If you want to fail as a trader, study TA

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Quote from Redneck trader:

TE Posted - What is the most important thing to learn about for trading effectively?

http://www.youtube.com/watch?v=QjsjZWlRVvo



MK – this carefully how this applies to trading

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TE Posted

Why complicate things that need not be complicated

BLASH or SHABL

&

SLABL or BHASH

OR

WTBATFP or WTSATFR

&

WTSATFBD or WTBATFBO



MK – To do this successfully you need to do the above


RN – TE the failure fails.. :)


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I restructured your post

MK Posted

Often I'll be up, but there is no logical place to move my stop, so a win turns into a loss.

The times I move the stop up to avoid this I often end up with a tiny win after being stopped out and then price goes to the original target which I miss out on.




From the last two charts TE posted – seems you would have entered long on the first one…. Exited on the second one… and watch price end up where it did (again on the second one)


Rhetorical question… You ever go back and analyze your failed trades…. Or analyze what price ultimately did… and why it did it……



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MK Posted

I'm really not sure what the "most important" thing is. – refer to the video and use your grey matter
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I'd want to know as much pertinent information as possible about what I'm trading. – This is bullshit – trade what you see
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I'd want to have a process/plan to follow and know it inside & out so I could execute if flawlessly. – This is the goal
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I'd follow my process – This is the goal

if I could create one, - This is bullshit – use your grey matter to create one

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but I'm stuck on the mechanical parts of entering at the right time and when to exit prior to a target being hit.


That you’re stuck – I have no doubt…

That you’re striving for perfection (perfection in each trade and perfection from the market) – I have no doubt……and its bullshit… THIS IS TRADING…


Strive for trading excellence by

First removing you head from your butt and thinking through this logically and figuring out how to…


Managing you and your actions
Preparing a plan and executing it exactly
Trade exactly what you see
Identify low risk and exploiting it
Analyzing your failed trades to see what ultimately price did.. and why


RN
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Thanks RedNeck. I'll think about what you wrote & reply later. I really appreciate it. I'm heading out with a friend for a hike now. First day in about 10 without rain, have to take advantage of it.
 
You must live close to me. Finally some sun.

Quote from macattack:

Thanks RedNeck. I'll think about what you wrote & reply later. I really appreciate it. I'm heading out with a friend for a hike now. First day in about 10 without rain, have to take advantage of it.
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Quote from macattack:

"Merit, ability, conduct"..................I just read those exact words yesterday from someone with the screen name of Socrates on the T2W board. These forums are starting to become very strange; everybody seems to be intermingled with everybody else.
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Good, i'm glad you have made a connection (only in your own mind of course)

Your problem is the same type of problem that transpires through the usage of charts.

You may become a successful trader yet, hold your original thought.

Even as a group, retailers will not move the market, at least not in thier preferred direction.

Liquidity.
 
Quote from Dackster:

Good, i'm glad you have made a connection (only in your own mind of course)

Your problem is the same type of problem that transpires through the usage of charts.

You may become a successful trader yet, hold your original thought.

Even as a group, retailers will not move the market, at least not in thier preferred direction.

Liquidity.
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DR, this type of trading is not for beginners, and, is definitely not as easy as using charts for trading.

Unless one learns some very basic things about trading, then, one may find that one is going around in circles and really getting nowhere.

Of course one can make money trading without charts, hell, I even do it myself at times, but is not the best and least risky way to make money, so, it is not wise to lead newbies down that path, unless of course you are privy to some real useful information like TE, and, if you are, then you need to start explaining yourself better, and start posting some concrete information that newbies can actually see and understand, otherwise, it is just more of the same old talk that does the trading circles, day in and day out, week after week, month after month, and year after year.

BTW, we are not interested in what way some of the big financial houses trade, for, those idiots are not trading their own money, and, are really useless if left on their own, for, as mentioned, they are just like the factory floor workers, doing what they are told by others to get the job done.

TE
 
Quote from ES.Contract:

If you don’t mind ‘The Expert’ I would like DT to answer (if he chooses to or not is another matter). I don’t mean to interrupt your thread, but I am curious as to why DT has come here to learn how to trade even though he is close friends with rathcoole_exile from trade2win.

It must be because DT has realised that rathcoole_exile from trade2win is an absolute clueless imbecile.
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You did not answer the question you were asked, and that was, why are YOU so worried about what DT does, or does not, do?

I know this exile idiot you speak of, goes around with a silly picture of a queen and waffles on about shooting guns, a right dumb twit if you ask me, but, again, why are YOU so interested in what DT is doing?
 
Quote from NoDoji:

Patience waiting for your best setups will pay off most of the time. Marginal setups usually follow hesitating to take a prime setup, missing a great move and then wanting to get back what you missed. Getting back what you missed comes from patiently waiting for the next best setup to come along. I don't think trading a marginal setup has ever resulted in a winning trade for me, come to think of it.

