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There aren't that many traders in the world. Of the thousands of people I met throughout the first four decades of my life, only one was a trader. Consistently profitable traders make up only a small fraction of all traders, because even among the minority who put in the hours defining a...

I've found this to be true as well and I eventually got tired of frustration of missing great trades because of an ugly hard right edge. Once you start trading those signals on a regular basis ("just hold your nose and trade 'em"), pretty soon you find it very easy to trade them.

Can't argue with that :cool: Missing only one thing: The body thrives on actual food. Avoid non-nutritive food-like substances :p

That's correct. The learning is very easy. If you have the basic ability to recognize a few patterns and can remember a few rules, you can sometimes accomplish the basic learning in a matter of days. You can even keep sample printouts of the patterns (hard right edge screen shots as well as...

I had an interesting experience today that backs up this hypothesis. I logged on to Skype during the midday mush today to chat with PA and I had a standing order to trigger a short position if a particular level broke. We were typing in Skype because he had no mic and so I was paying attention...

To be fair to new and less experienced traders reading this, well-tested trend following systems not only predict direction accurately more often than not, they signal price runs that are significantly larger than counter-trend and range trading price runs. Because you have not yet discovered...

I don't really understand the concept he's trying to get across. My preset stop losses (based on months of studying my chosen setups and how to manage them) keep me in profitable trades and take me out of trades that most of the time end up running further against me by more than my minimum...

Wow, crazy action. 1-min channels are very helpful in corralling this volatility. Draw TLs and parallel channels on the 1-min, use the 5-min for larger targets. I'm stepping away from my desk for a while... :p

Bacteria in soil and water manufacture B12. Our own bodies also manufacture B12 and it's stored for a long time because we only need a tiny amount of it. This is why even a pure vegan who washes his/her vegetables thoroughly wouldn't need supplementation for several years Animals get B12 by...

When you're designated a pattern day trader, you should have around 4x your account value to trade in and out all day long with nothing tying up your margin unless you hold a position overnight. That means your 30K account gives you around 120K to work with, as many trades as you want. The...

Naka, here's a price target I called today based on a parallel channel line drawn off the LTL of the 5-min CL chart: http://www.elitetrader.com/vb/showthread.php?s=&threadid=178741&perpage=10&pagenumber=2292 You can draw these lines on your CL chart and see what I was seeing in real time...

I believe several contributors to this thread have both shown, and described in detail, how to draw trend lines and parallel channels in a given time frame. What part of the process is confusing you? "never had a losing day when I followed my rules" and "a no loss day" are very different...

bigsnack and dv, ES is very different from 6E and CL (which I find quite similar to each other). I think it's easiest to define a set of fixed rules for profit-taking, remove the discretion from the process, or it will become stressful and emotionally draining. For example, with CL, I have...

Annotating a chart to post on ET is time consuming, but drawing lines in real time takes a few seconds. I have a "clear lines" button that clears old lines in an instant so I can start fresh as new price patterns unfold. Adjusting an existing line to encompass a widening or narrowing range also...

Trading does become easy eventually. Once you've proven that trading your plan (based on extensive research) produces real-world results that match months of post-market bar-by-bar analysis, it becomes very routine. You really have to do your homework, learn methods of filtering out...

Yes! About 25 years ago we hosted a fire walk in our back yard led by a guy who had done it many times. There was a two hour meditative preparatory session leading into the actual fire walk. The most interesting thing was several people who had no intention whatsoever of walking on the coals and...

For counter-trend trades off key levels, I like to wait for a retest. Price almost always retests the level. THEN I'm ready for the second mouse entry. If it's a big V bottom like you get off a strong capitulation bar, I wait for the pullback and go long for the next push. It's difficult to...

Is this a legitimate edge??? :D :D

60-min chart, lower trend line across 91.51 and 91.73 lows takes the line to the tick of where price found double-touch support today.

Today's extra credit question: What is the technical significance of today's 92.88 low?