Quote from increasenow:
.... as it puts more pressure on me to have an exact entrance rather than 'rushing in' to get in the trade and being afraid I might 'miss the train'
Incy, if you dont have an edge it doesnt matter what kind of orders you use, the train will run right over you. Precise entries shouldnt be your main concern right now, I could possibly get flamed to shit for saying that.........But for now you need to focus all your attention to being on the right side of the market when you do enter. At least you will have more + days, and not "OMGWTF I TOOK A HARD LOSS TODAY" days. Know what I mean?
Find your edge, then sharpen it.
Take short trades as they come, take long trades as they come, enough with this fascination of short selling.
And find something besides Sugar or mini-gold to day trade for Godssake, at least for now. 10yr, YM, CAD, beans, almost anything else. I still say 6E would be a friendly contract to learn. Dont pick an illiquid market, it doesnt take much muscle to move things around, the price action can be too erratic, even for a seasoned trader. Anything short of a STRONG trending day can just be a nightmare of wicks and chop, constantly hitting your stops.
As Mr. Fireplace (great username btw, it makes me laugh, I dunno why but it does) said, pick 1 contract, trade and look at it (AND ONLY IT) for 5 full trading days.
I expect you to have an answer for what that contract will be by AND WHY by 9pm CST tomorrow, after that I'll be shitfaced and I'll just make fun of whatever you pick, regardless =P You'll have all weekend to go over its charts. And when I say tell us why, dont give some BS 2 sentence answer. Really think about it, look at the intraday action, look for reasons why zigs and zags happend. Explain it to us. Doesnt matter if your analysis is totaly off base, just spend some time analyzing it and explaining your analysis. If you cant do or are unwilling to do that simple task you will only lose money for now and forever, and there is no point continuing this thread.
