Lessons from the Hard Right Edge

[BCE]

Quote from NoDoji:

ET indeed linked me up with some amazing traders and provided (and continues to provide) an incredible education.

I feel that this will be a big year for you. You'll have discovered the ultimate Holy Grail. And that is to fade my trading calls. When I post that CL isn't going to 91 or 92 anytime soon and then it get's there in a few hours this will be the confirmation you need to fade me and reap massive profits. No need for fundamentals or all that messy charting, tech analysis stuff.

 

[NoDoji]

Quote from BCE:

I feel that this will be a big year for you. You'll have discovered the ultimate Holy Grail. And that is to fade my trading calls. When I post that CL isn't going to 91 or 92 anytime soon and then it get's there in a few hours this will be the confirmation you need to fade me and reap massive profits. No need for fundamentals or all that messy charting, tech analysis stuff.

BCE, you have found one of the Holy Grails of CL trading. At a given point in time ask yourself, "What's the last thing I expect CL to do today?" Then put on that trade.

I entered an 89.32 long Friday that moved nicely to the upper channel line where I took my profits as planned, and as it was working its way to my target I jokingly said to my friends, "I think I should target a break of 91.88." I mean that was THE high on 12/27 before the ensuing 4-day pullback and I entered a trade at a price 2.56 away from there on New Year's Eve, which meant price would've had to produce a daily price bar with a range larger than any price bar since 12/7 and that was seriously the last thing I expected CL to do and that's exactly what it did.

 

[Cheese]

The rigor required is not only knowing what you are doing but also knowing what you intend to do. That means (1) having a reliable methodology and (2) following it.

CL is volatile and you should be familiar with its metrics if it is the market you trade. This is a market which offers up good chunks (up or down).

Now if you have varied responses to the same event (eg the beginning of a swing in the opposite direction) you are creating unnecessary difficulties. Instead of just recognizing it, you are interposing non-requirements. Lets take some examples. You have the 'buy' trigger but won't take it because you interpret the news background as bearish or you haven't had the buy trigger yet but you anticipate it to make extra points. The 'buy' you didn't take may not only be one that just goes up as expected but also it may become one which is a big swing upwards. And the 'buy' you anticipated may only be a retracement which you will have to bail from at a loss.

If your system does not have high reliability you must have a stoploss ready which you execute without fail. It should allow some points against the number at your trade entry point but be related to the metrics of the markets gyrations.

 

[NoDoji]

Quote from Cheese:

You have the 'buy' trigger but won't take it because the news background is bearish or you haven't had the buy trigger yet but you anticipate it to make extra points. The 'buy' you didn't take may not only be one that just goes up as expected but also it may become one which is a big swing upwards. And the 'buy' you anticipated may only be a retracement which you will have to bail from at a loss.

This about sums up CL day trading. It chuckles at news and punishes cheaters

 

[Samsara]

Quote from Samekh:

total bunk.with 8000hrs you didn`t learn anything...AT ALL

Longshot, but is this coolweb getting drunk/doing drugs and creating accounts?

I notice coolweb seems to have a writing problem. Not just run of the mill grammar stuff, but somewhat strange misspellings and word order issues. Seems to be drugs or indicative of a mental disorder of some sort.

Plus the straight up weird sadism thing.

 

[nkhoi]

Quote from Samsara:

Longshot, but is this coolweb getting drunk/doing drugs and creating accounts?

I notice coolweb seems to have a writing problem. Not just run of the mill grammar stuff, but somewhat strange misspellings and word order issues. Seems indicative of a mental disorder of some sort.

....

Its called dyslexia

 

[Samsara]

Quote from nkhoi:

Its called dyslexia

Ah, of course.

 

[spd]

Quote from Samekh:

total bunk.with 8000hrs you didn`t learn anything...AT ALL

Either share some market insight to back that statement up or die in a fire.

 

[intradaybill]

Quote from Rona1d:

"There are many books on short term trading (and several threads on ET) that will provide you with a valid edge and risk management rules. Anyone who can read, identify common patterns, and follow basic rules for entering a position should be able to trade successfully."

Lol its definitely not that easy to be successful. Finding an edge in trading requires a tremendous chunk of time commitment and experience, as well as the intelligence.

+1

Finding an edge is 1% books, tools, patterns, advice, etc, and 99% perspiration.

This is my only rule. I am sorry I don't have to share more rules.

 

[jinxu]

Quote from intradaybill:

+1

Finding an edge is 1% books, tools, patterns, advice, etc, and 99% perspiration.

This is my only rule. I am sorry I don't have to share more rules.

That was Rona1d's 27th post too. Just to let you know.