Why Is The Obvious Not So Obvious?

[_eug_]

That means you don't let your profit run because you know it will come down?

I tried holding a gold position for 3 weeks watching the equity go up and down, waiting for a break out on a longer timeframe price consolidation. Most price turns happaned in foreseeable locations and times so profits could (should) have been locked in with a stop.

I let profits run in my long term stock index positions which ive had since 2010, but even with these I know that sooner or later the gravy train will stop.

 

[ironchef]

I let profits run in my long term stock index positions which ive had since 2010, but even with these I know that sooner or later the gravy train will stop.

Me too.

Heaven forbid, if I am holding GE or IBM long term I am in a lot of hurt. Fortunately, I hitched rides with folks like Uncle Warren... But Uncle Warren is not young anymore so I need to find a younger Uncle Warren.

 

[Mysteron]

Agree. That was my point, 1 min chart, too close too jittery, 1 day too far to catch the daily moves, so yes, 5, 10...

The analogy to cheetah hunting is actually more appropriate that I first realized: We carefully select our prey (the stock to trade), stalk our prey (put on our watch list), then at the right moment start our chase and catch (entry and exit to collect our profit).

Bars by themselves are still not reliable signals for me but a combination of bars and patterns seemed to be working better. Once I am able to reliably see daily, weekly charts for swing trade options, I hope to graduate to 5..10..etc. for day trade options.

Happy Thanksgiving to you.

And the Cheetah will not keep chasing for too long should the prey out run it.

 

[ironchef]

And the Cheetah will not keep chasing for too long should the prey out run it.

Good advice. I will remember that.

 

[Vindago]

Ah, the power of reversing...

 

[Vindago]

AKA, how to transform a potential drawdown into a major win!

 

[Aj2014]

busy bee
does not SEE

 

[MrScalper]

a fool will see
what not it be
the reason clear
his mind of fear

 

[Vindago]

the patient cheetah
await the time
to strike the pray
before it flight

but if the pray
goes out of way
the cheetah stop
with speed the chase

at other times
just change the side
as quick as flash
draw down to gain

the hardest thing
is not to know
but to do what
it needs be done

as fear and greed
plays mind and soul
so read the price
as best you can

but just act fast
and do as well
what is required
comes haven or hell

 

[Vindago]

I am finally facing the hard truth, that while there are many ways to make money trading there is only one way to stop me from losing more than I make...