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What are your Trading Breakthroughs?
- Thread starter mmm
- Start date
In my opinion, being able to determine when markets are in trend following or in mean reversal modes. This is really the key to make strategies work in all weathers and to avoid drawdowns.
Quote from jack hershey:
A journal will be started by one of the participants who asked to set it up.
Then I will be doing a ton of attachments.
We will refer to the thread where the maths are kept so that anyone using any platform can get charting highlited properly.
All dialog will have attached illustrations.
The fastest wy to exchange and tanfr is if participants keep 3 ring binders.
In my prior post you can see a five minute chart. You can look at three colored boxes to see the reversals. red is for short beginings of holds; black is for long beginnings of holds. Clear is for going flat (around bar 50as shown).
I am going to continue from a beginning on the new Journal.
So first of all, as this is my first message in this forum, thanks alot to all contributing with so many usefull tips and personall stories.
As to the input from Jack Hershey I would really like to join a thread about his thoughts and trading approach. Sorry for my poor english and again thanks for people's sharing.
1. Don't be Greedy.
2. Understand how far an average swing, day, 3 days or long term move is on average.
3. When arriving at extreme of "2", stop taking trend trades. Most of my losses occurred at these extremes.
4. For day trading, make reasonable goals, then cut back size 80%.
5. Study winning trades, very little gained from losing trades in my case.
6. Can mix in TA with Price action, just don't go nuts, breaking of highs/lows by small increments shows slowing down and reversals often.
7. Breakeven trade requires one tick profit.
8. Read books about charting, do more backtesting.
9. Have well defined Trading Plan with every conceivable answer to what might happen once in a trade. Each day for long while, more is added.
10. Each market has it's own personality, have to study each to be able to trade.
11. Don't be Greedy.
2. Understand how far an average swing, day, 3 days or long term move is on average.
3. When arriving at extreme of "2", stop taking trend trades. Most of my losses occurred at these extremes.
4. For day trading, make reasonable goals, then cut back size 80%.
5. Study winning trades, very little gained from losing trades in my case.
6. Can mix in TA with Price action, just don't go nuts, breaking of highs/lows by small increments shows slowing down and reversals often.
7. Breakeven trade requires one tick profit.
8. Read books about charting, do more backtesting.
9. Have well defined Trading Plan with every conceivable answer to what might happen once in a trade. Each day for long while, more is added.
10. Each market has it's own personality, have to study each to be able to trade.
11. Don't be Greedy.
My breakthrough is contrary:
Be greedy, very greedy.
Ride and pyramid aggressively
It's the large moves that make $, stay with it.
Be greedy!!
Be greedy, very greedy.
Ride and pyramid aggressively
It's the large moves that make $, stay with it.
Be greedy!!
Stop looking for holy grail from the GURUs and keep studying chart with my system . You need to practise your system just like a basketball player practises drills . They dont just play games with out working out\practising . SO i study charts 2-3 hrs a day studying my patterns/setups and trade a couple hrs a day .
Stop looking for holy grail from the GURUs and keep studying chart with my system . You need to practise your system just like a basketball player practises drills . They dont just play games with out working out\practising . SO i study charts 2-3 hrs a day studying my patterns/setups and trade a couple hrs a day .
The holy grail is that there is none.
Keeping your stops is key. Not being afraid to take a losing position. I used to have huge consecutive days, and when the time came for a day where I would be negative, I would try so hard to bring it back to positive that I lost even more.
It's ok to lose money on a day, and make sure you stick to your STOPS!
It's ok to lose money on a day, and make sure you stick to your STOPS!
Ride losses to profit and profit to more profit.
As long as within threshold.
As long as within threshold.