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You are right. I think for swings, there might be a drawdown period that is sizable but your "I'm wrong" point hasn't been reached to trigger your stop. My opinion is from a scalping or very short swing perspective.

It looks very interesting. I look forward to reading your thoughts. I hope you will stick with maintaining this journal. Wishing you all the best.

Flashboy, Don't put on another trade... I mean it. Just stop for second and call a time out. You have a couple of things you need to do before you start up again: 1. Figure out what your objective is. Are you trading to make money? If so, don't. Are you trading to be good at it? Find a...

I don't usually comment on writers or books. Your observation, however, is why I put little stock in what I read. This is so obviously someone who is more fascinated by the psychology of things than in the mechanics of trading. When I read his books, I felt like I was being lectured by a...

Thanks to you and newtoet for your replies. You are right about the 6th candle. It was obviously a dark cloud and I might have done better to exit. At the same time, trading these swings is a great departure from what I do normally while trading. I have a lot to learn. I ultimately held on to...

I tried my first dummy trade today after spending time following this thread. I'm a futures scalper, so I don't trade swings or hold anything for more than a few minutes. I'm trying to dabble in stocks on a shorter time frame now to apply this method to longer term charts once I get comfortable...

I'm curious about the following: If you got shares as a member of the CBOT before the IPO and then sold the stock after the IPO, 1. How do you determine the basis for the stock for tax purposes? 2. What would be the basis date for the stock? If you have owned the seat for 3 yrs and the...

Yes, I liked hearing when things were happening as well, especially an increase of commotion in the pit. That was the value of the service to me. I also got a good idea of when numbers hit the pit versus my news feed to gauge the reaction. Often times, however, that was clouded by Ben's own...

Hmmm... their webpage doesn't work any more. I guess they are getting obsolete faster than I thought. I haven't used XSquawk in about a year. I used Ben before them. Although I scalp, I have found these services to be quite useless for what I do. You might try calling: xSquawk, LLC 30...

I used to subscribe to the call-in feed to Ben's service. I know him personally. I would consider him an acquaintance and he knows who I am. Unfortunately, as time went by and the pit's importance has diminished, I found his service more of a disservice. There are some significantly annoying...

This may have been asked a million times before and searching through IB's site and here is just making my head spin. I have a simple question: I have an Excel sheet with stock symbols on it and I want to pull in the last price dynamically. I can't get it to do this. Cell A1 has ticker...

Ripley, I won't add much to your journal. I want to direct your attention to something we have discussed before. You are too focused on counting the money and not focused enough on the story the market is telling you throughout the day. Have you noticed that you when you are up a bit...

Brandon, I hope you will keep up with these journals that you comment on and that you continue to provide your usual background for your bias and positions. I enjoy reading your posts and watching the camtasia videos. Take care.

Not sure I understand your question. A new prop trader shouldn't trade more than 1 contract at a time. He needs to be profitable and consistent with that contract before anything else is considered. Based on his average daily profit with this contract and his other stats, you can figure out...

Excellent contribution. Thanks for straightening us bunch out.

Would an MP3 voice recorder work for you? You can buy an MP3 recorder or get software that does the same job on your machine. You can file each day separately and scan through it using any audio player.

Fred, I am not telling you to move your funds or to take action, but I would ask you to consider whether or not you would walk away from the situation with a loss if your money is gone. If you are not ready to do this, then it would seem unwise to me to keep any funds in there given the...

How much margin are you putting up? What markets do you need access to? What commission were you paying for each product? There are plenty of firms out there.

There are 2 classes of shares. Class A is common stock and can be sold at any time. The material sent by the Board is numerous and thick. I haven't gone through it all, so I don't know what the rules are for Class B shares. Members got half of their holdings in Class A and half in Class B.

Great discussion. I have just recently come across the IBD100 and canslim. This thread had a lot of great insights that still apply today. Thank you all for sharing your thoughts.