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Actually,by the end of the day it does not matter who is right or wrong,bullish
or bearish,what we are after is the bottom line. So lets not label ourselves
bullsis or bearish..just simply label ourselves profitable or not profitable
traders....
since i assume this list is list of amongst peers...nobody is seriously trying
to sell anything to anybody.....anyone wants to get business go to the public
forums to fish...no,not here..
now that we have cleared that...or out of the way....
think of trading as in we are all students of auto mechanic school or medical
surgery...
and graduated...then all we have our professions.right? but we know that amongst
that batch of graduates whther auto mechnaic or surgeon some will become
excellent in their respective fields.....now...why do they stand out? what have
they been doing that makes it so? is it inborn or is it sheer persistent and
love of their work?
about the different approaches to the markets..i have also seen Astro* works in
nailing the markets..(yes..predicted before it happens but the questions is..are
these fantastic forecast consistent? can you make a regular living out of it?
well....if you toss a coin...sometimes you go to guess headas or tails sometimes
fails to....you can't make a living from that..right? another thing..i find too
few signals in between or inside a year....nope..can't make a regular living out
of that...even intermarket analysis....sometimes correlated..sometimes
not.sometimes is..sometimes not....the only cure for signal failures is quick
cuttting of losses/get out quickly and go non trade the next one/signal
*can be interchangeable with any system or indicator
so in the end...if we stay true of our main objective w/c (i hope) is to make
money( just realize it is not for the majority of people?!)......our approach
should also include risk/reward consideration before going into any
position.....as well as position size management getting in and getting out and
by the end of day..eke out some profits...
then just do it again and again....then once in a while..in a big range day..we
get some kind of windfall from time to time because we do our homework and
maitain in following the daily trading plan before the market opens....
new book on dayrrading by Robert Deel in the first chapter is a very important
paragraph...goes something like that (normally hated all these daytrading books
coming out)
I, _______ will/may lose money trading today,but if i have a plan and follow
it,there's a good a chance i wil make some money or lose very little....
thats a very good daily mantra for everyone at all level....
by the way.....remember our daytrading guy? he is losing it....he may have made
more than 15 days being profitable....finally he's been losing these days..and
you know what?
Why? because after those winning days...he got plenty of money left in the
bank..he starts to get into position longs.....there and then he promptly starts
losing...right now..even his daytrading is out of sync...his position losses is
affecting him....
he should have stayed with whatever he is doing..and not messed himslef up by
becoming a positon trader. since he already "trained" himself to be
....deviating from that is quite catastrophic! So if you traders are getting
advise from your brokers or newsletter writers..be sure you are "in sync" with
that adviser's trading timeframe..no matter how good he is...you will lose money
if you have different trading personality like
capitalavailable,experience.market maturiy or risk tolerance.
by the way....since i have been warned about these crazy ramblings by the
moderator..
here's a ("secre"? haha) technique we daytraders use...
just simply watch the open,forget all about what happened yesterday....LOOK what
happens NEXT AFTER thAT opening price....the next trading price...which
direction does it go? then trade THAT DIRECTION......and yes..of course set your
stops, what i do is cut half position below my entry and another the next one
below it...sometimes market noise will take out my first stop......then it went
back to the direction and watch it run! where you profit take and how much or
you gonna sell (daytrade half and position the balance overnight) is your
business.....
and yes..this is a young man's game.....not for everyone! Warning!!!
our previous discussion about the continuous pummeling the right pivot price by
a big guy it happens!,the ship will go to that way!! attached chart there's this
kid trade (24 years old) but of size that "faithfully" broke our technical
support by hammering it again and again...the last 3 days....sometimes...a
little knowledge is a dangerous thing...(i ask him why he did it..he told
me."just felt like it..to test the techical support and see what happens if he
breaks it )a lot of my clients with longs got hurt!!
technical analysis is really a dangerous thing if fallen to the "wrong" hands..
yes, we are a smaller market (P hilippines)and not as liquid but technical
analysis does work!!
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