Thank you ammo. I follow a few of the threads for this method and my impression is they do just about what you described now - they start with a prep using the daily or even weekly for context and then zoom down into 4 or even 1 hour and finally further into 1 minute or lower charts for trading within that context.
Is day trading worth it?
- Thread starter Laissez Faire
- Start date
You're starting to sound like him and reasons like him.
Yes, I am. I took a break from trading, but I do plan to return, either as a day trader or swing trader.
I'm not sure how many times I have to say that I think it's possible to succeed as a trader? All I'm saying is that it's pretty damn hard.
I've been at it for nearly 5 years and I actually know a thing or two about the market by now.
That's why I think it's cute that padawan traders who are just getting into this have all the answers.
Just to be clear, the act of drawing a straight line, assessing where we're in the market cycle, if the market is trending or ranging, having a trading plan, etc, is trading 101 stuff.
Not sure what you've made my general attitude to be, but I'm actually a very positive guy, believe it or not!
I don't see the point in the bet to me, because I don't want to put my money at stake where I don't have the opportunity to influence the outcome. It's a bad trade for me regardless and I try to only take good trades from now.
You can still come clean if you want to prove your trading skills. Don't need a bet for that.
Either way, I sincerely wish you good luck just as I do everyone else who's honest, hard working and sincere.
Best regards.
I donât believe thereâs ever been a correlation between âtesting smartâ and acting wisely or rationally.
The way you know you're getting advice from people who know what they're talking about is because you take their advice and apply it to math problems and come up with solutions that everyone familiar with the math concept agrees is correct.
The way you know you're getting useful trading advice is you apply it to N appearances of the setups along with the trade management rules that are suggested and you come up with the same trades as everyone familiar with the concept.
DB and his students seem to come up with the same trades as I do when we apply the concept to a chart of CL or NQ or very likely any liquid instrument with decent intraday swings.
You can apply the breakout pullback concept to 100 appearances of the setup and quickly see that thereâs positive expectancy with a simple set of rules as long as you apply them diligently to every appearance of the setup during your chosen trading hours.
A trustworthy mentor will encourage the students to do this.
Most students of such a mentor, if willing to work, will come up with a solid trading plan.
However, most will fail to execute it properly.
Iâve stated many times on ET that I donât know and I donât care whether Al Brooks, Bighog, Redneck, or Austin are profitable traders or whether they even trade a live account, for that matter. The methodologies they showed me provided a framework for consistently profitable day trading results once I studied them carefully.
I haven't just gotten into this stuff although I do consider myself a beginner. I've read most of the books, tried a lot of the methods etc. so for me this is a return to the basics. I'm trying to stay with the idea that I don't have everything figured out. I completely agree with you that this is all trading 101 stuff. Should I move on to trading 201 before I've mastered this? Have you mastered trading 101?
What is the thing or two you know about the market except that it is difficult? (serious question)
I certainly hope I don't come across as having all the answers. I know I don't. What I do have is belief in myself and I try and operate in such a way so that all responsibility for this process is mine. If I go busto I will take complete ownership of it. if I succeed I will send DBP a nice bottle of scotch.
I used to be a high level poker player before it became prohibitive to play on-line in the US. I know a fair amount of high level players. Just like trading smart people fail at poker all the time. Just like trading 10% make money. Just like trading you are constantly dealing with uncertainty and the psychological demons involved in uncertainty. Some of the best minds in poker go busto all the time. It is always because of psychology. Although poker is a complex game with a lot of nuance it is not the complexity of the game that causes smart people to go broke. It is a psychological weakness. I believe this is most likely the case with trading as well.
Since this is trading 101 stuff I'm sure you have a well-tested trading plan which includes a means of determining the market cycle. If you do (I don't care) and you are honest with yourself then the only reason you haven't succeeded is psychological. You didn't follow your rules. If you followed your rules to a tee and still failed then you didn't properly test your system. Either way the failure resides with you.
If you can see things this way than DBP or NoDoji or whomever proving profitability won't matter to you. You will either learn to follow your/their rules or you won't. Their/your rules will test out or they won't. This tread is way past helping you determine to swing of day trade. Time to shit or get off the pot.
Yes. I was a bit harsh. My apologies--. But do you not find it odd that there is zero evidence ? Be extraordinarily cautious when you switch to real funds--when following such a dubious source.
See above comments on poker. I've basically learned a ton about poker from some of the biggest blowup artists. I learned to separate their actions from what they taught me. Its just not uncommon in poker and I imagine its true in trading. If its important to you - I get it - its just not important to me.
I can decide for myself what works for me.
Surfer, didn't you fail miserably at the combine?
Ok-- that's very wise. But I maintain it simply makes more sense to follow traders with proven success. Good luck!
There's a lot of discussion on ET from people who are confused as to:
Why a successful trader would teach someone else their methods.
Why someone would help someone else for free.
Why a successful trader would charge to mentor someone.
Why a successful trader doesn't just keep sizing up and become a bazillionaire.
Etc, etc, etc.
Having been helped by successful traders for free (traders who aren't swinging massive size around from what they've divulged to me), here's what I don't understand:
Why would a trader who's making $40,000 a day (or more, if the seven-figure account is more than just a million) be spending so much time challenging the validity of others' trades, doubting the claims of consistent profitability from other traders, and disparaging those who are simply teaching others a standard price action approach to trading?