This is the skill that I'm trying to develop: the ability to reverse at the right time. I'm studying this every day, all day, and giving myself every advantage: from identifying groups of stocks that move in similar patterns, to focusing and getting intimate with on one specific equity that has good volatility (Like Nasdaq:MU). If I can consistenly get it right 3 out of 5 times with one, just one equity, that will be my cash cow.
"A trader needs experience, and they need to pay for it."
- Thread starter kmiklas
- Start date
My advice is few golden words.
1.Stop trading .I stopped trading t/a, p/a,j/s , b/s etc much happier now
2> all these t/a bs has no edge .Sorry it is junk science
3>Think outside the box :If all this technical anylysis , trends , price action , set ups and all bs was so reliable , the evidence is clear
https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=95% of traders lose
You don't know what other mistakes , you will make , how much more you will lose.It is an empty pit to throw your money into.
Next the failures will tell you "you need another 20,000 hours of paying the dues"
Go on demo , if it make money for 6 months , then go back on live.
1.Stop trading .I stopped trading t/a, p/a,j/s , b/s etc much happier now
2> all these t/a bs has no edge .Sorry it is junk science
3>Think outside the box :If all this technical anylysis , trends , price action , set ups and all bs was so reliable , the evidence is clear
https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=95% of traders lose
You don't know what other mistakes , you will make , how much more you will lose.It is an empty pit to throw your money into.
Next the failures will tell you "you need another 20,000 hours of paying the dues"
Go on demo , if it make money for 6 months , then go back on live.
What I'm saying, though, is that calling it a "reversal" puts it on some new pedestal. There is more pressure implied because you have an open position that you need to reverse. You close trades, and you open new ones. If it is, coincidentally, a reversal, then sure. But don't let a current position bully your psychology into thinking you see a new entry where there isn't one.
Personally, I don't think there are exits or reversals...there are only entries. An "exit" is just an entry in the opposite way when you have a position. Long signals, short signals. Don't worry about reversals, as that anchors you to your idea of being in a position.
Some people can trade, or learn, forever -- and still may never see the light at the end of the tunnel.
It's tough to match people/traders...to the right thing to trade, style, risk appetite, emotions, etc and misc variables.
For every so-called golden Trading rule or point, just remember...there can be just an equally correct counterpoint.
Every trading day is a brand new mixture of Part art, Part science.
More than 97% will essentially fail, or not be able to make a substantial sum from it...to be able to live off of it
As a relatively quick, simple test...try to predict how the DOW/SPY will move or behave during the day...before the opening bell rings.
Gauge your ability on this.
It's tough to match people/traders...to the right thing to trade, style, risk appetite, emotions, etc and misc variables.
For every so-called golden Trading rule or point, just remember...there can be just an equally correct counterpoint.
Every trading day is a brand new mixture of Part art, Part science.
More than 97% will essentially fail, or not be able to make a substantial sum from it...to be able to live off of it
As a relatively quick, simple test...try to predict how the DOW/SPY will move or behave during the day...before the opening bell rings.
Gauge your ability on this.
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Maybe this is a dumb question so forgive me for ignorance, but is there a reason you don't just drop a trailing stop on it and obviate your need to watch it for hours?
What do t/a, p/a, j/s, and b/s mean?
Also, I find it very hard to paper trade. I have to be in the real game, with real money, or I don't give it 110%.
Because I want the screen time. I'm studying a whole basket of stocks, and watching how they move and flow together. For example, I might be studying Nasdaq:INTC, Nasdaq:CSCO, and Nasdaq:MU. Are they moving together? If so, they are being moved by a sector trend. Have they stopped moving together? Why? Are 2/3 still moving together? Has an individual force on one trumped the market trend, or is it simply lagging behind... indicator! Will it spike up with the other two again? Etc.. There is information there that I need to process.
I also like having my finger on the trade button. At this stage, I want each and every trade to be fired by my hand, when the time is right. (Unless I've written an algorithm, but that's something else).
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Why do people keep saying this, over and over and over again?
I was in your same situation , so I can understand , your state of mind.So I suggested the best solution for you .
t/a= technical anylysis , p/a = price action , js = junk science
All this is junk science , it is not a proper science , it is subjective , if it was a proper science it would be taught in universities.
You are stuck with a double edged sword , it will do more harm to you either way .If you trade real money , you will lose more , but if you get out you will not lose any more .If you you get out you will lose , the opportunity to trade and gain experience , so either way you lose loss of real experience or money.I don't disagree about paper trade , it has no real experience and feeling.
TEST YOUR DISCIPLINE NOW
Process this information on paper trading .This wilL prove your skills as a trader .
You have a mindset issue , which I notice.You want to make this work and you want it to give you an income by doing this job successfully.You are under emotional desires/financial pressure , to make it work .You need patience , until it is all working fot you and you are trading skillfully " executing trades with skill" When you achieve this status , come back.
You need to take the pressure off and take a break .Then you will get a chance to think outside the box .You will be happier after doing this.