Day-Trading 2.0 for small traders
- Thread starter jjrvat
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the carrier is AT&T. I believe there are a few different data packages u can get. i think one charges you per kb that u download (this option is a huge ripoff because opening an email or loading one graphic-intensive wepage (like this one) would put you over the limit and could cost you a lot of money. like $100s of dollars. i dont think anyone picks that option. the other option is $50 a month for unlimited data transfer. that is obviously the best choice because there's no way to go over.
I believe the $50 per month unlimited data package is in addition to the normal monthly service fees. to be honest i don't know exactly what those are. i'm on a family plan so we pay a different amount anyway.
if u are interested, go to an AT&T store and look at the different phones. there are a few smartphones (phones w a full keyboard) that allow u to surf the net (blackberry, blackberry curve, blackjack, blackjack 2, iPhone, etc.), each with their own advantages and disadvantages. try it out in the store and find the one you like best based on your needs. do research on the web and find comparisons of each phone, each phone's internet browser, etc.
I had the worst trade of my career (I think) today. -32 ticks in a single trade!
I still need a better stop loss system.
And I had a bad trading day today. -98 ticks after commissions. That's following PBP. Not following PBP and just taking every trade was much worse
A lot of it was because there were a few trades that were closed after one candle because the 240WMA changed slope and then reopened on the next candle because it changed back to the original slope color.
I still need a better stop loss system.
And I had a bad trading day today. -98 ticks after commissions. That's following PBP. Not following PBP and just taking every trade was much worse
A lot of it was because there were a few trades that were closed after one candle because the 240WMA changed slope and then reopened on the next candle because it changed back to the original slope color.
Dear Ironfist,
AS you post your charts I must say that your main and biggest problem is that you trade the indicators instead of trading the price.
If you'll go back to the start of the thread you'll see JJvrat post, and I'll quote:
"If you only focus in how to pull the trigger (âtimingâ i.e LT rainbow, Stoch Crossover, MA Crosses, CCI, etc ,etc ,etc ) you can have some results especially in trendy markets, but you are doom to fail in the long run."
And this, if I'm not wrong is exactly your case. As we all saw you had tremendous results in the very trendy day but most of the days you lose much more then you win.
First of all, you're losing prespective, the HMA you're using simply doesn't accomdates the type of chart you're using, meaning that instead of using the indicator to help you enter the trade you only suffer because of it. You enter way too late, when your stops are really far and the wave had already made a major move leaving little room for continuation espcially in less trending days.
What you need to do is either ploting a faster HMA on your chart or using faster charts like someone suggested or finding a better way to enter and exit the trade. Do your math, the way you use the HMA right now is simply unaffective.
Secondly, you let your indictors override you PA. you say:
"A lot of it was because there were a few trades that were closed after one candle because the 240WMA changed slope and then reopened on the next candle because it changed back to the original slope color." But the slow WMA is only a VISUAL AID and it should never ever make you close a trade that is going in your direction or havn't reached your stop yet. Remember, the most important thing is the chart and only it, indicators are always in second place.
And lastly, you don't seem to have a trading plan that you've tested and find that works. Run through your historical data, expriment different kind of entries and exits until you find something affactive. And remeber the PBP is not a mechanical system in any case, many of the trades you'll take or won't take will come from your own exprience and not from any indicator or any rule.
I wish you the best of luck in your trading.
Hope it helps
Amit
AS you post your charts I must say that your main and biggest problem is that you trade the indicators instead of trading the price.
If you'll go back to the start of the thread you'll see JJvrat post, and I'll quote:
"If you only focus in how to pull the trigger (âtimingâ i.e LT rainbow, Stoch Crossover, MA Crosses, CCI, etc ,etc ,etc ) you can have some results especially in trendy markets, but you are doom to fail in the long run."
And this, if I'm not wrong is exactly your case. As we all saw you had tremendous results in the very trendy day but most of the days you lose much more then you win.
First of all, you're losing prespective, the HMA you're using simply doesn't accomdates the type of chart you're using, meaning that instead of using the indicator to help you enter the trade you only suffer because of it. You enter way too late, when your stops are really far and the wave had already made a major move leaving little room for continuation espcially in less trending days.
What you need to do is either ploting a faster HMA on your chart or using faster charts like someone suggested or finding a better way to enter and exit the trade. Do your math, the way you use the HMA right now is simply unaffective.
Secondly, you let your indictors override you PA. you say:
"A lot of it was because there were a few trades that were closed after one candle because the 240WMA changed slope and then reopened on the next candle because it changed back to the original slope color." But the slow WMA is only a VISUAL AID and it should never ever make you close a trade that is going in your direction or havn't reached your stop yet. Remember, the most important thing is the chart and only it, indicators are always in second place.
And lastly, you don't seem to have a trading plan that you've tested and find that works. Run through your historical data, expriment different kind of entries and exits until you find something affactive. And remeber the PBP is not a mechanical system in any case, many of the trades you'll take or won't take will come from your own exprience and not from any indicator or any rule.
I wish you the best of luck in your trading.
Hope it helps
Amit
(on my blackjack so i can't post pics)
sorry i'm confused. by "indicators" do you means MAs? That's all i'm using.
17hma is too slow? i will have to play around with this. i was actually considering that it may be too fast earlier today.
i'm not sure at this point how to know when to enter a trade without using hma. i cant tell from looking at candles when a new wave is going to form/begin.
thanks for the reply. you've given me some stuff to think about.
sorry i'm confused. by "indicators" do you means MAs? That's all i'm using.
17hma is too slow? i will have to play around with this. i was actually considering that it may be too fast earlier today.
i'm not sure at this point how to know when to enter a trade without using hma. i cant tell from looking at candles when a new wave is going to form/begin.
thanks for the reply. you've given me some stuff to think about.
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