Quote from Flashboy:
Here's today's trades..
Terrible day in the Emini..
Luckily I was able to make a good trade in the Euro and made $300... to make up for these..
Emini trades.
4 trades
2 losers.
$175.00
$225.00
2 winners..
$37.50
$25.00
Net -$337.50
The second trade was a terrible one.. an example of getting caught emotionally after an early loss..
Brother Flashboy,
Sorry to say this - But this kind of trading (first 2 trades) is terribly dangerous!
I tell you - I would not and could not take such trades. You were looking at anticipating reversals in an obviously strong downtrend
I tell you - You can't do it. If you were in a smaller timeframe and scalping - Yes. Otherwise - No. Don't even try.
It's pure madness and a sure way to blow your account. There was far too much bearish momentum for you to go long. You would have been better off going short on the up-spikes here!
The second spike (where you went long) would have been a great long for a scalper, to ride with the smartie-pants who want to anticipate a reversal. Once it was back to 984, we were back to reality, and a new, great short opportunity into the downtrend offered itself!
-Don't go against momentum. Go with the flow.
-Don't try to anticipate reversals. That's a pro play, try again in a few years, or learn how and why reversals work (Like the retest-failure off the daily low on that chart!)
-Go with the trend. Your chances are much, much higher. Best is to enter retacements. The most foolproof retracements are fibonacci confluences.
-Don't play on "candles" with such large "shadows"!!! If the shadow was so long, there's a reason for it.
-Always look at the bigger picture, bro.
I tell you that, sincerely, you should trade a simulator for a few months, until you get these basic concepts. Don't listen to bullshit. If you go on like this, you'll really blow out very soon. Take my word for it.
Sorry I got to tell you that - But trust me. You are in fact still doing the opposite trades to what the pro's do. And as long as you do, you shouldn't trade. You're literally playing into good trader's hands.
Don't ever say I didn't warn you when you're sweeping the floor at McDonalds. I know it sounds mean, but seeing reality is better than blowing out. To get your capital back once it's gone will be a lot harder than just grasping this, sitting back, playing the simulator and listening!
All The Best and good luck with your study, brother Flashboy
~The Scientist
