reminiscence of(yet) a (novice)trader

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aag100

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hi all,
i thought id start a thread to post thoughts and ideas of my trading journey.
i find it therapeutic to write and also alleviate boredom whilst waiting for trade set ups.
today i want to share with you something i have recently come across that has vastly improved my trading.
never trust the charts from one ****ing provider,especially when your trading with them.always use a second to confirm entries(especially).this i have found gets me better entries giving me more winning trades but if im wrong,to be able to get out with a smaller loss than it would otherwise have been.
and i hope you will pardon my language as english is not my first language.
 
ah great,you wont have to pardon my language as it gets edited anyway.
 
after a string of losses today i managed a win by hitting the sell key accidently when i actually meant to buy.the fking irony!
so as im sat there losing and squirming im thinking how the f is it almost impossible to overcome even a 0.5 spread.
the spread is a constant low when your sat watching and as soon as you have entered(doesnt matter long/short) it increases!
so im thinking millions are spent developing algos,would it be too difficult for spread betting firms to develop their own to show each individual trader what they want him to see specific to him.
just a thought
 
there is so much BS written about psychology and some crazy analogies given that you may think you might need a Phd in psychology to trade or be Tiger Woods or some 50 star general versed in the art of war.
read by all means to broaden your horizons and learn different things but the only analogy you need to trade is that of a rat.
a rat put into a maze looking for food subjected to electric shocks if it goes the wrong way.soon enough the rat will find its food without being electrocuted.
losses in trading forge your mind not to repeat the same mistakes.
happy new year.
 
STAY OUT!
it really is rigged against the small retail investor.
some news is released 3min before to large institutions who can afford to pay large premiums for this service before the rest of us get to hear it.
so when i say stay out i mean stay out before news,let the big boys fight each other,then when the market settles look to enter.
 
amazing how support acts as support and resistence acts as resistence when it is against you otherwise it smashes straight through.
but its ok mr market im beginning to understand your nuances and will gut you good.
only +6 on the day but better than a kick in the teeth and the screen time is priceless.
 
traffic lights.
ever notice how you can negotiate a series of traffic lights by timing them properly.
this can work for a few days and then all of a sudden it doesnt work anymore.this is understandable as they are reprogrammed.
makes me wonder if these spread betting companies throw in variables into their charts so they are never constant.
screwed by the euro today.
1)not a brilliant entry
2)should have cut it sooner.
3)ECB meeting-stay out when those ***** are talking.
more lessons learned.
 
never go toe to toe with the market like a punch drunk boxer,it is the bigger and better fighter and will knock you out.if your having a bad day the easiest thing to do is let emotion take over and start revenge trading to get your losses back but this usually results in bigger losses.best thing to do if you have had two three losses in a row is to close up for the day and come back fresh the next day,perhaps even think about just paper trading the following day to practice your system and get some screen time.this will all eventually begin to add up resulting in fewer losses.
like the theory of relativity,in layman terms.the faster you go the slower time gets so eventually your going so fast that time is going backwards.this translated to trading-your losing less and less and eventually you will be winning.
 
cant believe someone selling a course on trading saying entries arent all that important compared to exits.
i have to disagree.entries and exits are just as important as each other.
a good entry gets you a better price which can result in a winning trade or if its wrong,getting out with a smaller loss.you should pay just as much attention to entries as exits,can save you the pain of sitting and watching a trade going against you.
 
others selling numerous trade set ups.there is only ever two trade set ups,a long or a short. some selling set ups around your other work commitments,trading in your lunch hour,trading before you go to work,trading when you come back from work.if it were that simple to take money from the market why would you want to have another job.
in summary,the market doesnt care for your life shedule and those two trade setups can occur at anytime or sometimes not at all.
in my opinion those wanting to make a living from trading need to treat it like a full time job and put in 8/12hr days
 
aag100 said:
others selling numerous trade set ups.there is only ever two trade set ups,a long or a short. some selling set ups around your other work commitments,trading in your lunch hour,trading before you go to work,trading when you come back from work.if it were that simple to take money from the market why would you want to have another job.
in summary,the market doesnt care for your life shedule and those two trade setups can occur at anytime or sometimes not at all.
in my opinion those wanting to make a living from trading need to treat it like a full time job and put in 8/12hr days
Click to expand...

Not really if one was trading long term trends!
 
Steakeater said:
I wouldn't say that trading trends over a few weeks or months would be deemed investing. This type of trading does not require you to sit in front of a computer all day.
Click to expand...

indeed nobody wants to sit infront of a screen all day but that is where the craft is learned.once this is understood then you can call your broker from your golf club to sell sell buy buy but if newbies think they can do that from the beginning then i wish them good luck.
 
the best thing i have read on trading -
although the cheetah is the fastest animal in the world and it can catch any animal on the plains,it will wait until it is absolutely sure it can catch its prey.it may hide in the bush for a week,waiting for just the right moment.it will wait for a baby antelope and not just any baby antelope,preferably one that is sick or lame.only then when there is no chance it can lose its prey does it attack.
that to me is the epitome of professional trading - Mark Weinstein.
think about it.how does this translate to your trading?
i'll let you know how it translates to mine next time
 
what time frame?
i have heard that question asked many a time and have also racked my brains for years looking for the answer.
each time frame paints a different picture and i think the answer is to be totally faithful to one time frame.enter when the pattern dictates on that time frame and exit when it dictates.moving from one time frame to another trying to get the best entry and exits only adds to the confusion.
bigger the time frame-fewer,longer trades.bigger risk/reward and conversely for shorter time frames.
big players no doubt use daily/weekly charts.this can mean having to wait days/weeks,even months for a trade set up.over the years they have developed the patience to sit out and do nothing. this is what smaller players(including myself) should aspire to.
for now i need to develop my skills and need more action.for this i'll be trying to stay completely faithful to the 10min chart.this i find gives me 3-5 trades a day.
 
scrap the 10min time frame.i dont yet have the patience or discipline to hold for hours waiting for the pattern to complete.moving to 3mins with a 10-20 point stop loss,so i can cut it or get out sooner.
 
aag100 said:
scrap the 10min time frame.i dont yet have the patience or discipline to hold for hours waiting for the pattern to complete.moving to 3mins with a 10-20 point stop loss,so i can cut it or get out sooner.
Click to expand...

Stop pontificating and post some live trades - then you have something to reminisc about .....ffs
 
neil said:
Stop pontificating and post some live trades - then you have something to reminisc about .....ffs
Click to expand...

as constructive as your other posts.later perhaps i will once ive honed my skills.
for now i want to make pope.
 
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