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That's what I now do. I used to move my stop to b/e after a fixed number of ticks in my favor, then realized that it simply makes no sense to do that. Once the price moves in my favor to the point that moving the stop to b/e makes sense, I then do so. Usually by then price is just a tick or two...

This is a key to success. I've spoken with a few such traders and you're right, they "cheat" using their various advantages. whether it's leverage, being on the pulse of the action, or playing the spreads. The ones I've spoken with don't understand technical analysis nor price action, they...

I trade purely off a chart using price action, S/R and trend lines/20 ema. I've occasionally lost my chart connection and traded off the DOM, but I'm creating the charts in my head while doing that, so it's still a chart :D CL is the most technical instrument I've ever traded. What...

I can't tell you how, or at what price, I entered this trade or I'd have to kill you :p :p :p

I'd drawn the same channel (potential bear flag) as EON posted. I know what a HnS is, but have never used it or thought about it. I keep a 20-bar EMA on my chart, and when I noticed the flag and drew the lines, 3 bars in a row had closed above the 20 EMA at the upper channel line (10:15...

I believe it might be because they move their stop losses to break even on trades that show profit right away (cut winners) and they move their stops farther away on trades that go against them (let losers run).

Right, initial stop is the downside protection you chose. It should be the price at which you believe either a) the tide has turned and you should exit and reverse the other direction, or b) the price momentum you were looking for failed to materialize and you want to get out for a very small...

I disagree here. Daily chart: Oil established triple bottom support around 106.00, higher than the previous pivot low, in a strong uptrend. From the overnight session through the close today, price broke through the three previous days' highs, then broke through the 4/12 high, pulled back...

I had an interesting experience recently while playing a game with a group of friends and acquaintances. I made a comment to my friend about how she should trade one of her game pieces for mine. "I am a trader, you know." And one of the other woman turned to me and said, "Are you a day trader?"...

Matcha, I glanced at the ES chart a couple times today and figured any of you who hadn't chewed your leg off by the end of the day should be considered victorious :p I guess Goldman Sachs forgot to release the memo stating that ES would trade WITHIN the confines of a 6 handle opening range...

Regarding a dog, my dog has been rather useless with regard to trading. He only recommends one stock (WOOF)! I never get tired of discussing technical price action, strategies, setups, big trades, small trades, boneheaded trades, trades where you inexplicably buy a high tick or sell a low...

So true. Those of us who survived the early battles and now trade for a living day in/day out know exactly how to extract money from inexperienced traders, because we were those traders once. We've learned how to take the other side of our own prior inexperience. Most importantly, we've...

Thanks for referencing the post where I demonstrated the value of trading what you see, not what you think. I thought price was indicating a down move ("I hesitated because price action seemed bearish"), and I placed an order that would let the movement of price prove to me whether it was...

I held one of my trades today for 16 minutes. Does that count? :p

He said those things in a post about a year and half ago I saved it in my personal trading journal because it had an immediate impact on me. I spent a great deal of time practicing in sim after that, and it was to become the first of several "Aha!" moments that completely transformed my trading.

If you bought where your 1X arrow is, then your mistake was trading against the trend. A reversal of a down trend is signaled best by first a break of a previous resistance level, followed by support at a higher low. So instead of lower highs and lower lows, you now have a higher high and a...

Do you have an example of this, say, on a 5-min intraday chart of anything? An example of 5 with-trend setups where most of them fail? I've found that the majority of trending setups succeed. The statement just makes no sense. The way a trend forms is when price pushes in one direction further...

Josh Lukeman's opening chapters on position size and money management in his book "The Market Maker's Edge" provide excellent guidelines for preparing to trade for a living. I highly recommend this book. I posted on another thread important things to incorporate into your business plan...

Being a speculator, I'm all for speculation, but if Morgan Stanley (or any of us) attempt to purchase 33,110 oil futures contracts, shouldn't we have to demonstrate to the CFTC or NYMEX that we have an urgent need for that 33,110,000 barrels of oil :p

Those are good days to use smaller time frames. I often use the 1-min chart in ranges, channels and consolidation to position myself for a potential larger move. Today, before I had to step away, I was using the 1-min chart to get positioned for a move one way or the other during the "Blah"...