i considered relevant and i understood ”
I am not sure you actually read my post . Moving averrages are the laggiest of them all and i certainly dont use that just as i do not use Stoc , rsi , macd etc etc . I have gone down the naked chart path and its a great foundation but thinking every indicator serve zero purpose is just closed minded and shortsighted and with that said i will leave this thread now and never return . Good luck to all . Trading is not for everyone and less than 1% starting it actually end up making a living from it , you will not be in that 1% ……
shugParticipant
Average
I am not sure you actually read my post. yes i read it. I’m sure you must have interpreted mine wrong but i’m not a mind reader so i couldnt say that for sure. I have played with indicators i did say that, but i have convinced myself at i don’t need them, thats me being honest not critical to anyone. re read my post you might get a diffrent interpretation. if you don’t want to thats fine also
