Only a few setup's

W

white

The longer I trade, the less trades I make. I have limited myself to four types of trades. They may not surface all day or may show up a max of six times. My question is, do most of the profitable traders out there feel the same way? Sometimes I will sit here for two or three hours and not see one setup. I find the hardest thing is keeping myself from overtrading. Any thoughts welcome.


White
 
For me its the only way to go, be a brick layer. A brick layer isnt a fancy guy, he does the same thing over and over. I think that a trader using the jack of all trades, master of none approach tends to blow out faster and is probably someone in the camp of those addicted to the rush of being in a trade. I find that the best traders I know have 3 to 4 things they know very well. Its almost like when you go to college and get a major, sure you can do general studies, but you won't get much out of it.

Brandon
 
Originally posted by white
The longer I trade, the less trades I make. I have limited myself to four types of trades. They may not surface all day or may show up a max of six times. My question is, do most of the profitable traders out there feel the same way? Sometimes I will sit here for two or three hours and not see one setup. I find the hardest thing is keeping myself from overtrading. Any thoughts welcome.


White
More...

Sounds like you're evolving...ultimately you will reach
that stage where your trading style fits your personality.

Actually, I was just the opposite. The longer I traded,
the more trades I made, until finally I found that
place where I was happy.
 

El Cazador,


The four types are very basic.

1. The open, look for the U "short at the top" or upside down U "buy at the bottom". MUST be with MARKET and SOX!

2. Wait for the trend to be established, if down, short the first and second rally, pullback depends on the negativity of the market and SOX. Long same thing.

3. When there is a up trend wait for the trend line to be broken, the short at the last high. The key is it must be a quick fast move back, if it consolidates. no go.

4. Wait till 11:00 or so the look for the channel to form the go with market and SOX.


Not fancy or ground breaking, but it works.


White
 
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