I'd like to become a better trader
- Thread starter PO
- Start date
PO
The actual process of trading (recall KISS)
Sit patiently and observe
See an entry
Identify a target
Enter the trade, plus your stop
Sit patiently and allow the trade to work its self out
Move on to the next one
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Running in the back ground (the back of your mind if you will)
You know what your entry criteria(s) are for all your set ups - like the back of your hand
Emotions, opinions, etc., are set aside â AND...
Replaced with what your eyes are telling you
=========================================================================================
On another note
There are a gazillion ways to trade, what you are doing is eliminating all but one â the one that is yours
So it is going to take time for you to assimilate all thisâ¦, Iâm in no hurry â I trust you are not either. (yeah I know easy to say)
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Btw â wouldnât the timing be when the candle actually closes (instead of the âanticipatedâ close)
Become one with your moniker
RN
... http://www.elitetrader.com/vb/showthread.php?s=&postid=2275152#post2275152 ....read the comment by sumosam ablout sobriety ,this part where you try to make it last longer and longer is like your good day,it's part of a gradual process,so look at it as a small intregal part of something you are building,putting in in a smaller context will help you control the egos highs and lows
Quote from Redneck:
PO
The actual process of trading (recall KISS)
Sit patiently and observe
See an entry
Identify a target
Enter the trade, plus your stop
Sit patiently and allow the trade to work its self out
Move on to the next one
=========================================================================================
Running in the back ground (the back of your mind if you will)
You know what your entry criteria(s) are for all your set ups - like the back of your hand
Emotions, opinions, etc., are set aside â AND...
Replaced with what your eyes are telling you
=========================================================================================
On another note
There are a gazillion ways to trade, what you are doing is eliminating all but one â the one that is yours
So it is going to take time for you to assimilate all thisâ¦, Iâm in no hurry â I trust you are not either. (yeah I know easy to say)
==========================================================================================
Btw â wouldnât the timing be when the candle actually closes (instead of the âanticipatedâ close)
Become one with your moniker
RN
PO
In all fairness â there is a parallel process I left out (it runs in the foreground, and in conjunction with the trading process)
Letâs call it the process of creating / updating context
It is what provides your entry criteria / set ups "meaning"⦠and affords you the ability to weight it/ them â for any given trade
Example
A double top â in a range.., or downtrendâ¦, stands a lot better chance of working â than in an uptrend
Context is King
RN
My advice to you would be to select a less efficient market than the ES. Trading is about finding an edge and it is harder to find one in the ultra-competitive, liquid, and visible ES than in most other markets. Trade vehicle selection is an important trading skill, but one you seem to be completely ignoring.
Could you please suggest any other alternatives for day trading?
I have been considering switching from the ES myself, but I`m not ready for a divorce just yet
Quote from Laissez Faire:
Could you please suggest any other alternatives for day trading?
I have been considering switching from the ES myself, but I`m not ready for a divorce just yet
Laissez, why do you want to switch? You had a great day today trading ES, I've seen your trades, you seem to be doing ok.
from my perspective you seem to be on the right track.
if the professionals were going to pick off the pedestrians,the es is where it would be most profitable,you can trade the ym , nq,,the russell but u need to have your closing orders in because it doesnt linger when it hits target, the qqqq's,spy, bear and bull etf's,options in volatile stocks