Greed
MES Journal - 2020 Dec
- Thread starter gerryhoho
- Start date
Or he walked away from the computer at the wrong time due to a distraction.
wrbtrader
2 things.
1. where are the rest of your trades? no way you traded like this then just stopped cold turkey forn the entire day.
2. where is your full day chart with your buys and sells. what platform are you using? you should be able to post a chart with connecting lines of your buys and sells.
what plarform?
1. where are the rest of your trades? no way you traded like this then just stopped cold turkey forn the entire day.
2. where is your full day chart with your buys and sells. what platform are you using? you should be able to post a chart with connecting lines of your buys and sells.
what plarform?
we dont need much info but acct size matters..
i will say losing is ok but putting 6 longs just to exit them like you did was odd and later you bought 1 and exited then bought another 1 just a tick away all very rapidly? your view changed that quickk
i will say losing is ok but putting 6 longs just to exit them like you did was odd and later you bought 1 and exited then bought another 1 just a tick away all very rapidly? your view changed that quickk
May I challenge that post and - as you said, you never read Al Brooks books - ask what, you did read =)
I know that question is scorned, as it often implies a fast hope to find an easy solution. Nevertheless, for willing ones to read and backtest, what would be your recommendation bookwise?
with all due respect, the same question reaches out to you =) For the willing ones to learn the difference of that market types described, a bookwise recommendation is appreciated.
As mentioned before, the intention is not to find a fasttrack, but to build the own knowledge on a sound foundation.
I have not read many trading books. The ones I have read were read a long time ago and are listed below. They all provided me with information I needed at the time. Nowadays, information is more easily available on the internet, i.e., there are candlestick cheat sheets with every pattern under the sun and what they imply. From my testing, by themselves, candlestick patterns don't provide a statistical advantage. They need to be used with some other overriding support & resistance and therefore are just givers of confidence.
If they don't already have a basic understanding I think all traders would benefit from almost any book on auction market theory and basic statistics.
Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East
Steve Nison
Markets and Market Logic
J. Peter Steidlmayer, Kevin Koy
Steidlmayer on Markets: A New Approach to Trading
J. Peter Steidlmayer
Mind over Markets: Power Trading with Market Generated Information
Robert Bevan Dalton, James F.;Jones, Eric T.;Dalton, Robert B.;Dalton
Racetrack Betting: The Professor's Guide to Strategies
Peter Asch, Richard E. Quandt, Rita Z. Asch
I really appreciate your effort and the contribution - thank you. I didnt ask for any specific in the internet, as for me it feels super easy to get lost there
Well absolutely has no idea how to recognize the 2 types of markets.
Its like u asking me to do heal and toe in my driving lesson.
Mind to give me a hint on that or roughly point me sort of direction i can reseach or look at?
Thanks!
Don't.
If you actually want help - I suggest you give us all an introduction about yourself and your current methodology, market experience, expectations and so on.
The brutal truth is that successful/consistent trading requires expertise. This takes a long time to acquire and by the time you've done so, you're no longer asking for advice because you asked the right questions yourself and found the answers yourself.
If you want to go down the 'price action' route you need to seriously study 'price action' and backcheck/back-test a lot. Be methodical and write down your observations. If you search up the poster NoDoji, she had a manual method of backtesting all her set-ups where she'd scroll from left to right on a historical chart and write down every time her set-up occurred and what happened. This gave her statistical data, 'ingrained the pattern in her mind' and other valuable information such as stop placement, targets and so on. I'm sure she also discovered a bit about what works and what doesn't.
Unless you can do this full-time (and probably still then) - live trading is a waste of time and inefficient use of your time. With back-testing/back-checking you can maybe do 5 days in the same amount of time. So, 35 sessions over the course of a week. 140 sessions over the course of a month. This lets you learn a lot in a relatively short amount of time if you're smart about it.
Do that for a few months and start building a plan based on the observations/studies you've done. Start trading it in simulator mode. Start trading it with 1 MES if your results are promising. Back to the drawing board if you lose money or notice other flaws in your approach. The latter is a common one by the way. Often, it's in live trading you notice where you're lacking.
Sounds like a lot of work? It is.
an introduction about yourself......
I graduated in maths with finance many many years ago, have been a G7 spot inter desk dealer / trader for a bank, worked a bit on the FXO desk in RBS (vanilla & excotic), prop trader in Hang Seng future and an execution trader for an oil company. But these are like decades ago tho
If you search up the poster NoDoji.......
Any more detail or link so I can dig in for more pls?
With back-testing/back-checking you can maybe do 5 days in the same amount of time. So, 35 sessions over the course of a week. 140 sessions.
Sure! Its not a lot to work and I will do it