i was lost until i learned to draw and read trendlines,still not winning but at least seeing, a guy next to me in the pit was hand charting market profile on a 3 x 5 graph card,spx range then was about 3 points,after a month or 2, u were able to see the market lose momentum and turn around and knew where it was heading,that moment boosted ones confidence 10 fold. I still hand chart, in 1 point increments and it still only presents about 4 or 5 scenarios, really simplifies trading....Jack uses his ftt's ,joe ross his hooks,whatever tool u use to read the market,other guys fibs, macd, a ton of indicators,if it takes u ten thousand hours to learn to use them, u will have gone thru a lot of dough....below is a recent mp chart ,the same rules work on a 1 day or multiday chart
The 10,000 hour rule.
- Thread starter rmb623
- Start date
Jack,
No offense but what the hell are you talking about.
i would tend to agree with accutrader. it is important to stay with one system or method of trading. as you refine that system, you will falsify aspects of your system and add new rules. this will take some time.
remember that there is more than one way to skin a cat.
learning to understand market volatility and sizing trades correctly based on this info will help u a great deal.
I was suggesting that if anyone sat down and jotted out a series of forks in the road a learning trader had to decide to take, serially (one after another) there is NO way he could spend 10,000 hours to become a trader who would be wealthy.
It is not a good idea for most people to try to create such a dichotomous key. Follow my suggestion and find out why.
The simplest way to evaluate any poster on ET is to profile his decisions made so far on such a dichotomous key.
Quote from Mr_Black:
About making $$$$$$$$$$$$$$
I attached my chart.
I saw the bar 1, etc as finishing yester day's B2B 2R 2B. Then I did the short over to the ftt (which be came my pt 3 on the fanning after bar 23 killed the short R2R 2B 2R). After that the anticipation of FOMC was killing volume. Your long on volume was cooland the drift was there too.
Enjoy.
10,000 hours equal 1250 8-hour days equal 5 260-day years.
The 5 years are very intensive ones, with your focus on the market from open to close almost every day. That means you must do this full-time.
If you do it part-time, it may take 7 or 10 years.
I am not sure a mentor will do any good. If you are obedient enough, you follow a mentor's advices and skip many mistakes, but you also skip the necessary pains. Those pains are very valuable lessons.
I have already gone through the pains, so I cannot go back and find out if it is better to start with a mentor looking over your shoulder. But I believe the pains I have gone through will prevent future blunders. I have heard successful traders blowing up, that often puzzles me. Why would a successful trader blow up? You shouldn't blow up if you are successful through a lot pains, because you already know the traps and mistakes of a trader. I guess a trader becomes successful with the help of a mentor is on shaky ground, someday he may have to suffer pains that I have suffered.
After 5 years of pains, you will know what you are doing. Now I sit down in front of the monitor and know exactly what I should do. One tricky thing: I don't do what I should do.
The 5 years are very intensive ones, with your focus on the market from open to close almost every day. That means you must do this full-time.
If you do it part-time, it may take 7 or 10 years.
I am not sure a mentor will do any good. If you are obedient enough, you follow a mentor's advices and skip many mistakes, but you also skip the necessary pains. Those pains are very valuable lessons.
I have already gone through the pains, so I cannot go back and find out if it is better to start with a mentor looking over your shoulder. But I believe the pains I have gone through will prevent future blunders. I have heard successful traders blowing up, that often puzzles me. Why would a successful trader blow up? You shouldn't blow up if you are successful through a lot pains, because you already know the traps and mistakes of a trader. I guess a trader becomes successful with the help of a mentor is on shaky ground, someday he may have to suffer pains that I have suffered.
After 5 years of pains, you will know what you are doing. Now I sit down in front of the monitor and know exactly what I should do. One tricky thing: I don't do what I should do.
I thought they were talking about how long it took to read a few of your posts...
Thank you for saying that. I can't believe how many threads get pollut.... Well nevermind.
I haven't read the book, but I agree with the 10,000 hour rule.
I've been doing this for a long time, and I'm currently getting used to a new strategy, due to the fact the old one is dead, and it SUCKS.
"Getting it" is one thing. Adapting to new market conditions is another.