Grinding it out, day after day

Okay, Lescor, serious question: Knowing what you know now, and if you could, would go back in time to when you were eighteen and choose a different career path.
I'm sure you realize what people without money cannot, that money is not everything and it cannot make you happy.
 
I'm not too worried about being front run. My size isn't that big and I break my orders up and scale in and out. It's just not something I worry about.

If I could go back to 18 years old with everything I know now I'd have started trading sooner, bought all the right stocks and be long retired.
 
What is a guy with your success doing inside on a Sunday on the computer?? And don't you live in SoCal? It must be awesome outside. :D Or maybe you're in canada..
 
Lescor,

Below is a statement from Dustin ("How to Learn Price Action" thread, p. 7) where he recommends a K.I.S.S. principle. In doing so, he stated that trend is overall easier & more profitable than RTM. Although I'm a rtm advocate, as it makes more sense to me, I still believe that Dustin has a VERY VALID point.

What type of RTM filter/scan do you run to improve the likihood of a RTM/reversal, as opposed to a continuation trend for the day? The type of filters that I use tend to identfy more breakouts than reversals. Even if the breakout would eventually reverse, often times I would have exited before the reversal if I was properly adhering to my risk/money management rules. However, I do notice that if I willing to incur much more risk by scaling-in (average down) with a much wider stop loss, then I would have a very high win rate. The problem with such an approach is that I may hit the invariable "Black Swan" event that looses a couple of months worth of wins in one trade. I think it goes back to the fundamental premise argued by Dustin, as stated below:

Most new guys make trading so complicated, because they don't know any better. The problem is they need a strong base, or starting point. I just provided them that in an incredibly simple statement.
"ONLY buy strong stocks, ONLY sell weak stocks."
Do I ever do countertrend trading? Yeah every day, but I can tell you it's 2-3X harder then trend trading and about half as profitable. As a new trader they should forget the idea completely. In fact they should ban themselves from it.
Forget the proof. Take the idea and trade it small for a week. If you (anyone reading this) aren't profitable yet then what's the harm? Don't try to backtest, just trade it small. I can't stand backtesters. You don't learn to trade that way.
Take all the indicators off of your charts except volume. Forget T&S, LII, Open Book, ticks, candles etc. Forget anything else you think you know, and just try it. And use charts, lots of them.
I know from reading this board for ten years that nobody will actually do this, but I was compelled to write it anyway.
 
While I appreciate that some of you guys learned from the PA thread, let's not create a RTM vs. continuation debate here. Corey has displayed that he can make consistent and large profits with RTM, so sit back with your popcorn and hope he shares more details :-)

Great trading Corey!
 
Point taken... In any event, would you be willing to share some of the more dependable RTM filters/scans that are used?

thanks,

Walt
 
Quote from jones247:

Point taken... In any event, would you be willing to share some of the more dependable RTM filters/scans that are used?

thanks,

Walt
More...

Just the more dependable ones? Of course, who has time to spend on the ones Corey uses that are less dependable. Here's an idea: Corey, can you just send me some of your profits? cold hard cash please, and close this thread.
 
I'm sorry if I insulted anyone, as that was not my intention. I guess I may have the misguided belief that we can all share ideas and strategies to achieve at least two outcomes: (1) help others, as we may have been helped by others; (2) receive suggested improvements to our current strategy/technique. Of course, the implicit understanding is that these two outcomes can be achieved without undermining one's current strategy. I understand the "zero sum game" aspect with trading; nonetheless, folks join up in various chat rooms and trading groups to share and build upon each other's ideas. Perhaps this forum is not the best enironment for that "think tank" paradigm.

In the interest of "goodwill", I'll offer one or two filters/scans that I sometimes use. They are: (1) Stocks that gap by more than 3% since the prior day's close - look for RTM; (2) Identify stocks with a high Beta and use the s&p 500 as the directional bet.

I welcome any improvement ideas on these filters/scanners. Also, if they are helpful to someone, then great. I don't think that I've divulged so much that I've undermined my trading strategy.


Walt
 
I do trade some trend stuff. I'd like to do more as it's a nice complement to rtm type strategies. Dustin's point was right though as it pertains to newbies, it would be better for them to start out trading with a tailwind instead of always trying to swim upstream. I've always traded from a contrarian angle, it's just what I feel comfortable with.

Some of the stuff I do is liquidity sensitive and as I stated at the beginning of this journal I'm not into sharing specifics. I agree that finding a small group of like minded traders and working on ideas together is a huge plus. I've done it lots and it's helped me come up with and refine many ideas.
 
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