"The only way to trade with Fibonaccis" journal

Quote from zxd:

What do you do when bored and looking at the chart after setting up a trade? Do you stare or do something else?
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For day trading? I just sit there and watch it. I have all my orders placed ahead of time. If I get bored I'll open another website on my other monitor or something.

For longer term stuff, I just forget about it cuz we're talking days/weeks/months there. I'm not gonna sit and stare at the screen all day for that.
 
I've been doing this for a few days now and had some good and bad trades today, I'm net positive for the day but my last trade I closed early at 1178.50 instead of at the 0% point of 1179.25, this was a winning trade, I profited about $1100 on the trade and it would have been about $1450 if I let it go, but I rationalized this that I'm already up $1100, why get greedy for another $350 and lose it all.

Is this a huge no-no? How should I avoid this? Anyone want to share some feedback?

I think maybe part of the problem is looking at the chart and getting antsy.
 
Another question, 1a2b3cppp

Do you determine to have a long or short bias before looking for retracements? And if so how do you determine this bias?

For example, today the market went up about 250 points, so I'm inclined to look for short retracements instead of long retracements, what's your opinion on this?

Also, do you have a maximum spread that you'll trade? I've seen through your journal that you've made some big trades but will you cap the spread from 0.0% and 100.0% at a certain amount, say 7 or 8 points?

Thanks.
 
Quote from zxd:

I've been doing this for a few days now and had some good and bad trades today, I'm net positive for the day but my last trade I closed early at 1178.50 instead of at the 0% point of 1179.25, this was a winning trade, I profited about $1100 on the trade and it would have been about $1450 if I let it go, but I rationalized this that I'm already up $1100, why get greedy for another $350 and lose it all.

Is this a huge no-no? How should I avoid this? Anyone want to share some feedback?
More...

This is why the say trading is a mental game. Sure, you took some profits. But you took them before your target profit.

The individual trade doesn't matter, but over all it does matter. What if your next loss puts you net negative, but had you ridden this trade to its true target profit, you'd still be net profitable?

I think maybe part of the problem is looking at the chart and getting antsy.
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Fear vs. greed. Are you closing your losers early, too? Or just your winners?
 
Quote from zxd:

Another question, 1a2b3cppp

Do you determine to have a long or short bias before looking for retracements? And if so how do you determine this bias?

For example, today the market went up about 250 points, so I'm inclined to look for short retracements instead of long retracements, what's your opinion on this?

Also, do you have a maximum spread that you'll trade? I've seen through your journal that you've made some big trades but will you cap the spread from 0.0% and 100.0% at a certain amount, say 7 or 8 points?

Thanks.
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The answer to both is yes, but I will reply to them when I have more time. I've been really busy with another project recently.

Maybe I'll eventually get around to finishing that book :D

On a related note, look at daily charts go up up up. I missed an entry but little bit a while back. Waiting for the next retracement.
 
1a2b3cppp who ever you are you are a moron, why would you trade to just average down. Fibs do work I use them everyday and make money, also your numbers are way off and also he is a secret of fib#'s is there is an .886 and that is a great # to buy or sell off of. also do you use extensions they are also great support and resistance#'s to do trades off of. If you trade it right you wont have to keep avg. up or down. There are alot of books on fibs but to use them right you need to understand how to trade and how to test these levels and how you are setting them up before you actually go and trade like a cowboy.
 
Quote from MemoryofPSEMEL:

1a2b3cppp who ever you are you are a moron, why would you trade to just average down. Fibs do work I use them everyday and make money, also your numbers are way off and also he is a secret of fib#'s is there is an .886 and that is a great # to buy or sell off of. also do you use extensions they are also great support and resistance#'s to do trades off of. If you trade it right you wont have to keep avg. up or down. There are alot of books on fibs but to use them right you need to understand how to trade and how to test these levels and how you are setting them up before you actually go and trade like a cowboy.
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Good troll post.

When you are ready to have a serious discussion, or when you contribute any of the following, let me know:

- no name calling

- justification of your "secret fib #" with a quantifiable explanation of why it works (or, as you put it, why it is "a great # to buy or sell off of")

- when you make a thread where you make live calls

- support for the rest of your claims such as defining what it means to "understand how to trade" or "trade like a cowboy."


I've posted live calls, screenshots, and P/L statements. What have you contributed to this thread?
 
thanks for your response.

Let me ask you something else...you haven't posted for a while, I've read every post so I know the situation, no need to re-explain :)

Have you been profitable with this strategy in the long term? Are you still doing it?
 
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