If you want to fail as a trader, study TA

[Fibbin-Archie]

Fair play TE you make some good points.

My two cents... inappropriate exit behaviour should be checked and corrected by your P/L level, i.e. if you're losing money then you need to be flexible in mind enough to stop and examine what it is exactly that you're doing wrong and correct it.

Personally I use indicators for exits and reversals, for me using them just takes the fear and greed out of the equation, you either have an entry/exit signal or you don't. Reading PA is all well and good, but using indicators in addition just stacks the odds slightly better. As you rightly observe TE, trading is gambling, but a calculated gamble not a blind gamble and as any professional gambler will testify, it's all about the odds.

It really is as simple as cutting losers short and letting winners run (as far as that is possible), I'd love to meet the trader who has come up with the ideal exit, 99% of the time if you'd come out a little earlier or stayed in longer you'd have made more.

 

[IchibomB]

Quote from Dackster:

Did i insult you? If i did, then i appologise.

Nature works 100% all of the time, only nature works like this.

Understanding your natural tendencies will help you to cope better with the market.

Coping with the market is what all traders, good and bad, new and old, do.

Some people are better equipped to cope with the markets, but this is not down to planning, MM, patterns or anything else.

Do you know what it is?

I'm not really offended as I know where I stand as a trader. You can hold your tongue if you can't say anything else but shut up though and that was my exact point.

Actually, nature doesn't work correctly 100% of the time. What universe are you from!? Look at a person with down syndrome or autism and tell me nature works correctly 100% of the time.

Haha I don't even care to answer your question as you are no better of a trader than anyone else.

Really, I don't know much but fear and greed.

 

[Fibbin-Archie]

Quote from Fibbin-Archie:

99% of the time if you'd come out a little earlier or stayed in longer you'd have made more.

Actually that's not necessarily true, if you use fib extensions, retractions, pivot levels and previous swing levels to pick your exits, then it's amazing how often you can be accurate to within a few points, (just bracing myself for the backlash from that little statement )

Anyways, well done to the England lads...

Good trading to all...

 

[Dackster]

Quote from IchibomB:Actually, nature doesn't work correctly 100% of the time. What universe are you from!? Look at a person with down syndrome or autism and tell me nature works correctly 100% of the time.


It's only wrong from your perspective, not natures perspective. Next you'll be telling us that your house is at the center of the universe. See you later fool.

 

[IchibomB]

Okay I'm not here to argue but "Nature" is made up of many systems. The definition of a perfect system is a system that produces the same exact results 100% of the time. Nature is an imperfect system. It's a perfect as perfect can get, but not 100%, which was my point you argued in the first place.

 

[macattack]

TE,

If you were daytrading the NQ (not scalping) how many good entries would you say there are during a day such as today?

Yesterday I must have made 20 trades and got my butt kicked; starting today & going forward I told myself I was only allowed to take 5 trades.

I also wrote down various setups last night and numbered them, and I will only take a trade if it meets one of those setups.

So far I've been much more patient and can give multiple reasons for the 1 trade I've taken today. Yesterday if you asked me why I took a trade I wouldn't really have a good reason, let alone multiple reasons for taking a trade which seems to be a key thing to increase the odds of success.

So I'm trying to work on patience mainly. But when I wait & wait & wait for a good setup I think back to how you say time=money, and I wonder if I'm wasting time and if I should be trying to catch every possible move.

 

[Mysteron]

Quote from IchibomB:

Okay I'm not here to argue but "Nature" is made up of many systems. The definition of a perfect system is a system that produces the same exact results 100% of the time. Nature is an imperfect system. It's a perfect as perfect can get, but not 100%, which was my point you argued in the first place.

Whatever nature does is, by definition, natural. It is neither perfect or imperfect, good or evil, right or wrong. Such concepts are entirely human.

 

[odlareg]

Quote from macattack:

TE,


Yesterday I must have made 20 trades and got my butt kicked; starting today & going forward I told myself I was only allowed to take 5 trades.


The art of trading is not the same as brick-laying......


So I'm trying to work on patience mainly. But when I wait & wait & wait for a good setup I think back to how you say time=money, and I wonder if I'm wasting time and if I should be trying to catch every possible move.

As far as I understand TE only takes the opportunities with the best possible outcome. Early in the morning and ready by lunch.

TE told you to trade 100 stocks a time with a certain stoploss, until you see IT.

I wonder why you are asking TE for help, as IMO you do not listen to him. If you have a problem with listening, how will you ever SEE?

 

[macattack]

Quote from odlareg:

As far as I understand TE only takes the opportunities with the best possible outcome. Early in the morning and ready by lunch.

TE told you to trade 100 stocks a time with a certain stoploss, until you see IT.

I wonder why you are asking TE for help, as IMO you do not listen to him. If you have a problem with listening, how will you ever SEE?

I listen, but I can't daytrade stocks because I live in America. Have to have $25,000 to be a pattern day trader, and unfortunately I don't have it.

I'm not going to try to find some fishy, illegal way of opening a foreign account either even though it's been suggested.

So for now I'm sticking to futures. I'll try stocks after I have saved up enough money.

 

[Dackster]

Quote from macattack:So I'm trying to work on patience mainly. But when I wait & wait & wait for a good setup I think back to how you say time=money, and I wonder if I'm wasting time and if I should be trying to catch every possible move. [/B]

You just can't stay out can you? We are all gamblers, but you are a hopeless gambler, destined to lose your dosh.

"Every possible move"....you said it. The words of an addicted, recklessly shabby, down and out gambler.

Total loser!

Give it up!