When to get into a trade

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pjmalcolm1

How do you determine when to get into a trade. I am a new trader and every time I get into a trade my timing is off and I get burned. Could I get some advice? NO SMART COMMENTS
 
You keep doing what you are doing. Preferably in demo mode. You are looking for a handful of profitable setups THAT WORK FOR YOU *MOST* OF THE TIME.

That said, you did not say what kind of setups you are currently using(testing). Chart patterns, price action, candle formations, news, algo, etc etc etc.

Osorico :)
 
Quote from pjmalcolm1:

Could you state all the differnt kinds of setups?
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Sorry, people are not going to help you until you get some knowledge. You cannot expect people to tell you what to do when it may have taken them years and thousands of dollars. Read some books first to get a basic understanding, and then ask questions on what you don't understand.
 
Quote from pjmalcolm1:

I normally wait for a breakout and then trade against the break out. Is that a good method?
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FWIW; since the index breakout last week, in the instruments (index futures) that *I* trade, breakouts and breakdowns have not worked well, intraday. OTOH, selling a breakout and buying a breakdown, intraday, is working, for now.

That's why you need of handful of profitable setups that work for YOU.

Osorico :)
 
I have a question

I assume that you have to pay commissions for each position you enter, and that you worked for that money, rather than inheirited it....and that it is YOUR money that you are losing each time you trade.

I am wondering why you are spending your money (and apparently losing it each time you do) when you don't yet know how to do it properly?

Thanks

Steve
 
To tell you when to get in a trade would be the equivalent of telling you when to make the move on the girl. There are a lot of variables to consider, however, you always learn the best through trial-and-error. You'll never learn until you mess up a few times. After a while it becomes an instinct.

Go out there and take some shots. You always miss the shots you never take. PM me and I'll email you an awesome Ebook an ET member sent me. It's about trading in channels. Best read ever. As far as any other problems just google David Deangelo. You'll be glad you did.

GL & GT
 
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