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Indicators are liars! Support and Resistance Trading for the S&P emini
- Thread starter ESResistance
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Quote from ESResistance:
Exactly, I love that book.
Trading is all about...having an edge. I made a healthy profit this am, not as much as when I normally cut off trading but still very healthy.
The market seemed wild to me at the open hence I made a decision, to shut down my charts as I saw my edge diminishing. Warren Buffet a man I greatly respect and admire says his first rule of trading is to "Not lose money". I very much agree with that.
I have a very risk averse style of trading, if I see my edge diminish I shut down my charts. When FOMC time comes around I shut down for 3 days most times.
This is MY style, and I believe the reason why I have managed to maintain a consistent income from trading.
With regards to keeping an "open mind" I think sometimes you can keep your mind too open. Adaptation and Evolution are very important parts of trading, as the market environment changes so should your methods. However some traders get lost in the eternal struggle to find the holy grail!
The method I currently use is derived from my own trading evolution. This is a never ending process, totally agree with f9 on that, and in that sense I am always open minded to new ideas to improve and am currently studying some potential tweaks to my method, you can ALWAYS get better. Sharing ideas is what ET is all about, if anyone has a suggestion I can use to improve my method feel free to mention it.
When all is said and done...all that matters is are you consistently profitable at the end of the day, week, month, year?... That is our aim.
Agreed. I did not trade the early morning because I felt the market was too fast. I started trading around 11am.
I really understand where you are coming from with the "evolution" piece. I feel that itis my duty to constantly improve myself, my trading, golf game... and more. Trading is certainly no exception to the rule and demands the most evolution and adaptation to keep up with ever-changing markets. Market personality changes by the year, month, day, hour, you name it.
Risk averse is good... fast markets do not lend themselves to small risk trading IMHO. I try to stick with risk averse trading and I am okay with a few small failures. My biggest problem in the past was trading with no stops, a vague plan, and large risk points. (e.g., pain stop)
Best,
Stone
Quote from stoneface:
I am not sure I completely understand where you are going on this one. Are you implying that the market slows down eventually?
Not at all.
When it is obvious that the market is to be driven in one direction against all and any resistance then just lock on and enjoy the ride.
You see it building some days in the afternoon session.
regards
f9
Hi everyone
Please find attached todays levels.
Always remember to use the numbers as a guideline for potential areas of high probability plays
Always use a set up based upon your system to enter a trade.
Good trading all
ESResistance
Please find attached todays levels.
Always remember to use the numbers as a guideline for potential areas of high probability plays
Always use a set up based upon your system to enter a trade.
Good trading all
ESResistance
Attachments
Quote from ESResistance:
Hi everyone
Please find attached todays levels.
Always remember to use the numbers as a guideline for potential areas of high probability plays
Always use a set up based upon your system to enter a trade.
Good trading all
ESResistance
what are the rules for trading these?
Quote from stoneface:
Warren Buffet a man I greatly respect and admire says his first rule of trading is to "Not lose money". I very much agree with that.
Personally I think Buffet is an extremely good investor, but also get the impression he likes the sound of his own voice and like many Americans in the present generation, get puffed up with their own importance.
Buffet, as a fundamental trader, would be losing money countless times in countless situations.
Fundamental analysis is the long term picture and (1) he would be wrong often (no different to a technician and (2) in the short term and at present, he would be losing money hand over fist.
All very well to say âThe first rule of trading is to not lose money" but like all bullshitters, it sound good in theory and makes his disciples feel all glowy 'n' warmânâfuzzy while worshiping at his feet, but itâs still bullshit [donât lose money] which ever way itâs wrapped.
Fact of the matter is, trading or investing is all about winning and losing money.
Just win more than you lose.
But .....'don't lose money'...... BS!
37.50 worked very nicely for me this am.
Wanted to point out to anyone new to the $TICK - I pay no attention to the $TICK before 10am. It needs time to "get started" and be of real value.
Wanted to point out to anyone new to the $TICK - I pay no attention to the $TICK before 10am. It needs time to "get started" and be of real value.
Quote from ESResistance:
37.50 worked very nicely for me this am.
Wanted to point out to anyone new to the $TICK - I pay no attention to the $TICK before 10am. It needs time to "get started" and be of real value.
did you take the trade at 11:23? How well did it work out for you with your stop?
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