Every day and every trade is brand new. I'm fighting this one all the time. Very easy to let what happened in the market before make you think it will happen again, or to let news give you a bias even when price is going the other direction, or to let three profitable trades reverse to stop out break even, then catch the big runner of the day and take only a fraction of the move because you aren't gonna let THAT happen again! :eek:

So, my advice in a nutshell is to wait patiently for your best setups and jump on them immediately. If you lose your mind (as we all do, and often without warning) and take an ass-kicking, take a break, picture yourself taking only your best setups again, and just do it.

Sometimes fantastic moves come out of setups that aren't a part of your arsenal. Trading is an ongoing learning process. When you see those moves, study them after the market closes. Is there a longer term trend line or S/R level that incited the move? Was it a break out of a flag, triangle, wedge, consolidation, prison cell, etc? Or was it just news-based? If it looks like something worth adding to your arsenal, then add it.

Patience does pay off as long as you take your setups. Patience is difficult to exercise consistently, though, because price is constantly moving and we feel like we should be catching some of every move. But really just one good trade a day can provide a great income.
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Good post NI, sounds a bit like Time = Money:D

Flags and etc are OK, as they are all straight, but PLEASE don't start mentioning the silly things such as MA, STOCHS, and all the other useless pieces of squiggly rubbish:D

TE
 
Quote from Redneck trader:

Painfully so


Let me see if I can put together a series of post to possibly help – without being overtly OBVIOUS :)


RN
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The smile on my face
Let's me win the damn race
The look in my eyes
Is no big surprise
With a touch of my hand
It's a grand
And, what do you say

For

I do it best
When, I do nothing at all :D

TE
 
Quote from The Expert:

Good post NI, sounds a bit like Time = Money:D

Flags and etc are OK, as they are all straight, but PLEASE don't start mentioning the silly things such as MA, STOCHS, and all the other useless pieces of squiggly rubbish:D

TE
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Wait, wait, wait, wait ,wait.

TE, I will give you my biggest day trading edge ever right here in front of god and everyone:

Place a 20-bar moving average on your 5-min chart. Using a small ruler, measure the largest distance from the 20 MA price moves before pivoting from below or above the 20 MA during the first 2 hours of the day. Once you have that measurement (in my case, 1 cm), you now can take a position opposite price movement once price reaches that distance from the 20 MA.

Reversion to the 20 is almost guaranteed and sometimes you get the added thrill of a 20 MA breakout for a measured move through to the other side!

My trading roomies have witnessed this in real time and can confirm it's usefulness, squiggly or not :D
 
Quote from macattack:

Thanks everybody for the comments & advice:

Trading NQ. 1 contract. Risking a max of 1% of the capital in my account per trade (usually less than 1%). I'm slightly under-capitalized or I'd risk less. Sorry, not sure what you mean by % of leveraged trading capital.

Yes I'm all over the place. I know that's a big problem of mine because I actually say that out loud to myself all the time.

The good news is I used to be even worse; I'm making progress. :)
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Why are you trading Ftrs?

Why are you not daytrading 100 shares with stocks?

Why do you think it is easier to make money trading Ftrs over stocks?

By % of leveraged account I meant the risk on your 4:1 daytrading account - $30K cash will give you $120K trading account, and the % risk is based on your $120K trading account for daytrading.

If you don't have at least $30K then you are not in a good position if you live in the US, and, you either need to get a relative to open a CFD account for you if possible, or, maybe go with one of the US prop firms that do remote trading, with $5K being sufficient to start out. CFD is the preferred option, but very hard for US citizens to avail of this very useful and effective trading service.

TE
 
Quote from NoDoji:

Wait, wait, wait, wait ,wait.

TE, I will give you my biggest day trading edge ever right here in front of god and everyone:

Place a 20-bar moving average on your 5-min chart. Using a small ruler, measure the largest distance from the 20 MA price moves before pivoting from below or above the 20 MA during the first 2 hours of the day. Once you have that measurement (in my case, 1 cm), you now can take a position opposite price movement once price reaches that distance from the 20 MA.

Reversion to the 20 is almost guaranteed and sometimes you get the added thrill of a 20 MA breakout for a measured move through to the other side!

My trading roomies have witnessed this in real time and can confirm it's usefulness, squiggly or not :D
More...

Aha NI, you are relying on a squiggly line to predict a possible price level, and, this is not the best way to trade, for, you are ignoring the most important features of the masterpiece:D

If you think you are making good money looking at squiggly lines, then, let me tell you that you can make multiples of what you make if you forget about them and concentrate on the real ART of trading, for, no squiggly line can ever tell you what is actually happening in front of your 2 eyes, and, all they do is distract you from what you really need to look at:cool:

It is all relative.

TE
 
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