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>Trade what you see, not what you fear in the markets, but fear the
opinions,
>especially your own.
>
>Gwenn
>
An excellent overall post, Gwenn. I have highlighted your ending, because
it is very significant. It is the reason I day trade the T-Bonds, because
I can see what is on the chart in real time. I have a very specific 'game
plan' that ensures I do not take anyone's opinion into account and does its
best not to take any opinion of mine into account either!! I trade in a
particular fashion that relies virtually wholly on price action in
association with resistance and support and it works extremely well for me.
I do not need any other extraneous indicators, nor do I need to know
anything at all about the fundaments - both of which I am sure I would have
to use for position trading, allied to a substantial bank account devoted to
supporting my drawdowns.
As you say, it is quite useless trying to pick tops and bottoms in markets,
which is not to say the same for getting in near the top or the bottom of a
swing during a day. For me, it is very straightforward to see what the
market it doing for a small period of time and, more often than not, to
profit from it. On time scales more than a day, I am guessing and looking
at waves of this or that or the other - none of which is any good at all.
That is why I day trade. I don't doubt it would be much easier to position
trade, if it could be done on the same basis as I day trade - but I know it
can't or I would be doing it.
I am not interested in silly challenges from people on this list over what I
do or how I do it. I don't have to prove myself to anyone for any reason -
just to myself and to seek better ways of improving my performance. Just
occasionally I gain something from the list and I believe that got some
people sometimes (from the private posts I get) it works vice versa. If
others can make a ton of money position trading, well done them, but it is
not my bag, as it were. For me, your "trade what you see" only works on a
very short time frame - but it sure does work!!
Bill Eykyn
www.t-bondtrader.com
I do not use the bank account that one would need to use to support position
trading
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