Tight Stops

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Quote from WaveTrader2004:

If you know what is going on I applaud you.

But so far you have not made any contribution to anything I have seen on this site. A bit like Prechter and Miner telling everyone to short the market all the way up.

As for BSAM well what can you say he is just another lost sole wandering around in the wilderness and really has nothing constructive to offer except innuendo.

Well boys I don't really care anyway - this was just another day in my life finding out what is on the otherside of my trades.

:-)))
BBG
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Thanks for the applause.
Thanks for your analysis.
Do I owe you anything? :-)))
 
I didn't come in to this Elite Site with any plan to recruit customers and as it is I have rules of my own that I work with that serve me well.

I have given you some information that may help you in the future that is more than you have given me.

If you want to argue the point do it on the ES because that is where I trade.

I don't have to blow my bag up and argue with anyone about what I think it is not an issue with me.

I do what I do as I see it and that is about all.

If it keeps working I continue to do it. If it stops working I shut down for the day and start again tomorrow.

There's a lot to learn about this business of trading and most of all there is a lot to learn about yourself.

If you can put it all together then you are set for life.

I am already set so I don't really give a shit except that sometimes I like to give a little back for the help I may have had along the way.

You can take it anyway you like but my advice to you for the rest of your life is this:

"Never look a gift horse in the mouth."


Now I don't want to continue this thread any longer as it has outlasted it's usefullness and I will not be replying to anymore mail on this thread.

That is how I feel and that is how I will act.

So Tat AH my friends I have no more intersest in this.

BBG
 
Wave.....

Actually, some of your ideas you have presented do have merit, IMO. However, your arrogance supercedes your contributions. We see many of your ilk around here. Rather disgusting/sad. You should learn to not talk down to people. Might even recruit a few customers that way. Good luck.

BSAM
 
Quote from WaveTrader2004:

The secret to consistent and profitable trading no matter what approach you use for trade selection is to never stay in a trade when it breaks back through your entry point by more than 6 ticks.

I came to this Elite Trader site to clear up a matter I was told about and after I had done that I began reading some of the threads.

Over all the years I have been in this business (now going on for 23 years) I have just about witnessed everything anyone could dream up.

Seems to me that most people who lose money when they start out do so because they do not understand the first rule of gambling. PROTECT YOUR CAPITAL!

I am not here to solicit trading principles to anyone but while I am here I can give you a little bit of advice and if you take it on board you will save a lot of heartache if you are contemplating being around this business for a long time.

1. Watch the news services constantly.
2. Bloomberg is a good one if you are trading the ES.
3. Don't buy or subscribe to newsletters that make forecasts.
4. Wait for trading setups and enter your trades when everything is in your favor.
5. Take what is there and don't try and hit home runs.

Each day the market opens it sets a benchmark for the day and gravitates up and down from there depending on the mood it is in for that particular day.

Traders have habits and as the market moves from level to level they are forced to make decisions. The first decision is am I winning or losing so do I risk losing more or do I stay with the trade.

If you stay with any losing position you risk ruin and lose the opportunity to identify new situations from which making a profit is easy.

So if you can understand that the only way to give yourself a reasonable chance of making money is to cut positions quickly if they are not working you will be doomed to failure.
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Tell me something new. Trading 6 ticks isn't trading, its gambling. Frankly after reading your first post, you sound like someone who wants to be an authority figure, rather than someone who wants to help.

Either way, nothing new in this thread.

Keep posting. You sound like someone who is just preaching to the choir with the same worn out statements of trading.
 
If you want to find out where my Web site is and go and read it I don't have to look up to anyone as I am regarded amonst my peers as in the top 1%.

So if you think from your perspective you can achieve the same recognition go for it.

I really couldn't give a shit,

after all we need imbeciles and no matter where I go I keep findind them by the doizens.

BBG
 
Quote from WaveTrader2004:

I am going to give you another free piece of advice as it is not my intention to spend very much more time answering questions.

Trading futures especially day trading the ES is a professionals sport. You could compare it to opening day of the duck season.

All the woodies just take off with their moving average or stochastic systems at the beginning of the day with no due regard to levels that the pro's use.


BBG
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Wave you may be absolutely right. IF your timing skills are excellent you only need 6 tick stops.

But like most traders my timing sucks. Very few people can play basket like Michael Jordan and very few people can
time every turn,

I am wrong 8/10 times on my 1st entry and am still profitable. Isn't that better than having to be right 8/10 times?

As for "professional" levels - please give me a break. One large paper oredr will make pit scurry like cockroaches and blow all the pivot levels to bits. If you are really trading probability I hope that's not the main variable you are relying on.
 
Because what you don't understand and either does anyone else here is I TRADE BY FEEL.

FIRST I pick out the levels of support and resistance as they move along

I feel what they should do!

I feel what they are doing!

I feel the mood!

I watch the bluechips!

I know when the structure is weak or strong.


How does a back tested system know any of these things


It doesn't and that is the problem.

Anyway I am finished with this thread I have told you all you need to know to be successful and if you ignore it that is your problem.

BBG
 
Quote from WaveTrader2004:.....

Anyway I am finished with this thread I have told you all you need to know to be successful and if you ignore it that is your problem.

BBG
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Well, okay, if you insist (again). We're all "Wave"ing goodbye with tears in our eyes, knowing that we will never again have a winning trade, because we couldn't accept everything you had to offer here on ET. Oh, my, my. What will we do?????:eek:
 
Well thats it then. Moderator, you can close this one down. I for one will have to take a few days off work to grieve :D In fact, I am going to have a beer right now.:(
 
This trading world is not for ROBOTS

It is made up of thinkers and actors

IF YOU ARE A DUMB ROBOT you are doomed.

Anyone who tells you different is a liar.

I wish you well, even the smart ass skeptics it is not for me to wish you harm but I am always amazed when someone comes along and tells you the truth you are so ignorant to realise it.

Well that is why we have Futures markets I guess.

I often worry why I take the time to explain sometimes.

BBG
 
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