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Technical Analysis, Yo.
- Thread starter shark
- Start date
Quote from Airwaves:
Sorry.
Yes, had a trading plan and a journal.
I think having a trading plan is kind of pointless, but i made one years ago anyway, just on the advice of various trading websites.
Assuming daytrading is possible, At the end of the day, your method either works or it doesn't. Having a 'trading plan' with your goals and your routine etc, doesn't come into it in my opinion.
If you followed your plan and failed then you know why you failed.
If you didnât follow the plan then you have to take responsibility.
If nothing else you have found a method that doesnât work. You donât have to change the plan you have to come up with a method that works.
If you believe that day trading wonât work then it probably wonât. Try swing trading or position trading. You have to find something that suits you.
Why not put your plan out here and weâll pick it apart. Who knows maybe youâll find something that will work for you.
Quote from duhmentor:
If you believe that day trading wonât work then it probably wonât. Try swing trading or position trading. You have to find something that suits you.
.
But its all just the same thing, is it not?
Whether day trading 5min charts, or swing trading from dailies, the patterns and the theory remain the same.
Sometimes the price action 'works' and sometimes it goes wrong.
I believe that there is a form of short term fundamanetal analysis that can be used to make money, but am not sure what it is and how to go about finding it (that's if its possible to access it without being on 'the inside' working for a trading firm or something)
I find it encouraging that 'lescor' claims to use very simple methods using charts to make boat loads of money. However, ive been around trading forums for about 7 years, and ive known of apparently successful traders like lescor, who have eventually been exposed as complete liars! It makes up part of my overal skepticism. You really cant trust anyone.
I guess there's confusion about what an edge actually is.
If you make money for 8 months trading 5 monite doji candles successfully, is that an edge?
I tend to agree with airwaves, that edges are reserved for investment banks and the like.
If you make money for 8 months trading 5 monite doji candles successfully, is that an edge?
I tend to agree with airwaves, that edges are reserved for investment banks and the like.
Quote from jem:
Airwaves.... I had a huge edge for a while making over 100% on the account I was trading (25-50 gs) for about 5 years. That edge faded as the market became more arbed.
I suspect you are trying to day trade highly arbed markets.
mainly been daytrading the ES and currency futures.
Spells of success. trippled my account when trading without stops (still feel as though the only way to make it is to already be EXTREMELY wealthy so that you can comfortably keep adding to losers, especially if long something like the ES for example.)
Decided i wasn;t rich enough to keep trading without stops, and then bled money most days as stops got hit, lol.
Quote from Airwaves:
But its all just the same thing, is it not?
Whether day trading 5min charts, or swing trading from dailies, the patterns and the theory remain the same.
Sometimes the price action 'works' and sometimes it goes wrong.
I believe that there is a form of short term fundamanetal analysis that can be used to make money, but am not sure what it is and how to go about finding it (that's if its possible to access it without being on 'the inside' working for a trading firm or something)
I find it encouraging that 'lescor' claims to use very simple methods using charts to make boat loads of money. However, ive been around trading forums for about 7 years, and ive known of apparently successful traders like lescor, who have eventually been exposed as complete liars! It makes up part of my overal skepticism. You really cant trust anyone.
Nothing works all the time. You know its a probabilities game. The trick is to have bigger wins and smaller losses and to stay in the game.
I keep on and on about a trading plan. What a plan should do is focus you on how you will accomplish what you want to do.
You write down where you want to be by a certain time and then write down how you are going to get there.
You can base your plan around short term FA if you like, but if like you say insiders know everything before you do, how will you take advantage of the situation? What ever you decide to do write down what actions you will take and keep track of whether it worked. Then you will know if the plan worked or not.
If you just keep trading without any plan or rules how will you know if the plan was faulty or if it was you?
It doesn't matter what everyone else says they are doing, it only matters what you are doing. If someone claims to make mega bucks and then turns out to be a phony it should have no effect on you unless you are paying to use their method.
If you doubt that no one can beat the market then don't play. But if you believe that you can make a dollar then it's up to you to find a way. A trading plan can only help. What harm could it do.
Quote from Airwaves:
But its all just the same thing, is it not?
Whether day trading 5min charts, or swing trading from dailies, the patterns and the theory remain the same.
Sometimes the price action 'works' and sometimes it goes wrong.
I believe that there is a form of short term fundamanetal analysis that can be used to make money, but am not sure what it is and how to go about finding it (that's if its possible to access it without being on 'the inside' working for a trading firm or something)
No, not all charting environments are created equal.
First thing is to eliminate the variable aspects from your charts. Edges disappear because they are based on chart occurrences that were grounded in variable chart environments. Learn to stabilize your charts and you will stabilize your results.
Fundamental analysis is a great long term tool if you have the resources to make sure you have ALL of the pertinent information but the average trader doesn't have the time nor the resources to insure all of their information is accurate. Then even if the information is accurate, based on all know reporting avenues, the data can be misrepresented by the companies reporting the data. This will render the FA totally useless.
FA for the short term requires having or getting immediate information regarding something coming out that will effect that company either positively or negatively and very very very very few people are privy to that information and sharing it is illegal.
I started watching the charts in '94 and was lucking enough to have someone guide me to find something "different" in reading the charts. If 95% of those attempting the task of trading or self investing failed why on earth would I try to learn to trade from people that can't profit consistently from their actions?
Take a step back and reassess what you are trying to accomplish. Treat this task as a problem solving situation and break it down and reassemble it piece by piece. Find the problem and fix it.
I've began to be mildly profitable in 2002 but consistently profitable starting in 2004. It takes a lot of time to focus on this if you want to succeed.