Where Did You Find your Strategy?
- Thread starter dafugginman
- Start date
Im old ( late 30s ) and started by reading Stan Weinstiens books and subscribing to his newsletter back in the mid 90s.
Refined that when I learned about Candlesticks from Nison.
Refined that a little further through Toni Turner ( mostly psychology stuff).
Eventually took what I felt comfortable with from all three and now do my own little pre-market momentum strategy. Works well for me..maybe not so much for others.
Oh and I discovered Mr. Hershey on this forum and after reading through the gazillion threads I think hes got a great system. I agree that at the end of the day all you really need are volume, price and the ability to draw channels/flags on charts. All the rest of the indicators...not that necessary.
Refined that when I learned about Candlesticks from Nison.
Refined that a little further through Toni Turner ( mostly psychology stuff).
Eventually took what I felt comfortable with from all three and now do my own little pre-market momentum strategy. Works well for me..maybe not so much for others.
Oh and I discovered Mr. Hershey on this forum and after reading through the gazillion threads I think hes got a great system. I agree that at the end of the day all you really need are volume, price and the ability to draw channels/flags on charts. All the rest of the indicators...not that necessary.
Here is a simple strategy to find good stocks for swing trades.
Just go to yahoo at the end of the day and click under price percent gainers and price percent losers. Then look for high volume (1 million plus) gainers and losers.
These stocks are the ones that are going to be most volatile for the moment. Sometimes big gainers will keep going up (the keyword being sometimes). Sometimes big losers were oversold and will swing up again eventually or may continue down. Each stock on that list will require some research and due diligence.
There were a list of good swing trades this year that could have been made following by using the yahoo price gainers/losers daily list. For example, RIMM. It appeared on that list going to 100 and then continued upwards 30% more.
Just go to yahoo at the end of the day and click under price percent gainers and price percent losers. Then look for high volume (1 million plus) gainers and losers.
These stocks are the ones that are going to be most volatile for the moment. Sometimes big gainers will keep going up (the keyword being sometimes). Sometimes big losers were oversold and will swing up again eventually or may continue down. Each stock on that list will require some research and due diligence.
There were a list of good swing trades this year that could have been made following by using the yahoo price gainers/losers daily list. For example, RIMM. It appeared on that list going to 100 and then continued upwards 30% more.
Finding what works requires you to find out the hard way what will not work.
Personally i think we find what works just by getting up in the morning and firing up the charts etc and start shooting live bullets. NO one is going to learn THIS profession (daytrading futures in 5 minute time frame) by osmosis alone. Think back when you started and how easy you (me) thought is was going to be. Well i never gave up that notion, i just did not realize the ingredients necessary to mix up and the amount of time for the ingredients to gel.
Mistakes are the key. On was doing fine and was making money on a consistent basis but had one MAJOR FLAW. I was lax in using STOPS and i knew it, i saw in black and white (RED, HA ) where i was preventing self from making the weekly nut weekly.
Within my head i knew this flaw was to be corrected. I needed to find a way. So i made up my mind to destroy the flaw by letting to whack my trading account for the week.
So sure enough i was short ES and it was to be a one-way day to the bull side. I said, OK, FLAW do tour thing.................. it did. I lost 13 handles that day as i purposely watched my flaw work its magic. When the day was over i know i was on my way to make money as before but from then on i was going to keep the weeks profits and watch the bank account add up.
From that point on, i had the major flaw licked...........NEVER again was i going to allow any trade be more than 3 handles against me. NEVER. Truth be known, most STOPS are bailed 1/2 that or less.
Learn from being stubborn.....but let it kick your ass and then move on. ....
See you guys/gals on the battlefield on Wednesday.
Personally i think we find what works just by getting up in the morning and firing up the charts etc and start shooting live bullets. NO one is going to learn THIS profession (daytrading futures in 5 minute time frame) by osmosis alone. Think back when you started and how easy you (me) thought is was going to be. Well i never gave up that notion, i just did not realize the ingredients necessary to mix up and the amount of time for the ingredients to gel.
Mistakes are the key. On was doing fine and was making money on a consistent basis but had one MAJOR FLAW. I was lax in using STOPS and i knew it, i saw in black and white (RED, HA ) where i was preventing self from making the weekly nut weekly.
Within my head i knew this flaw was to be corrected. I needed to find a way. So i made up my mind to destroy the flaw by letting to whack my trading account for the week.
So sure enough i was short ES and it was to be a one-way day to the bull side. I said, OK, FLAW do tour thing.................. it did. I lost 13 handles that day as i purposely watched my flaw work its magic. When the day was over i know i was on my way to make money as before but from then on i was going to keep the weeks profits and watch the bank account add up.
From that point on, i had the major flaw licked...........NEVER again was i going to allow any trade be more than 3 handles against me. NEVER. Truth be known, most STOPS are bailed 1/2 that or less.
Learn from being stubborn.....but let it kick your ass and then move on. ....
See you guys/gals on the battlefield on Wednesday.
gr8 post. Just one question.Quote from bighog:
Finding what works requires you to find out the hard way what will not work.
Personally i think we find what works just by getting up in the morning and firing up the charts etc and start shooting live bullets. NO one is going to learn THIS profession (daytrading futures in 5 minute time frame) by osmosis alone. Think back when you started and how easy you (me) thought is was going to be. Well i never gave up that notion, i just did not realize the ingredients necessary to mix up and the amount of time for the ingredients to gel.
Mistakes are the key. On was doing fine and was making money on a consistent basis but had one MAJOR FLAW. I was lax in using STOPS and i knew it, i saw in black and white (RED, HA ) where i was preventing self from making the weekly nut weekly.
Within my head i knew this flaw was to be corrected. I needed to find a way. So i made up my mind to destroy the flaw by letting to whack my trading account for the week.
So sure enough i was short ES and it was to be a one-way day to the bull side. I said, OK, FLAW do tour thing.................. it did. I lost 13 handles that day as i purposely watched my flaw work its magic. When the day was over i know i was on my way to make money as before but from then on i was going to keep the weeks profits and watch the bank account add up.
From that point on, i had the major flaw licked...........NEVER again was i going to allow any trade be more than 3 handles against me. NEVER. Truth be known, most STOPS are bailed 1/2 that or less.
Learn from being stubborn.....but let it kick your ass and then move on. ....
how much is a Handle?