Easy there sailor, we have a difference of opinion, Ive been told there are many ways to skin the cat.
No reason to get abrasive.
FoN
How on earth are the indicies markets all so extremely bullish??!
- Thread starter spanish89
- Start date
Easy there sailor, we have a difference of opinion, Ive been told there are many ways to skin the cat.
No reason to get abrasive.
FoN
Let me ask you nodoji,whats your average take in terms of points and where's the stoploss? The market range on tuesday was a one way street down of 27.4 points.The market shows you what is available day to day ATR.The aim should be to get all of it on such a day. And some days you will get it - because you aimed for it and can identify a trend day or better still anticipate it the day before and not 'wait for confirmation' Think big. In life those who think big with the dedication you got get the top rewards.The only logical way for you to progress is to leverage.How are you going to make decent money like that? Less leverage more points is what is required.
I actually think that what you do is more complicated than what is required to take decent points.Focus on what is required to take those points It's not as hard as most believe.Less trades less commissions less leverage, more points, less stress less information less decision, less screentime.And less likely your stop gets hit.
I used to run a mail order biz where the standard industry rate was 2% That is if you sent out 100 mailshots,you should get 2 orders. I thought that was crazy.If your offer is that great why are 98 people not interested? And yet not only is that the way most people seem to trade,aiming for a point here 2 points there with stops begging to get hit- usually against a trend that apparently according to some,doesn't exist,beginners are desperate to know how they do it.
Do any of these people ever contemplate taking what is available instead of crumbs? Most of them don't even manage the crumbs.
I'm tempted to say that taking crumbs is actually harder in lot's of ways than just sitting on it all the way to target.
I actually think that what you do is more complicated than what is required to take decent points.Focus on what is required to take those points It's not as hard as most believe.Less trades less commissions less leverage, more points, less stress less information less decision, less screentime.And less likely your stop gets hit.
I used to run a mail order biz where the standard industry rate was 2% That is if you sent out 100 mailshots,you should get 2 orders. I thought that was crazy.If your offer is that great why are 98 people not interested? And yet not only is that the way most people seem to trade,aiming for a point here 2 points there with stops begging to get hit- usually against a trend that apparently according to some,doesn't exist,beginners are desperate to know how they do it.
Do any of these people ever contemplate taking what is available instead of crumbs? Most of them don't even manage the crumbs.
I'm tempted to say that taking crumbs is actually harder in lot's of ways than just sitting on it all the way to target.
Sorry but what are these losing trades that are you actually talking about (imagining that i made)??
lolHave you actually read my old journal, and/or my 2nd journal??
As in them i live-call every single trade as i make it, and when i cash it in.
In my 1st journal i earnt just over £36,500 profit in 12months from a starting capital of just £759.
And in my new 2nd journal ive managed to turn £467 starting capital into almost £3,000 in just 8weeks.
So im not sure where you get your fantasies from about me having all these huge losing trades?>
As my journal of live-trades shows in black&white exactly how/what ive done and earnt...
Perhaps instead of just sitting there dreaming up 100s of imaginary trades that you wish i had made,
you should try reading my journal to see what trades i actually did make, and how much money i made from them...
I know my new journal is starting to get abit long, but im sure you can find enough time to read it inbetween your shifts at burger-king...
I'm an intraday scalper meaning I look to capture profits from intraday price swings. That was the core of my research and trade plan development. I wanted to extract profits from price swings (or as Cheese puts it, "gyrations") in either direction, because on most days price swings back and forth. Strong trending days aren't really that common and you never know how strong or long price will trend once a trending move gets underway. I looked at price swings that were worth trading (swings that moved far enough to provide a minimum profit that would be at least as large as my maximum acceptable loss). I then studied the price patterns that led to those significant price swings and eventually came up with setups that had a pretty high probability of success.
Because of the way I trade, when there's a strong trend, I trade it in pieces, rather than holding through retraces and adding along the way. I don't use a classic trend-follower's style of holding and adding through retraces. I had the privilege of observing how a couple classic trend-followers do that and it's really amazing, but that style doesn't fit my personality.
My max loss per trade is equal to my minimum profit per trade and in the real world my average loss is about half my average profit, so a 1:2 risk:reward on average.
So with ES my max loss is 2 points and my minimum profit will be 2 points. If the distance from my entry trigger price to the next reasonable S/R level doesn't offer at least the expectation of a 3 to 4 point move, it's doubtful I could extract 2 points profit after slippage, and I'll skip the trade and wait for the next opportunity.
I do take counter-trend trades (almost always scalps for minimum profit), but only under certain circumstances: the trend established needs to be working a fairly wide channel and the distance of the expected pullback to the trend line needs to be a sizable move, because I don't scalp for crumbs (i.e., a few ticks). In ES, a counter-trend scalp is min 2 points; in CL, min 20 ticks, compared to expected with-trend minimums of 4 points and 30 ticks, respectively.
I never take counter trend trades in a strong trend, only with-trend until a reversal signal appears.
