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I've always wondered whether a total beginner could trade my plan in a calm relaxed manner, without fear, hesitation, second guessing, etc. I had one friend who was interested, but had no time to commit to learning.

Ooooh, I like that. I've found the work of Byron Katie to be an effective method of attaining this elusive "Buddhist" state of mind. It's a form of meditation that involves questioning all stressful thoughts until there's nothing remaining except right here right now everything is exactly as...

My trading plan doesn't allow any of the above. I violated rules enough times as a noob and even after I had a solid plan, that I programmed myself to instinctively sit back in my chair and place my hands in my lap as soon as I even contemplate an out of plan trade.

There are probably many traders who can trade successfully without a plan, but I found out the hard way that I'm not one of them. Trading without an exact plan and thinking while trading was, for me, a disaster. It was the cause of all my significant losses and it was the reason I cut winners...

LMAO! Whenever the FOMC minutes are released all I can think of is that spinning chicken :p

Yes, indeed. Here is a thread that demonstrates what consistently profitable trading looks like, trading with a precise business plan based on positive expectancy. The guy's plan had an overall win rate of about 48% and his profit target was twice his stop loss. I observed his trading in...

1. 50% of small businesses succeed for at least 5 years 2. Profitable trading is a business and should be treated as such, meaning don't place a penny of capital on the line until you've completed your R&D, created a robust trading plan, and tested it thoroughly. 3. "...what is success in...

This entire South Park episode is hilarious. It's called Margaritaville from season 13 and spoofs the 2008 financial crisis.

Mid bar closes, barb wire, chop...these are descriptions of price action that defines a range in a smaller time frame (bar interval). Most initial breaks out of a range fail. This may be helpful for sitting out chop or trading it if you like scalping ranges.

My short options trade from 9/19 was some very easy money to the 50-day EMA :D Why did I short there counter to the strong trend? Upper channel line resistance.

Yes, well it's a particular tactic that I don't want to get into here; however, you're right, there was no high-odds reason for that trade.

Just trade the price action and save yourself the effort of trying to predict how news will affect price.

There was a study not too long ago that compared the cost of an appendectomy across various hospitals around California. The cost ranged from $1500 to over $100K. They compared apples to apples, meaning all the appendectomies were routine, none involved complications. There's a free market...

Yes, gap strategies allow for excellent opportunities. You'll do well to study the various gap setups and strategies, and test them at length. One of my favorites is when a heavily shorted stock gaps up on good news (or on "less bad than expected" news). These tend to run most of the day...

My core rule is to trade in the direction of the 20-bar EMA on the 5-min chart. If the 20EMA flattens, the bulls and bears are in equal standing and I'm supposed to remain flat until the market tips its hand. However, I will occasionally scalp (10 tick or so) in a range around a flat EMA...

Connect the 9:15 low and the 9:50 low, then add a parallel channel line across the 9:30 high to see the turning point where your trade showed +37. If it makes you feel any better I traded short with the trend from the open and was lucky to get a couple small scalps out it.

Jas, I noticed this same issue as well. If I hesitated and missed a nice move as a result, I had a tendency to want to get what I missed and this tendency usually involved trying to manufacture a setup where there was none. When I'd analyze my trading day, I'd feel ridiculous for hesitating...

No, I called it a day for CL after my last long, but the short you speak of is a high odds setup, IMHO, 1-2-3 setup on the 1min off the key level of a 5-min upper channel line (starting from the early part of the session) and in the zone of previous S becomes R (60-min chart). Lots of good...

It happens when large publicly traded corporations control the majority of the media, the public (mis)education system, and become the government. Our government is a plutocracy, not a democracy. If the plutocracy had painful consequences for its detrimental behavior, the behavior would...

Bulls need a close at or above 76, IMHO. The 50-day was like a trampoline, but the follow through not looking too good here into the close.