I got problems
- Thread starter cashmoney69
- Start date
cash,, if your catching retracements, then you have to be skillful at taking your profits without any greed at all,, i am strictly a counter trend trader,, that fits my personality to the bill, i have to except a loss very quickly due to this,, and i cant chase the long ride of a winner or 96ish% of the time it will turn down to a flat or a loser, if you cant get over your mindset, then except it, and work with your style, but forget about the 4ish% that you catch that amazing top or bottom,, because for many reasons you wont cash out on it,, one being you may be out of funds by the time you catch it, and two, and trust me on this one, you'll be scared into taking profits too early and not catch the full ride anyways,, just remember repeated mistakes of the same attempts are most likely your determined illusion that what your doing is right, just follow the markets not your instinct if always off, and there are trends and retracements, so anyway is good at the right time. gl,,
It seems to fit my personailty too. I assume because of your name, you day trade these retracements?. How much of a retracement are you looking for in a trade?... 50, 61.8, 78.6..?
If i told you that "you're doing nothing but steping infront of a train trying to fight the trend".. how would you argue your point?
I have to first deal with making money before I deal with any greed problems lol.
cm69
well id have to say that train carries a consistent profit for myself,, however as much as i understand your defense against the previous posters comments, i have to understand there points too,, regardless you do seem frustrated with your mindset, so you may have to change or except certain things you may have not excepted before,, now im not saying there right,, nor wrong, but IMO try starting on a new path with new perception of peoples comments, with lets say questioning peoples responses not out of defense but out of curiosity, and possible acceptance that there right,, your counter trend mind frame can be very profitable,, but as much as you like to look at the other side of things, you'll have to be flexible elsewhere also,, well ill stop typing now,, meant all this in good reasoning, and again gl on your ventures,, as far as im concerned trading is all about patterns , and mind frame.
o and to answer the first question,, every single trade is different for myself,, but i never hesitate to take a profit,, nor let myself linger in frustration as a trade i get out of keeps going and going, and also when your fighting the trend,, your more wrong then ever when your wrong,, easily fixed by excepting a loss quicker then ever also,, PS: my time frame may be different than yours,, however from many books , research , and experience, there is a definite comparison between all trading time frames,
o and to answer the first question,, every single trade is different for myself,, but i never hesitate to take a profit,, nor let myself linger in frustration as a trade i get out of keeps going and going, and also when your fighting the trend,, your more wrong then ever when your wrong,, easily fixed by excepting a loss quicker then ever also,, PS: my time frame may be different than yours,, however from many books , research , and experience, there is a definite comparison between all trading time frames,
CM69 is always looking validation for his own method and ideas. He does not want listen to opinion that not in line with his take on market. He ask question in frustration in hopes someone who is successful in strategy that CM want to trade will come forward and tell him he is doing right things and to keep going. Anytime people give him advice for how to improve he alway resist. He does not want listen b/c he think he is right, deep down, but just not "there" yet.
CM69, you are nice boy but very thick headed. Anyone who make big money in this business, myself include, have had adapt new strategies and release old ones that not work. Be flexible and humble and it ok for you to start over if you trade approach for so long w/o good result. You think you know about stock and the market, believe me, you not even scratch the surface yet. The longer you go making same mistake and setting habit in place, the harder bad habit are to break. Its truth and sometime truth isnt what you want hear.
-Harry
CM69, you are nice boy but very thick headed. Anyone who make big money in this business, myself include, have had adapt new strategies and release old ones that not work. Be flexible and humble and it ok for you to start over if you trade approach for so long w/o good result. You think you know about stock and the market, believe me, you not even scratch the surface yet. The longer you go making same mistake and setting habit in place, the harder bad habit are to break. Its truth and sometime truth isnt what you want hear.
-Harry
Got to love ET, its the same as it was 2 years ago. If you don't like his threads don't read them, its that simple. Now with that rant out of the way.
Cash, you might want to look at no_pm_please he had at nice thread a few years back that dealt with what your trying to do but with futures and with a system that had hard fasten rules. If your going to trade in this fashion you can't just look at a chart seen that its gone up or down over a time period and then try to pick a top or bottom without any reason other then it looks good and you don't want to miss out. Not sure if daytrade is scalping pullbacks or what but like he said you have to have good money management with your stops and targets, no_pm_please does a good job with that part of his system. Also I haven't read any of your past threads and don't know what kind of "advice" you have been given but take it for what its worth. Gl with your trading and keep asking questions, it with experience is the only way to learn.
I just read the start of this thread you started: http://elitetrader.com/vb/showthread.php?s=&threadid=72609
and one of you rules where all positions will be held overnight. then I think maybe two post later you exited one of your positions that were a winner due to the fact it wasn't moving and you decided you weren't going hold it overnight. Broke one of your rules right from the jump.
I can't stress enough how important it is to STICK TO YOUR SYSTEM. I think instead of clogging up this thread I'll send you a pm.
and one of you rules where all positions will be held overnight. then I think maybe two post later you exited one of your positions that were a winner due to the fact it wasn't moving and you decided you weren't going hold it overnight. Broke one of your rules right from the jump.
I can't stress enough how important it is to STICK TO YOUR SYSTEM. I think instead of clogging up this thread I'll send you a pm.
I entered an order for ASEI.. it had a three day correction, but it looks like a good set up. I got a buy stop at 58.50.
As far as the charts that I posted earlier... I'll just trade the breakout of the uptrends like i usually do.
Correct me if I'm wrong, but MOST traders have more than one strategy for making money. So all I'm saying is that I'd like to learn new strategies, so I can profit from those opportunities.
cm69
As far as the charts that I posted earlier... I'll just trade the breakout of the uptrends like i usually do.
Correct me if I'm wrong, but MOST traders have more than one strategy for making money. So all I'm saying is that I'd like to learn new strategies, so I can profit from those opportunities.
cm69
cash - Good advice here, some constructive, some not.
You are right, some traders have multiple ways to trade. Some do NOT.
I liken it to either choosing to be a specialist in one or two areas or being a generalist. You can be really good at a couple things or try your had at anything. I would personally suggest you get really, really good at one way of trading - either trend trading or counter-trend trading - and then think about something else. Who knows, you might just find out that once you are really good at one way of trading that you won't need or want to consider other ways.
You are right, some traders have multiple ways to trade. Some do NOT.
I liken it to either choosing to be a specialist in one or two areas or being a generalist. You can be really good at a couple things or try your had at anything. I would personally suggest you get really, really good at one way of trading - either trend trading or counter-trend trading - and then think about something else. Who knows, you might just find out that once you are really good at one way of trading that you won't need or want to consider other ways.