The Tao of Minimalistic Trading: $300 Daily Profit

Stewie said:
Although I can't answer for him, I would at least hope that you do just as good of a job at posting all your trades as he does. You bought essentially at the top of this move today and price went against you over 10 points right now, so although you're maybe using wide stops, an exit for this trade whenever it happens would be nice. With schizo, you can always see his exits were for -1 or -2 points and if he had a bigger stop cause he was walking away, he would post it in advance.
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Micro trading is not for everyone, many very successful traders require more information to be wrong. depends on the choice of charts a person chooses to watch. trading off the 60 or thirty requires way more wiggle room. but yes clarity would be nice.
 
Zodiac4u said:
Micro trading is not for everyone, many very successful traders require more information to be wrong. depends on the choice of charts a person chooses to watch. trading off the 60 or thirty requires way more wiggle room. but yes clarity would be nice.
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I'm not sure if price going over 10 ES points against you is called micro trading, but yes, higher time frames usually make traders use larger stops.
 
Stewie said:
I'm not sure if price going over 10 ES points against you is called micro trading, but yes, higher time frames usually make traders use larger stops.
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my threshold of pain is not at that level either, but I do like instant gratification myself.
 
Zodiac4u said:
my threshold of pain is not at that level either, but I do like instant gratification myself.
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I guess it all depends on what type of trader you are. If you trade S&R, it doesn't matter if you're looking at an hourly or a 1 minute chart as the level will be at the exact same place, and if broken or defended, it will all look the same.

But if you're trading an hourly chart and waiting for a retracement, then what can be obvious on the 1 minute chart is lost on the hourly chart. On the flip side, if you make an entry based on something you see on the hourly chart, it might start looking pretty ugly on the 1 minute, even though on the hourly chart it still looks fine, and hence the need for the larger stops.
 
Stewie said:
I guess it all depends on what type of trader you are. If you trade S&R, it doesn't matter if you're looking at an hourly or a 1 minute chart as the level will be at the exact same place, and if broken or defended, it will all look the same.

But if you're trading an hourly chart and waiting for a retracement, then what can be obvious on the 1 minute chart is lost on the hourly chart. On the flip side, if you make an entry based on something you see on the hourly chart, it might start looking pretty ugly on the 1 minute, even though on the hourly chart it still looks fine, and hence the need for the larger stops.
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Lets not forget pattern traders, but its all a personal choice.
 
Zodiac4u said:
Lets not forget pattern traders, but its all a personal choice.
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8 days down, what we going to make it nine? From here??

How many days down on the tail of a multiyear BULL (2008)do you expect??

these are the questions I ask myself, then I draw my fibs. 1965 = 38.2
 
jimmiebarton said:
8 days down, what we going to make it nine? From here??
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When you look at the daily candle, its already a very nice up day! The overnight move was huge. But if we end here, at this level, even though its an up day, your position is severely down. So even saying that it has to be an up day today after 8 down days doesn't work for you because it already is an up day.
 
Stewie said:
When you look at the daily candle, its already a very nice up day! The overnight move was huge. But if we end here, at this level, even though its an up day, your position is severely down. So even saying that it has to be an up day today after 8 down days doesn't work for you because it already is an up day.
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First gap up day in last eight. You bet against that here?? You short stewie?
 
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