i fucking hate trading when fool bernanke gives testimony. always fucked me up for some reason
is the market going up or down
- Thread starter newtothis
- Start date
i fucking hate trading when fool bernanke gives testimony. always fucked me up for some reason
Never trade on your own opinion, learn the mechanics of what make price move from point A to B to C and so forth and place your trades according to that. How to learn the market sequences you ask? 1000's of hrs of screen time and a commitment to learning.
The sooner you rid yourself of bias one way or another and focus on learning how to spot price correctly, the sooner you'll make consistent profits without headaches
PS Occasionally you'll do everything right and news will come out unexpectedly and shake things up. Unfortunately just gotta roll with the punches, can't account for everything!
The sooner you rid yourself of bias one way or another and focus on learning how to spot price correctly, the sooner you'll make consistent profits without headaches
PS Occasionally you'll do everything right and news will come out unexpectedly and shake things up. Unfortunately just gotta roll with the punches, can't account for everything!
forget all the news for a minute. Unless news is being released right now, its not important. Whats important is the sequences with which price moves. Price moves because of peoples action (collectively) and people (collectively) do not place random trades so therefore prices move in patterns day in and day out. Higher volitilty will certainly cause price to move further than lower volitility will move prices but nonetheless, it all comes down to understanding market mechanics.
I use Price and volume AND......I have a definitive way of structuring price so that as every price bar passes I have a context from which to either be in a trade or wait for more confirmation. Its really simple, learn the patterns and then wait for your opportunities to present themselves and get in! Then, sit patiently waiting for the next discernable sequence to appear and then jump on that. Rinse and repeat. Now, the way in which I do things will never be exactly like you do them, however whats important is that your approach makes sense to you and that you can spot opportunities in real time and make the correct trades. Again, this takes a ton of time because you need to experience a vast amount of situational trading. Over time, your approach will be developed. Takes time though, just like all good things in life from a $$$ standpoint, they don't come easy.
I use Price and volume AND......I have a definitive way of structuring price so that as every price bar passes I have a context from which to either be in a trade or wait for more confirmation. Its really simple, learn the patterns and then wait for your opportunities to present themselves and get in! Then, sit patiently waiting for the next discernable sequence to appear and then jump on that. Rinse and repeat. Now, the way in which I do things will never be exactly like you do them, however whats important is that your approach makes sense to you and that you can spot opportunities in real time and make the correct trades. Again, this takes a ton of time because you need to experience a vast amount of situational trading. Over time, your approach will be developed. Takes time though, just like all good things in life from a $$$ standpoint, they don't come easy.
Let me clarify too, that I am speaking of daytrading only. As far as swing and longer term position trading, I don't have any good advice
I trade primarily off of a 5 min in conjuction with a 1 min. I also have a daily up just for zooming out every so often.
I get my primary context off of a 5 min chart and then use the 1 min to time my entries and exits more precisely.
I get my primary context off of a 5 min chart and then use the 1 min to time my entries and exits more precisely.
To answer the OP's question: Yes