Spydertrader's Jack Hershey Equities Trading Journal III

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Pleas correct me if I'm wrong.
As far as I understand, this is how to calculate for an upside Fibonacci retracement:

Step1: High - Low = difference

Step 2: Difference * Fibonacci number = number to be subtracted from high

Step 3: Retracement = High - Step 2

How do we calculate a fibonacci extention?
 
Quote from Ares1:

How do we calculate a fibonacci extention?
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This discussion does not contain information with respect to Fibonacci Retracements. If you have an interest in learning how the individuals posting to the thread make money, then I encourage you to begin at page one of Journal I in an effort to further your understanding. If you have no interest in the methods discussed here, kindly stop posting off-topic commentary.

- Spydertrader
 
Sorry.

I guess I was jumping too fast.
I assumed that you were using fibonacci ( and knew how the extention was calculated).
I guess I should finish reading this journal, the book that you sent,journal 1,and journal 2 first.
I was just getting impatient (something to do with emotion - my main challenge) and wanted to read everything (and understand) all in one day.

I will be careful to post relevant topics next time.

Ares
 
No need to jump in too fast.

Let's say reading all the journals and supporting documents take 6 months. Then practicing the methods take another 6 months. After that it takes another year to get the 'execution' skills down for the methods. Is it worth it?

Ask yourself if you would spend 2 years not making a dime, to learn something that after the 2 years, you would make all the money you'd ever need.

Learning these methods over the internet is not the easiest way, so all the effort is on the individual to 'teach' himself. Thank goodness we have ET and can post to try and help each other.

Bottom line: no rush, be patient and teach yourself the 'correct' way, keep asking questions.

Just some food for thought.

-Mike
 
Quote from Avi 8:

No need to jump in too fast.

Let's say reading all the journals and supporting documents take 6 months. Then practicing the methods take another 6 months. After that it takes another year to get the 'execution' skills down for the methods. Is it worth it?

Ask yourself if you would spend 2 years not making a dime, to learn something that after the 2 years, you would make all the money you'd ever need.

Learning these methods over the internet is not the easiest way, so all the effort is on the individual to 'teach' himself. Thank goodness we have ET and can post to try and help each other.

Bottom line: no rush, be patient and teach yourself the 'correct' way, keep asking questions.

Just some food for thought.

-Mike
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Thanks Mike.

I will open a thread named Ares in the journal forum so that I will not clutter Spydertrader's thread.

Currently, I'm trading on paper (and sometimes for real) the strategies I'm already comfortable with.

I am really interested in the method that is being discussed in here and would really like to follow it.

Looking forward to all the help I can get in my stock trading journey.

Ares
 
Quote from Ares1:



My wife and I are currently reading the book by John (not Jack?) Hershey.

Thanks again Spydertrader for sending that.

Ares
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Did I miss something? Book? What book?
 
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