Dow 2006

mr.marcus said:
..not always shake outs b haria.....some are shakes...some fakes..some stop hunts...some tests of supply/demand....some caused by pros withdrawing all participation in the market at that given time....they all tell a different story at different stages of the market development...they are all achieved with subtle differences ..giving clues to smart money intention and the degree of difficulty it is to squeeze fuell from the market for there ultimate intent.it becomes really interesting when you start seeing.,..bluffs,double bluffs...and triple bluff set ups....anyways happy trading mark j
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hi Mark J

I am not a stubborn person, and although I have my view and it is sometimes good to have a view on the long and mid term... maybe not so much short term, I am willing to accept mistakes and learn from them.

Following on from that, I would not be a proper trader or a good trader in the long run if I did not analyse all my positions/techniques and learn more.

Some people may say that having too much information can blur your view, but I tend to think the more information the better.. .at the end of the day you can discount anything which you feel is not that weighted towards market forces/direction.

In light of this would you or anyone else be able to point me in the direction of good reference books/websites where I can get a jist of the setups you see everyday.

Many thanks, BH
 
and another thing - the EMA5 on the daily has not been touched today so this could well be the top for now.

pity it's all so clear in hindsight.
 
mombasa said:
and another thing - the EMA5 on the daily has not been touched today so this could well be the top for now.

pity it's all so clear in hindsight.
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Don't listen to me for god's sake but if i had any margin left, I'd be going short big time now.

or maybe not ....
 
mombasa,

the single largest reason for people getting wiped out is overtrading, you can never have a too small position, most of us have too large positions most of the time.

You should not risk more than 1% or 2% max. of your trading pot on any single trade, plus you must not have linked trades, such as two shorts, one on dow, the other on sp, I know the rule but I don't apply it.

I hope I won't have to lose the lot (I came very close once) for the message to sink in.
 
Thought for the day.....
The US needs $2.5 billion dollars every day just to cover its borrowing needs
 
Mark T is absolutely right. Your capital is by far your most important asset in trading. Utlimately it keeps you in the game. Decide before hand how much you are willing to lose on each trade and don't ever (and I mean ever) let anything or anyone change your pre - determined plan.

Try to avoid averging into trades until your are very experienced. Personally I would suggest that you start trading with a single contract. Treat each trade separately.

Avoid looking for the "big move". Try looking for good trades. Try to decide when the best time of the day is to trade e.g. 3.18pm, 6.33pm. Avoid lunchtime.

If it's any consolation, you will possibly find that most people on this board (myself included) have been so obsessed by getting the "big move" that we've ignored the glaringly obvious i.e. Buyers have obliterated sellers for the last 3 days.

Lastly be humble.
 
Sad to see a guy almost wiped out but there is a silver lining
next time around he will be a better and wiser trader and so will we
 
mombasa said:
can't - so deeply in the red that if i close now my account will be zilch. I just have to hang on.

This is getting crazy - that parabolic line is more like a banana now !!!
Click to expand...

All the best and good luck..

I prefer red markets too but sometimes you have to run with the enemy
 
Morris said:
Macbonzo, that's good advice.


And never be afraid to change your view....
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Good contributions here. For me, it was whether to loose my money or my opinion. :eek:
 
Chaps,

I know, I know - but I got carried away and overconfident - my stops were too wide.

Well, got stopped out on the rest of my shorts - right at what I still think is the top. Account almost wiped out but I'm sticking some more dosh in for the drop next week - I hope.

Oh, btw, just gone for another small short at 11,263. In profit :)
 
I have to say im in very much the same boat as you, I have been short this market since 10876 and got stopped out today at 10250. ow. still you have to learn from these things.
 
mombasa said:
Chaps,

I know, I know - but I got carried away and overconfident - my stops were too wide.

Well, got stopped out on the rest of my shorts - right at what I still think is the top. Account almost wiped out but I'm sticking some more dosh in for the drop next week - I hope.

Oh, btw, just gone for another small short at 11,263. In profit :)
Click to expand...

Mom, let it go ....you can un-marry this position if you take a cold hard look at it

C V
 
mombasa said:
Chaps,

I know, I know - but I got carried away and overconfident - my stops were too wide.

Well, got stopped out on the rest of my shorts - right at what I still think is the top. Account almost wiped out but I'm sticking some more dosh in for the drop next week - I hope.

Oh, btw, just gone for another small short at 11,263. In profit :)
Click to expand...

How about looking at another index and not the dow?
 
sox down 3.23% and nas closed down, seems less bullish than dow at the moment
 
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