MO,
On the Es, I will typically make 2 trades per day. I forgot who said it in some trading book, but one of the best quotes that I can remember is that one of the best trades that a trader can make throughout the day is sitting on your hands and doing nothing. What this implies is that one of the hardest things for a trader to do is wait and wait and wait for that high probability setup that you have backtested yourself and have confidence in trading. Two good trades per day is worth more than 100 lousy ones.
I will also trade maybe one setup in the gold futures.
I'm not sure how informative my profit and loss numbers would be or anyone else's. I could put out numbers that make me look like a wizard trader. It is also pretty easy to forge a trading account statement. One word of advice is that it is not important what anyone else is doing. What is important is what you are doing.
I went through many years of losses, like everyone else. Now - I'm slightly better than break even. In the 38 steps to becoming a succesfull trader - http://www.commodities-futures.com/ - I'm around step 25.
I'm lucky. I have sufficient funds to go through a long period of tuition, and I have very little expenses. I don't have a spouse telling me to get a real job; I'm stubbornly independent and highly motivated and determined. You will not see me in a Market Wizard's book anytime soon. However, I truly love trading and the challenge. I can not think of anything else that I would prefer doing.
I post from time to time mainly for myself rather than for anyone else. I helps me stay focused.
This Simple Method is good. It is really very similar to what others have written about - primarily the Three Wave formation of a short term trend. Initial Swing Wave - Reaction Phase - Impulse Wave. These are not my terminology , but terminology developed by Tony Plummer many years ago. It is also a stategy used by Linda Raschke.
Momentum - Short Term Reaction - Continuation of Momentum.
Charles
On the Es, I will typically make 2 trades per day. I forgot who said it in some trading book, but one of the best quotes that I can remember is that one of the best trades that a trader can make throughout the day is sitting on your hands and doing nothing. What this implies is that one of the hardest things for a trader to do is wait and wait and wait for that high probability setup that you have backtested yourself and have confidence in trading. Two good trades per day is worth more than 100 lousy ones.
I will also trade maybe one setup in the gold futures.
I'm not sure how informative my profit and loss numbers would be or anyone else's. I could put out numbers that make me look like a wizard trader. It is also pretty easy to forge a trading account statement. One word of advice is that it is not important what anyone else is doing. What is important is what you are doing.
I went through many years of losses, like everyone else. Now - I'm slightly better than break even. In the 38 steps to becoming a succesfull trader - http://www.commodities-futures.com/ - I'm around step 25.
I'm lucky. I have sufficient funds to go through a long period of tuition, and I have very little expenses. I don't have a spouse telling me to get a real job; I'm stubbornly independent and highly motivated and determined. You will not see me in a Market Wizard's book anytime soon. However, I truly love trading and the challenge. I can not think of anything else that I would prefer doing.
I post from time to time mainly for myself rather than for anyone else. I helps me stay focused.
This Simple Method is good. It is really very similar to what others have written about - primarily the Three Wave formation of a short term trend. Initial Swing Wave - Reaction Phase - Impulse Wave. These are not my terminology , but terminology developed by Tony Plummer many years ago. It is also a stategy used by Linda Raschke.
Momentum - Short Term Reaction - Continuation of Momentum.
Charles
