How about Instantaneous Analysis...............as in "What is price doing right now at this instant"?
Even if that's not the answer that's the one extremely simple thing I've learned from reading all of these various threads. It keeps me out of so many stupid trades that I used to enter. I...
Money doesn't stand still, but it doesn't flow into the market & go on a never-ending path upward either. So if you missed the 1st move up, then wait until some time has gone by , and catch it when it comes back down.........................as long as you think it'll go back up again.
Regarding #8: In order to do this wouldn't you need to know the future movement of the index futures contract? For instance you may see the futures index begin to trend up and you could say IBM will probably follow. But as soon as you buy IBM the futures may turn down, and so may IBM.
Keep your eye on it and chase it down.
Set a trap.
Wait for it in a certain location if you have a reason to believe it'll return to that location soon.
I actually did re-enter my best trade today right after being stopped out.
One other really difficult part of trading is knowing when to cash out & when to hold on. If you keep cashing out every time you are up a bit you end up with small winners which are easily negated by a couple...
Traders are born is true, because just about anybody should be able to do this.
What is made of people after they are born is where things fall apart. People are misinformed and miseducated to the point where they can't do this anymore.
I never had a "eureka" moment reading any of the various threads either. I'd say the obvious is what is happening right in front of our eyes.
For example a child can look at a chart and see that price is going up. An "experienced" trader on the other hand may look at that same chart and see...
Made $526 Sim Money today on 1 NQ contract.
Wouldn't mind doing that for real every day.
Trade1: Short Win
Trade2: Short Loss
Trade3: Short Win
Trade4: Long Loss (fairly large loss)
Trade5: Long Win (huge win)
Trade6: Short Win
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Lost $4 today.
Trade 1 was a short that I exited quickly; just didn't feel right. (small gain).
Trade 2 was a short; stopped out right before the big move down. (breakeven)
Trade 3 was a buy; stopped out. (small loss).
Trade 4 was a buy; stopped out after being up 6 points...
I listen, but I can't daytrade stocks because I live in America. Have to have $25,000 to be a pattern day trader, and unfortunately I don't have it.
I'm not going to try to find some fishy, illegal way of opening a foreign account either even though it's been suggested.
So for now I'm...
TE,
If you were daytrading the NQ (not scalping) how many good entries would you say there are during a day such as today?
Yesterday I must have made 20 trades and got my butt kicked; starting today & going forward I told myself I was only allowed to take 5 trades.
I also wrote...
They don't have any importance whatsoever unless you choose to use them on your charts. There are about 1000 different tools you can use and somebody somewhere has used or not used just about all of them to make money.
I wouldn't say you "need" them; they are just one of the things out there. You can also use narrow range bars, engulfing bars, pin bars, bars that form double tops, bars that form double bottoms, no bars, line charts, etc, etc, etc..............
You've said you trade stocks with an ADR of 50 cents or greater. If time=money then isn't the guy that only trades stocks with an ADR of $1 or greater taking greater advantage of the time=money equation?
Aren't you wasting time by trading stocks with an ADR less than $1? There's plenty of...