TonySanDiego TRIES to trade

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NKNY,

Thanks for the input.

If I should ever actually get into a trade that goes profitable, I will endeavor with all my might to let my profits run.

I agree that this is one of the tougher aspects of trading. Especially if one has had only marginal success to that point. You really REALLY want to book a winner before it gets away from you.

I only wish I had more opportunity to study this problem first hand. :p

Thanks
 
Nihaba,

I would certainly consider paying for a real honest to good mentor. I have paid good money in the past for what I thought was going to be something like that. But I was young and stupid then. (Now I am 2 years older and still stupid, and somewhat lighter in wallet to boot)

I now have an enormous skepticism of anyone who purports to teach.

I have had some value from a couple of pay chatrooms, plus your free one. But a chatroom is not a mentor.

I got some very modest benefit from being in the prop trading office for a few weeks. But the majority of folks there are there to trade, not take some wannabe and teach them. Teaching takes time and effort, I know, I used to freelance teaching CAD software to designers.

I actually think I have it almost figured out. Certainly I have the mechanics, risk management, (I am VERY GOOD at that), expectancy, and general awareness of what stock trading is all about.

I can't seem to get the tape reading, trend reading, formation reading, part of it dialed in. Because of this, I have no confidence that I am seeing what I am seeing, even when I am pretty sure I am seeing things correctly, thus missing a good trade, then getting flustered and taking a bad one.

Plus I have the misfortunate habit of taking stops too quickly. I bail at the slightest whiff of an adverse move, and I scratch trades before they have a chance to develope.

This is all fixable, but I am having a tough go doing it right now.

I don't think I do trial and error, I believe (perhaps erroneously) that I have a valid reason for my trades. But if they are not working, then my trade methodology is bad. If I am killing them before they develope, then my trading is bad.

I am not a scalper, or a swing trader. I enter and hold for minutes to a couple of hours. (I could learn scalping, most of my trades last 2 min or less. that is how long it takes them to turn sour)

Any mentors (REAL mentors who make money trading,and are willing to teach me how to trade profitably) want to make a deal. How about a percentage of my profits? They will be easy to calculate, since anything above zero is on the table. (except opening orders, I have that wired pretty well)

I am manefestly NOT interested in black boxes, canned MA crossover systems and that ilk. (been there..done that) I want to learn to TRADE, not be a monkey at a keyboard.

By the way Nihaba, I think the mentor thread you described would be a dandy idea.
 
i had prepared to post a few things including charts to continue with my last message but it looks like the moderator has answered where he stands about editing the descriptive words i use in my posts..........

i will no longer be posting to this POS board.........

good luck to you, TONY and all other newbies (including bronks)................you will all need it

LET THE USELESS BANTER CONTINUE!!!
 
Originally posted by secco
...YOUR plan should have rules that make you ANTICIPATE the market's moves.....TRADING IS NOT A GAME OF REACTION!!!! what's that??? not a game of reaction??? yeah, that's what i said........i know you've heard and read otherwise........but that instills a scalper's mentality where you're looking for a few ticks here and there....

so how do you anticipate??? first, you need to develop a method of analysis that is PERSONAL TO YOU that allows you to form an OPINION about the position of the market relevant to the timeframe you are trading.......what's that??? you heard you shouldn't have opinions about the market??? WRONG AGAIN!!! there are only two groups of people who think you shouldn't have an opinion about the market to trade: (1) TRADERS who can't make a dime in the markets, and (2) successful traders who have FOOLED THEMSELVES into believing they aren't trading their OPINIONS..........without an OPINION about the market you should not be trading because if you do you will get pushed and pulled by news, other people, and MOVEMENT OF PRICE ITSELF leading you to get stupid and emotional and become part of the HERD OF LOSING TRADERS.........
More...

Secco-- As much as your posts nauseate me, I must say that the above statement is probably one of the best nuggets I've read on this board in a long time. Crap, I was really starting to dislike you until you spoiled it with a stroke of brilliance.
 
you would have enjoyed the unedited version much better with all the expletives for emphasis.......as it stands it's watered down.......i hate being censored

anyway, i stated i would no longer post here but decided to come out to respond to you........

you can become a winner in this game but take it slooooow.......

good luck to you
 
Tony,

I have just joined the elite trader website. Your thread is pretty amazing to read. I reviewed your charts and it looks to me like there are a couple of things going on.

1. I have no doubt that when you pull the trigger, you believe that a trend is developing. You consciously believe that because your sub-conscious has already verified the trend and is allowing you to feel comfortable with the direction you want to take. By the time you consciously take action its usually too late. In other words, nearly all of your trades are late.

2. You can't trade the SPY for 10 or 20 cent gains because the spread can be as much as that. Your stop should be at least 2 times the spread rate at a minimum or the specialist will shake you out more times than not. When the specialist gets an order of 50k or more he will quickly take the stock down or up to fill the order. When you are looking at a "breakout" its usually just the specialist filling a large order and its over almost before its started (unless its Prem induced then it has a better chance of being real). If you trade island thats fine, but no matter what some people say Island follows the nyse and amex.

3. If you want 10 or 20 cent moves, trade the QQQ's the spread is much less. If you want to trade the SPY's increase you stop and your profit targets and trade less.

4 If you want to be profitable tomorrow. Do the exact opposite of what you are doing. When you can't help yourself and you have to go long or short, grab your wrist and force your hand to take the exact opposite position. It will be hugely difficult to do because your sub-conscious wont like it a bit and will try and stop you from taking that action because it hasn't been verified. You will immediately find yourself entering the new trend early and not entering the old trend late.

5. Please understand that I am not recomending #4 as a trading plan, only as a one day excersize to get you to realise that when you're sure enough of a trend to trade it, your late.

6. Its very apparent that you have no trading plan, you need one. Most succesful trading plans are simple ones and are repeated over an over and over and over again.

I'm sorry for being so long winded.
 
Tony,

I've been watching your charts for a long time now. Everytime I look at them I think to myself "This guy is just terrible!". I'm just being honest here, and I've been holding it in for quite some time now too. I don't know why you're not getting any better, either.

Anyways, look... you seem like a nervous nelly, you get in and then get out as soon it ticks against you. Your stops are all wrong if you ask me. I mean... upon study of your trades, the trades that go with the trend all fail to give a decent sell signal, yet you get out anyways. Weird. Plus, I've noticed you're trading against the trend a lot of the time. Also weird. I don't know if you're trying to pick bottoms or what, but it never seems to work for you, so just stop.

Tony - loser stops, no trading against the trend. From looking at your charts that's all you really need to do.
 
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