What is the traditional course of study for a career trader?
- Thread starter kmiklas
- Start date
I also really like the big move in Z Corn in the first 6 months of this year. Got the bulls really excited, they probably all thought they bought around the lows and $5.00 was just a matter of time. But then, bam, all their dreams were shattered and many of them probably froze during the big smackdown finally forcing the last of them out below $3.50.
So I like markets that gets one side excited before forcing them out. Many of the bulls will be so bruised and battered, after looking as though they were in such a beautiful position, they're bullish confidence is going to be shattered.
We also no doubt have all the trend followers in on the short side with the programs telling them to stay short as the trend is lower.
Corn therefore has many characteristics of a market that has good upside potential and wouldn't an up-move be perverse for many?
Having said all of that I really want the move to happen today as if many really do want it they're running out of time to show me they do. Market was weaker yesterday and is a touch weaker today so I would like to these that weakness blown away, today. If it's not this trade will quickly lose my interest. Let's see what happens.
So I like markets that gets one side excited before forcing them out. Many of the bulls will be so bruised and battered, after looking as though they were in such a beautiful position, they're bullish confidence is going to be shattered.
We also no doubt have all the trend followers in on the short side with the programs telling them to stay short as the trend is lower.
Corn therefore has many characteristics of a market that has good upside potential and wouldn't an up-move be perverse for many?
Having said all of that I really want the move to happen today as if many really do want it they're running out of time to show me they do. Market was weaker yesterday and is a touch weaker today so I would like to these that weakness blown away, today. If it's not this trade will quickly lose my interest. Let's see what happens.
That swing freedom is what traditional TA textbooks refer to as a measured move. It's basically a vacuum. Sharp decrease can lead to sharp increase and vice versa. Happens over and over on intraday charts. I wouldn't manage it the way you mentioned, but i'd definitely be biased long.
Here's something I've learned - losses can be beautiful in this game because they force you to concentrate more. Profits never force you to concentrate.
I can't tell you how many times I've not traded too well in the first 1/3rd of the day (I'm really bad for the first 2-4 hours of the day even with plenty of sleep) before coming on really really strong for the next 2/3rds.
Losses often give you the kick you need. Embrace them, even cherish them. But this is only possible because with the tight stop I know that profits are (collectively) always going to be much larger than losses. However, don't get into the foolish thinking that you can always get large profits out of every move, you can't, so you have to work hard at understanding when to shoot for smaller ones because that's all the market is likely to offer on that trade.
I can't tell you how many times I've not traded too well in the first 1/3rd of the day (I'm really bad for the first 2-4 hours of the day even with plenty of sleep) before coming on really really strong for the next 2/3rds.
Losses often give you the kick you need. Embrace them, even cherish them. But this is only possible because with the tight stop I know that profits are (collectively) always going to be much larger than losses. However, don't get into the foolish thinking that you can always get large profits out of every move, you can't, so you have to work hard at understanding when to shoot for smaller ones because that's all the market is likely to offer on that trade.
When I was having a dump today there was nothing to read so I did some thinking instead.
And I've thought about the internet not being a big invention (my argument) and I reckon I'm wrong, it is big, it is massive, even though it's still a big network of computers and we had them in the 1970s.
Let's wait and see though if something really massive is about to hit us over the next few years - nuclear fusion - http://www.eweek.com/news/lockheed-martin-claims-sustainable-fusion-is-within-its-grasp.html
And I've thought about the internet not being a big invention (my argument) and I reckon I'm wrong, it is big, it is massive, even though it's still a big network of computers and we had them in the 1970s.
Let's wait and see though if something really massive is about to hit us over the next few years - nuclear fusion - http://www.eweek.com/news/lockheed-martin-claims-sustainable-fusion-is-within-its-grasp.html