I don't aim for any particular profit per day. If I follow my trading plan, I'll achieve the profit needed to make a good living and accumulate wealth. My goal is to execute the plan well every day. That's the ultimate challenge for every trader who has an edge, IMHO.
cornixforex, who is an awesome trader I had the privilege of observing, follows his plan diligently. He posted a link on his thread a while back and since the link is no longer valid, I'll post the short article here (the highlighting is mine):
"With regard to the psychological training of professional athletes, particularly professional shooters: To limit stress (which is fatal factor for any serious competition), professional shooters give themselves the right to make mistakes.
More exactly, they set their goal to make a correct shot technically, not to hit the target. They even inspire themselves that outcome is not that important at all, but correct technique is what only matters.
And that little trick leads to great results. Shooter stands, focuses on the pleasure of the technically perfect shot and does it literally without stress, being focused on the process, not the outcome. Ironically, the chance of target being perfectly hit increases dramatically in such a case.
If pro shooter's mental focus was to hit the target, he would get overstressed and likely have the opposite result vs. desired.
This is a proven technique used by pro shooters, power lifters and in most other kinds of sport to limit stress during the competition."
Quote from spanish89:
Sorry but what are these losing trades that are you actually talking about (imagining that i made)??
Have you actually read my old journal, and/or my 2nd journal??
As in them i live-call every single trade as i make it, and when i cash it in.
In my 1st journal i earnt just over £36,500 profit in 12months from a starting capital of just £759.
And in my new 2nd journal ive managed to turn £467 starting capital into almost £3,000 in just 8weeks.
So im not sure where you get your fantasies from about me having all these huge losing trades?>
As my journal of live-trades shows in black&white exactly how/what ive done and earnt...
Perhaps instead of just sitting there dreaming up 100s of imaginary trades that you wish i had made,
you should try reading my journal to see what trades i actually did make, and how much money i made from them...
I know my new journal is starting to get abit long, but im sure you can find enough time to read it inbetween your shifts at burger-king...
I can't imagine why you think i would waste my time reading your journal.but i thought what the hell and just took a look at the last page on which you state:
'i've taken quite a big gamble'
uh huh,well yeah,as every pro trader does..nice safe pair of hands when it comes to money aint you son?
I knew i'd be laughing at you within seconds...
'My trade went from an open loss of over £1.5k...
hahaha...sorry hahaha
...'to an open profit of £400' (which you're declining to take- wow you're a sucker for punishment aint you son?) hahaha what a clown..
'I just sooo much hope this fucking (nice) imf meeting tomorrow doesn't get everyones hopes up and cause another rally or i could be fucked completely!'
mmm, what does it say in the beginners book about trading with hope?,oh yeah you didn't bother with boring basics like that,that's for smartasses right?
So,as i said,you were shorting the trend you don't believe exists,,ever wonder how i know these things?It's cos you're a walking cliche
Like i said to you before,every time you come here all you do is just show us your ass.I can understand the fact that your're just a young jerk with a big mouth and a ton of stuff to learn,but why are you so desperate to tell the whole world how you know nothing about markets nothing about trading? Why tell everbody how you ripped off the banks,ripped off social services,ripped off the electricity board and ripped off your neighbour?
Why do little pricks like you always go on about burger king to people who probably got enough money to buy you a new brain?
Like i said,you blew up at least once and the way its going the next blow up is just round the corner with the way you trade.. You couldn't make this stuff up..jesus..have a nice weekend.
Quote from xiaodre:
Ah, so you did read his journal.
All i read was what i quoted.The rest of the stuff he told us in another thread about credit cards called (i think) 'give yourself a bailout',in which jueno (?) said he objected to a rate hike on his card and was refusing to pay.This was a couple of years ago i think.
Excuse meâ¦.
It never ceases to amaze me that traders like you who have posted 39 times since June 2011 jump all over someone like NoDoji . She has posted more than 7000 entries since May 2008 and sponsored journals where we have seen her grow into one of the finest teaching traders on ET. Sorry Mad Hatter but it is you have very little credibility with your posts compared to hers.
If you read the 1000s of posts of NoDoji you will see that it is her open mind, persistence, hard work and ability to refocus that have made her an excellent trader worth listening to. Traders like me are always grateful to NoDoji for rising above the ET trash mouth responses she receives to post such thought provoking posts on trading. Keep up the posts NoDoji.
It never ceases to amaze me that traders like you who have posted 39 times since June 2011 jump all over someone like NoDoji . She has posted more than 7000 entries since May 2008 and sponsored journals where we have seen her grow into one of the finest teaching traders on ET. Sorry Mad Hatter but it is you have very little credibility with your posts compared to hers.
If you read the 1000s of posts of NoDoji you will see that it is her open mind, persistence, hard work and ability to refocus that have made her an excellent trader worth listening to. Traders like me are always grateful to NoDoji for rising above the ET trash mouth responses she receives to post such thought provoking posts on trading. Keep up the posts NoDoji.