Search results

For me, what makes a winning trade is any trade with an entry and exit made according to my business plan, which is quite precise. I'm pretty sure everyone whose trading plan I've reviewed will ask me to define "precise" :cool:

If this happens more often than not, consider placing a limit order to enter the trade at the price where you're planning to put your stop when you get the urge to trade that "false entry signal".

Amen! These are the guys whose footprints you learn to recognize and then hitch a ride with them. They trade much too large to offer you the sort of edge you need to trade a small account in a consistently profitable manner. And Blotto is spot on regarding the ability of these traders to make...

The OP said "I'd also like to mention that as for now, I don't have the academic background to pursue the university degrees of economics and finance." Also, you can maintain a job while learning to trade. There's no reason to begin trading real money until the learning process results in the...

Your answers to these questions will be very insightful: What size stop loss will you be using? Based on that stop loss and your .04 average profit target, what is the win rate of your system over the last 100 trades that would've qualified under your trading plan? What is the win rate...

What you're missing is that not everybody can trade the same way, leaving plenty of opportunities for short term traders (scalpers, day traders and short term swing traders) that repeat consistently due to nature of price movement that occurs when much bigger players (hedgers, fund managers...

Yes that's it. Also a horizontal line across a swing high or low can switch sides. Price is in an uptrend and then finally breaks the last swing low with some conviction. Price retraces its way back up to the level of that swing low and reverses down.

You're right. You can use almost anything at all as a framework for profitable trading as long as you do the research necessary to find the edge (context and money management) within the framework. You can trade profitably using indicators, supply/demand lines, horizontal S/R, candlestick...

Price reflects what the majority of market participants think. Both of these stocks are in major downtrends. The institutional traders and investors who move price don't want these stocks. Nearly every experienced trader told me to learn to trade with the trend when I was a beginner and I...

You nailed it; you're looking for certainty, and the fact that price has moved a "long way" in a certain direction convinces us that it's "due" to reverse. And so we think that little higher low or lower high is THE REVERSAL. BUT...as long as there's a key level a tradable distance away, I've...

Here's a method for discovering your own edge: You're a detective and your job is to examine a price chart and note the price at which a directional move stops, turns in the other direction and makes another significant directional move. List as many reasons as you can find for each price...

We discussed the inventory report law today.

He traded stocks for a prop firm.

Edges are all over the place. Books and web sites show you high probability price action setups and the high probability conditions under which to trade them. dbphoenix is giving away edges all over ET. :cool: What you'll be fighting as an aspiring trader is yourself; most of things...

You're trading what you think, not what you see. All your large losses have been the result of this common trading mindset error. You believe that you, Neke, know better than the vast majority of market participants who are scrambling to buy shares. You, a lone retail day trader, believe...

Sorry, shut down my mailbox because I'm going to be on hiatus for a while. I have this printout laying around and I have no idea who said it, but I love it: "When you know, and you know that you know, your confidence turns what some people might deem as high risk into a simple matter of...

First trade, makes sense to exit break even when price tests your entry price runs up and then comes back to it. It's common for price to test a key level where longs or shorts got triggered into trades, but price shouldn't come back to it again, because that's a sign of a range and possible...

No. There are recorded cases of people who can predict what the market will do next, but none of them can do that reliably.

This is the only certainty we need. :cool: