Two Questions For Practicing Day Traders

speedo said:
Inside bars are consolidations, on a lower time frame they often appear as a standard pullback. As such they are breakout patterns in trends....in trading ranges, not so much except as scalps.
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Your explanation is :thumbsup:.

Putting it this way makes it easy to understand.
 
speedo said:
Inside bars are consolidations, on a lower time frame they often appear as a standard pullback. As such they are breakout patterns in trends....in trading ranges, not so much except as scalps.
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yep .....very nice explanation.

but it is not a two legged PB it is a contracting triangle and this triangle pattern can be tricky because you have both sides active within the pattern and so 2-3 breakouts may fail.

that is why you need a strong trend to go with it aggressively.

the strong major trend counteracts the two-sided nature of the smaller pattern, so it is likely to behave predictably.
 
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SimpleMeLike said:
Hello ironchef,

Just remember, the longer you try to figure "it" out the less profits you make.

Just trade the market, thats all you have to do. Forget all this other fancy talk on trading.
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if you are trading 1M then just trade the market, which basically means go with instinct.it just moves too fast no time to even think.

and the moves are small because the pattern is formed over a short time.

as such patterns which form fast result in moves that are probably small because lesser number of traders are involved with it.

going with instinct: i used to do that for years but where i failed is that i had no control over my losses.

you can make huge money because you are scalping a large number of trades but you need a very high win rate and low brokerage.

i would not advice anyone to even try it: waste of time but make sure you do not waste your money as well so do it in demo.

KING of this scalping and flipping was the 'EURO fliipper'.....Rotter made average of 10 million every year for 10 years trading 100,000 or more every day.

so it can be done
 
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padutrader said:
if you are trading 1M then just trade the market, which basically means go with instinct.it just moves too fast no time to even think.

and the moves are small because the pattern is formed over a short time.

as such patterns which form fast result in moves that are probably small because lesser number of traders are involved with it.

going with instinct: i used to do that for years but where i failed is that i had no control over my losses.

you can make huge money because you are scalping a large number of trades but you need a very high win rate and low brokerage.

i would not advice anyone to even try it: waste of time but make sure you do not waste your money as well so do it in demo.

KING of this scalping and flipping was the 'EURO fliipper'.....Rotter made average of 10 million every year for 10 years trading 100,000 or more every day.

so it can be done
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Hello padutrader,

Thank you for the EURO flipper Rotter information. That is AMAZING.

So why you not follow the KING of scalping Rotter and learn from his books?
 
padutrader said:
you are pro
you should be teaching us

just watching 1M makes me dizzy
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ironchef said:
I am a demo pro.

You can take my trading course, just like Brooks' but a lot cheaper, only $199.
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Kidding aside, thank you for the coaching. Your comments are appreciated, even those that poked fun at me.

On another note, there must be good rationale why most of you regular day traders are trading with 5M or longer time frame. After I finish my 1M demo, I will switch over to 5M demo and restart my paper and small live trades all over again.
 
ironchef said:
there must be good rationale why most of you regular day traders are trading with 5M
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yes.....

i do not think the mind can process that much information that fast.

but if it works for you do it.

i do not know what time frame Rotter used but he used to trade average 100000 contracts a day.
and regularly made 7-10 million over a 10 years period

trading is very individual and if it fits you, do not worry what others say.

the funny thing is that all charts, on any time frame have the same patterns so theoretically it does not really matter, what you trade, time frame wise
 
ironchef said:
Kidding aside, thank you for the coaching. Your comments are appreciated, even those that poked fun at me.

On another note, there must be good rationale why most of you regular day traders are trading with 5M or longer time frame. After I finish my 1M demo, I will switch over to 5M demo and restart my paper and small live trades all over again.
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happy to help
 
ironchef said:
Kidding aside, thank you for the coaching. Your comments are appreciated, even those that poked fun at me.

On another note, there must be good rationale why most of you regular day traders are trading with 5M or longer time frame. After I finish my 1M demo, I will switch over to 5M demo and restart my paper and small live trades all over again.
More...
.

FWIW, I found that my system didn't give very many entry signals per hour on 5 minute charts, and that 1 minute charts were a bit too fast.

Using 2 minute and 3 minute charts turned out to be the Goldilocks solution: not too fast and signals occurring in a timely manner.
 
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