Quote from jsmooth:
seems like this thread has died, but has anyone been using the strategy that Fisher talked about in his Top Step Trader webinar a month or so ago....ES - using two OR from 9:30-9:45 and 1:15-1:30et? Anyone been using or testing that the past few weeks? Any success or strategy? I listen to the Traders Audio CL/NG squawk and he says a lot of the big CL locals watch the 20 min opening range for breakout plays. Fish said he likes to watch the 15 minute range after brent closes.
I worked at a discount firm and could watch people trade everyday, see their pnl, contact them and manage their margin calls and short squeezes....99.9% of them lost money cause - they didnt have a strategy, they didnt have discipline to try to do the same thing over and over again each day, they traded the news (made impluse trades), and the biggest thing, they let their losers run and always cut their winners short. I could go on for hours about the mistakes they made trading, I would see people lose 50-100k a day, wire in more money to cover it then just lose it again, making the same mistake, most of them were nothing more than gamblers (but they never thought of the stock market as a gamble, they always thought they where smarter than everyone else and saw an opportunity). But the one thing i did notice, everyone that always lost money, they never really understood how the market "worked"...they never really could comprehend that when they bought, someone was on the other side of the trade selling to them. I think just understanding how the market works and functions is the first step to being constantly profitable.
