Intraday FX Player
- Thread starter CFerret
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been talking to CF about size, he uses % wise size, which seems to be conceptually the best thing (Van Tharp found this one to be much better), however I'm afraid executing this adjustable size is going to distract me from following the charts well and leading to a bigger mess. What are your thoughts on this yoohoo, or do you, like I suspect, just use one size.
Good morning all!
Hourly gameplan is currently looking as a triangle which haven't broken out yet...
4H is also a bit uncertain as we can have at least a retracement up from previous week straight selloff or probably another leg down (which will make mks looking a bit oversold though)...
Hourly gameplan is currently looking as a triangle which haven't broken out yet...
4H is also a bit uncertain as we can have at least a retracement up from previous week straight selloff or probably another leg down (which will make mks looking a bit oversold though)...
THOUGHT FOR THE DAY: DELAING WITH EMOTION
I can't think of many mistakes in trading that I have not made big style. It's an essential part of learning and the longer you trade the better you become at recognising your demons and expelling them. Take Friday as an example... I've done EXACTLY what Pension did - short the bottom and then go long the top because I thought I was realigning myself with the main direction of the market.
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 03:42 AMThis thing just keep going up and it's not coming down.
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 04:05 AMThis is a short squeeze...squeezing the smart players who closes their position real slowly and wisely. It's causing this slowly and surely up trend.
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 04:15 AMPublic Service Announcement: Don't short this beast!
(PS:THIS WAS MARKET TOP!)
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 04:27 AM It's a feeling from shorting it for the past 6 hours.
This is an all too common mistake that either makes us address what is wrong or makes us more determined to wing-it-and-win next time and possibly get wiped out.
Precision trading is what we are moving toward and that requires strict rules, tight stops and high probability trades. There's no averaging in/out, averaging a loss, target setting etc. Those rules are a must for a different style of trading but are useless for us. This is much too fast and too fluid. You are either right or wrong so back it to the hilt and get out fast if it doesn't do what you expected. There's no fear of big profits i.e. take off 33/50% at a level because you don't know what's next. We look to catch a trend and for the passing of a set-up from one T/f to a larger T/f recognising the bigger signals brings in bigger traders.
We want to learn to identify the end of tradable chop and the beginning of a run or a creeping trend and trade as best suits the move... swinging or positioning. No reading psychology - you either read the market or you read psychology to help you overcome the mental damage inflicted from neither understanding the trend nor what a quality set-up is.
Failure often means reverse and the earlier you can recognise it the more likely you reverse with a scalp profit resulting in close to âalways inâ trading. But for now it's a step by step process to recognise how timeframes talk to each other and this comes back to where we began... drills on clear signals and especially taking entries that fill other traders with fear that we now understand to be the safest, highest quality for traders.
If you must get attached to a trade or your market view in spite of what PA is telling you, then you need a less demanding method of trading and thereâs absolutely nothing wrong with that â we are all in this for a profit. But if you sit in a trade for 6 hrs while itâs running against you with style, become convinced the trend is set in stone and decide to âjoin itâ, you are going to be expelled penniless form this game.
Iâve shown a few charts where we can use emotion to draw T/Lâs and even project Time & Price projections using emotion. Emotion is to be harnessed by strict rules and reading PA â then you can ride the waves easily.
Iâm taking 10-14 days off to a white beach island resort so Iâm getting things I need today. Will pop in and out of the room. Remember, catch the trend on the 1 hr and make a killing. Today was a gift!
Study diligently and enjoy!
I can't think of many mistakes in trading that I have not made big style. It's an essential part of learning and the longer you trade the better you become at recognising your demons and expelling them. Take Friday as an example... I've done EXACTLY what Pension did - short the bottom and then go long the top because I thought I was realigning myself with the main direction of the market.
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 03:42 AMThis thing just keep going up and it's not coming down.
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 04:05 AMThis is a short squeeze...squeezing the smart players who closes their position real slowly and wisely. It's causing this slowly and surely up trend.
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 04:15 AMPublic Service Announcement: Don't short this beast!
(PS:THIS WAS MARKET TOP!)
Pension_Admin Registered: Nov 2006Posts: 165 04-25-08 04:27 AM It's a feeling from shorting it for the past 6 hours.
This is an all too common mistake that either makes us address what is wrong or makes us more determined to wing-it-and-win next time and possibly get wiped out.
Precision trading is what we are moving toward and that requires strict rules, tight stops and high probability trades. There's no averaging in/out, averaging a loss, target setting etc. Those rules are a must for a different style of trading but are useless for us. This is much too fast and too fluid. You are either right or wrong so back it to the hilt and get out fast if it doesn't do what you expected. There's no fear of big profits i.e. take off 33/50% at a level because you don't know what's next. We look to catch a trend and for the passing of a set-up from one T/f to a larger T/f recognising the bigger signals brings in bigger traders.
We want to learn to identify the end of tradable chop and the beginning of a run or a creeping trend and trade as best suits the move... swinging or positioning. No reading psychology - you either read the market or you read psychology to help you overcome the mental damage inflicted from neither understanding the trend nor what a quality set-up is.
Failure often means reverse and the earlier you can recognise it the more likely you reverse with a scalp profit resulting in close to âalways inâ trading. But for now it's a step by step process to recognise how timeframes talk to each other and this comes back to where we began... drills on clear signals and especially taking entries that fill other traders with fear that we now understand to be the safest, highest quality for traders.
If you must get attached to a trade or your market view in spite of what PA is telling you, then you need a less demanding method of trading and thereâs absolutely nothing wrong with that â we are all in this for a profit. But if you sit in a trade for 6 hrs while itâs running against you with style, become convinced the trend is set in stone and decide to âjoin itâ, you are going to be expelled penniless form this game.
Iâve shown a few charts where we can use emotion to draw T/Lâs and even project Time & Price projections using emotion. Emotion is to be harnessed by strict rules and reading PA â then you can ride the waves easily.
Iâm taking 10-14 days off to a white beach island resort so Iâm getting things I need today. Will pop in and out of the room. Remember, catch the trend on the 1 hr and make a killing. Today was a gift!
Study diligently and enjoy!
Morning Guys. As regards CF's position sizing, this is because CF is testing signals and techniques that are new to him.
It's madness to trust anyone in this game - you have to be sure what they do works for you too so it's very wise for CF to "SS" until he has both the speed and confidence in this style.
Then my style is all in.
It's madness to trust anyone in this game - you have to be sure what they do works for you too so it's very wise for CF to "SS" until he has both the speed and confidence in this style.
Then my style is all in.
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