I got problems

I've read a few of your threads cashmoney and it seems to me like you don't have a plan.

Any of the stocks you listed could be good trades if they fit your systems criteria. If you want to trade retracements you need to figure out your entry and your exit criteria and follow them blindly. What is telling you that it's time for a retracement in these trades? When would you get out? What is your edge? If you can't answer those questions in full confidence then walk away. There will always be another opportunity.


Preserve your capital.
 
Quote from cashmoney69:

When I look at these charts, the only thing that comes to my mind is "Wow, this stock has gone up a lot!.. it's probably a good short".

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Saw you quoted Livermore in a different thread. Heres a quote that I think will help you:

"Remember that stocks are never too high for you to begin buying or too low to begin selling."
 
i read some of this thread and it seems to be off base a little, with all do respect. Most of the pics you posted have too much momentum to short... that doesnt mean it cant work.
good luck
 
I don't want to be a "dick", but the best advice I can give you is don't close that Smith Barney account you've been complaining about. You know the one that actually MADE MONEY for you last year. You're not anywhere near ready to trade serious cash. It is what it is brother. Maybe someday, but that day ain't today.
 
Quote from cashmoney69:

Isn't that the dream for traders to be able to pick the top/ bottom and ride it up/ down 5+ points or more?
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No, not at all. That is about as far away from a description of a real trader as there is...
 
Quote from hidethereal:

I've read a few of your threads cashmoney and it seems to me like you don't have a plan.

What is telling you that it's time for a retracement in these trades?

Preserve your capital.
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"I've read a few of your threads cashmoney and it seems to me like you don't have a plan. "

You're right. My plan is to have no plan. Each trade is just so different from the previous one, how on earth can you make a set of rules that encompass all the same rules for every stock?..

some move more dollar value in a day, some trade more volume, some are more sensitive to their sector (so i would think) than others, some react to news better/ worse than others. Even money management is totally different on some stocks. If you were only willing to risk one point when trading goog...do you think you'll last long?..NO!..how bout 3?..maybe. Should a trader be willing to risk different amounts of money or the same amount for each trade?.... It just gets to complex, and complicated.

"What is telling you that it's time for a retracement in these trades? "

Mostly a high MFI reading, but also the way the chart looks. What I mean by that is, if I see that the candles start to reduce in size as they near the "top" then thats a signal, if the trend starts to "round out"..thats a signal..if I see more red candles near the top....thats a singal...higher bearish volume near the top..signal also. Myabe eye balling it is not a good way to trade, but we shall see how these stocks I posted turn out.

CM69
 
first what software do you use? and get rid of the mfi use MACD and RSI (i prefer Full STO). I dont know how much time you spend doing this but i personally spend about nine hours a day and the only thing that is going to make you better is to educate yourself
 
Quote from cashmoney69:


You're right. My plan is to have no plan. Each trade is just so different from the previous one, how on earth can you make a set of rules that encompass all the same rules for every stock?..

some move more dollar value in a day, some trade more volume, some are more sensitive to their sector (so i would think) than others, some react to news better/ worse than others. Even money management is totally different on some stocks. If you were only willing to risk one point when trading goog...do you think you'll last long?..NO!..how bout 3?..maybe. Should a trader be willing to risk different amounts of money or the same amount for each trade?.... It just gets to complex, and complicated.
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I think what you have learned cash is that each instrument does in fact have it's own personalities and you need to know this before trading it. Just simply saying that no plan is a plan is a terrible waste of your time. You are going to win on some of these trades, but I think you'd actually have a better shot here if you threw darts at the WSJ each morning and traded those. I'm sure you've read the stories of monkeys throwing darts making more money than money managers...

I digress. My point being that BEFORE you enter a trade in an instrument that you do not really know, you need to take the time to study it more. You are right - these stocks may have shown a couple bearish candles, but that does not mean the move up is over. It could simply be a day or 2 of taking a breather. Since you already know that each stock is different, you need to be able to say in your analysis that XYZ has historically shown that when there are 2 days in a row of bearish candles on high volume that a correction is near. That is much different than "I think the upmove is over".

This in turn is why I don't trade stocks anymore - either you need to focus on a handful or try to be a jack of all trades. Futures on the other hand, I watch 3-4 charts daily and know what to expect from these. I'm not saying that I know every move, every day; but I do understand some of the idiosyncracies of each.
 
Quote from cashmoney69:

"I've read a few of your threads cashmoney and it seems to me like you don't have a plan. "

You're right. My plan is to have no plan. Each trade is just so different from the previous one, how on earth can you make a set of rules that encompass all the same rules for every stock?..

some move more dollar value in a day, some trade more volume, some are more sensitive to their sector (so i would think) than others, some react to news better/ worse than others. Even money management is totally different on some stocks. If you were only willing to risk one point when trading goog...do you think you'll last long?..NO!..how bout 3?..maybe. Should a trader be willing to risk different amounts of money or the same amount for each trade?.... It just gets to complex, and complicated.

"What is telling you that it's time for a retracement in these trades? "

Mostly a high MFI reading, but also the way the chart looks. What I mean by that is, if I see that the candles start to reduce in size as they near the "top" then thats a signal, if the trend starts to "round out"..thats a signal..if I see more red candles near the top....thats a singal...higher bearish volume near the top..signal also. Myabe eye balling it is not a good way to trade, but we shall see how these stocks I posted turn out.

CM69
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Discretionary traders follow simple guidelines in their trading; otherwise they would be just as clueless about whether to take a trade.

I personally see no point in hoping for low probability trades to go my way. I would rather place a trade where I know that it has a higher probability of moving in my favor. Never place a trade with hope. Hope is for gambling. Find your edge in the market and then take advantage of it. :cool:

Something to think about.
 
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