Very sad day...

lawrence-lugar said:
It's not just simply looking at charts; you have to slighty understand the reasoning or rationale behind it.

And understand that trading is Part Art, Part Science -- Each new day is a unique ratio between the two.
It truly takes a skilled trader to succeed the shorter the time frame o_O:confused:

While in investing for the long haul, you're almost Guaranteed that the SPY/DOW/SPX will Never go down.
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This last sentence wow, more dangerous words have never been spoken. I lost 85% of my trading capital in 1973 following this advice. then there was 1987, 2001, 2008. You must always be aware of the downside.

Newcomers to the market since 2008 do not have a healthy respect for the market and how mean a grizzly can be. But they WILL. When the DOW goes 20 years without a new high, (like it has done in the past) you will feel just the opposite. The SPY/DOW/SPX will never go up.
 
Illini Trader said:
This last sentence wow, more dangerous words have never been spoken.

I lost 85% of my trading capital in 1973 following this advice. then there was 1987, 2001, 2008.
You must always be aware of the downside.
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...I was referring to the...Really long haul...since its inception...the DOW by that standard, basically has gone straight up only.
Those dates or times you mentioned are relatively just minor hiccups when you look at that long, overall chart :wtf:o_O
 
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Illini Trader said:
Newcomers to the market since 2008 do not have a healthy respect for the market and how mean a grizzly can be. But they WILL. When the DOW goes 20 years without a new high, (like it has done in the past) you will feel just the opposite. The SPY/DOW/SPX will never go up.
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So true.
Myths such as "Dow will always go up on the long run", "buy and hold forever" are stupidities that you can apply if and only if you are Warren Buffet and friends, because you know you won't go broke even if you are dead wrong (which was the case in 2008).
For real people and traders, believe such myths is the best way to end up in the poorhouse.

CM
 
Tradesuperstocks said:
Wow... What a crazy day. I was green nearly 3500 dollars on my account... And I chased 3 stocks and held one of the stock thru earning.. . Guess what? My account from +3500 to - 900 dollars. I liquidate the bad earning stock right after hour. Regret... Regret... Regret... Should have..... Would have.... Should have sold before closing bells.....what a crazy day. All my moves were wrong... As soon as I entered a trade, it dropped and I got stopped out. When I shorted a stock, it went up....
Feeling sad and emotional now..... Very discouraged.
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Consider it a gift, might not seem right now, but instead of having little loses when you do wrong thing, you will remember this mistake for life. What you can do next time, if long stocks, buy Puts to hedge.
 
Illini Trader said:
This last sentence wow, more dangerous words have never been spoken. I lost 85% of my trading capital in 1973 following this advice. then there was 1987, 2001, 2008. You must always be aware of the downside.

Newcomers to the market since 2008 do not have a healthy respect for the market and how mean a grizzly can be. But they WILL. When the DOW goes 20 years without a new high, (like it has done in the past) you will feel just the opposite. The SPY/DOW/SPX will never go up.
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As long as your timeframe is 20 years and you DCA the indexes then it pretty low risk.
 
pinabetal said:
What was your rationale for only using candles in conjunction with support/resistance?
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Hello pinabetal,

Good questions.

I was in a trading room with a technical analysis discretionary trader just learning and follow his trades.

After trying and watching most indicators (ema, rsi, macd, etc) and the candles (price action), I always noticed that the actual price on the chart would move in the direction before the emas would change.

It was like the indicators was always behind the actual price. The indicators was lagging the actually price I was seeing on the chart. It was like "why I am waiting for this indicator line on MACD to cross up when price is already move up, I am going to miss a good entry" Plus it was there numbers in the indicators that confuse me. Like which number to use and why. Do I use the 7 ema, 8 ema, 20 ema, 4 rsi, etc etc.

Indicators was just a bit confusing at first. Maybe I was still learning and in-patience.

My simple thought process was "why do i need indicators, if I see the price moving up or down, like its right there, price is moving and here are the indicators following price by x amount of seconds, these indicators are useless"

So I took them off of my chart, cause they lagging price, I don't need them to tell me which direction price is moving. I see the price moving up and down clear as day.

I notice price would stop at these support and resistance, and thought my self, if price is moving up and goes above this resistance I see price struggling with, why not just get on board when price get above this resistance at decent entry where I can put a stop loss.

And that's my rationale for only using candles in conjunction with support/resistance.


NOWWW, fast forward 3 years, after learning alot, I would like to move more into automated trading, proper back testing and data collection/analyzing and my manual way of trading I can not code "my eyes see price going up, so get long". Therefore an indicator(s) makes sense now.
 
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