Best Thread How To Make Money Trading The Markets.

[Mr. Charts]

Of my trades today, two of them used the method on this thread.
I found ED during market hours by scanning. It proved to be a loser.
My attitude is to accept a %age of losers as being the price of doing business and they are inevitable. They MUST be kept small like this one. No hoping, wishing, praying even, that they will turn around and move in the right direction.
They usually don't. They get worse. Sometimes they do turn around and most learner traders then think they should expand their trailing stops. Fatal.
If the price is not doing what it "should" according to your trading plan. Cut it. Destroy the weeds, don't expect them to turn into pretty flowers.

And yes, if I'd run the scan earlier after market open I'd have made money on the down move.

 

[Mr. Charts]

I alerted XLNX pre-market and this was a flower which I let bloom. It could have been a weed, of course, you don't know in advance, but if the methods you use have a good hit rate and you weed out the failures quickly and/or have a good trailing stop or other exit strategy, you can be consistently profitable.
Again this one used the method in this thread.
XLNX +151c per share.
Richard

 

[Mr. Charts]

I traded just five times today, twice using the method in this thread; the other trades used some of my other techniques.

I alerted ABBV as a result of scanning and the first time I traded it it started to work then fell back and I exited for just +5c . I don't usually allow a trade which starts off profitably to go into loss.

The second trade worked much better producing a profit of +42c per share.

I never try "revenge" trading, but if one of my set ups occurs then triggers I will take the trade. I sometimes tend to think that if the trade hasn't really worked the first time, then maybe it won't the next time. However, since that has a touch of illogicality to it, I ignore that suspicion and simply trade on the facts in front of me.
Richard

 

[Mr. Charts]

8 trades today, 5 decent winners, 3 small losers.
Two used the method in this thread, the other trades, other methods.

SNY was a pre-market alert based on news, results and pre-market price behaviour.
I traded it twice, once using this method.
Richard

 

[Mr. Charts]

MRK was thrown up by my scan after market open and was "stepping down", falling candles.
If you go for nicely trending stocks, the probability of success is firmly on your side. There will always be some that fail, you just keep the losers small.
Both of these today were what I call cleanly moving stocks, especially SNE.

 

[Mr. Charts]

I only traded four times today, one of them was using the method in this thread.

It was in the unfortunately named ISIS.

When my pre-alert list didn't produce the usual early trade I ran a scan and alerted ISIS just four minutes after open. After that it was a matter of watching the stocks to see if anything set up.

The last three days have been fairly narrow range days with fewer big opportunities than usual, but I know from experience I've just got to hang in there, follow the methods I've used successfully for many years, keep my powder dry and only go for the high probability opportunities which will come along if I am patient and persistent.

The way I approach it is to reject the idea I am sitting in front of my screens wanting to trade, but instead I am sitting there to make money. That difference keeps me from trading just for the sake of it.

ISIS +110c per share

 

[misssnp]

Great Insights

 

[Mr. Charts]

Eight trades today, three small losers and five winners, all on my blog.
I used the method in this thread twice (the other trades used some of my other set ups).
One on CLDX which went against me losing 4c per share; I always exit if the trade turns against me straightaway.
The other trade was one of five on RIO (a pre-market alert) and was a nice clean pullback then burst north on rising candles for +27c per share.
Let the flowers bloom as much as they will, and chop down the weeds early....

 

[seguna]

Wise and salient as always.
Cheers Mr C

 

[markettiming]

I always exit if the trade turns against me straightaway.

do you mean - you make trade and if the price immediately starts to tick against your position you'd exit?
so dont you give some ticks for price to trade around you entry price ?

 

[Mr. Charts]

Wise and salient as always.
Cheers Mr C

Thanks, seguna.
Richard

 

[Mr. Charts]

do you mean - you make trade and if the price immediately starts to tick against your position you'd exit?
so dont you give some ticks for price to trade around you entry price ?

Depends if the momentum has reversed.

 

[wasteof]

Mr Charts,

Many thanks for such a helpful & informative thread.

wasteof

 

[Mr. Charts]

Mr Charts,

Many thanks for such a helpful & informative thread.

wasteof

I'm glad you've found it helpful

 

[Mr. Charts]

Ten trades today, some using the method in this thread, some using my other methods.
Three small losers, seven winners varying between 2c and 66c. All on my blog.
The largest one was CODE, a pre-market alert. This gapped up on news and sometimes you get some profit taking from longer term holders or a bit of a shake out before the buyers come in so I'm usually keen to see if price fulfills the criteria for any of my set ups.
CODE met the requirements of this rising candle method and I entered at the pointer (later than ideally) and exited at the time of the screen shot shown for a nice juicy +66c per share. Notice how clean and clear the candles were.
In my opinion and experience you don't have to delve deeply into any analysis, especially not technical or fundamental analysis for this sort of intra-day trading.
An eyeball works very well with price action and movement with some knowledge of what has a high probability of actually working and then some experience.

 

[Mr. Charts]

HE today was very similar to CODE on Tuesday.
It was on my pre-market alert list. This gapped up on news and sometimes you get some profit taking from longer term holders or a bit of a shake out before the buyers come in so I'm usually keen to see if price fulfills the criteria for any of my set ups.
This one I got into a bit earlier than CODE on surging buying and took +79c per share.
With concepts that have a high probability of working like this one, often you simply have to wait and watch and the opportunity often comes along; have several such possibilities on your radar and your chances of success are pretty good, especially when you quickly exit the ones which don't work for just a small loss.

 

[markettiming]

Today, stock LPX - do you find premarket or by scanning?

 

[Mr. Charts]

Today, stock LPX - do you find premarket or by scanning?

LPX was the first stock on my pre-market alert list, an hour before open.

My large profit in this stock was using one of my other methods, NOT the one discussed in this thread.

 

[markettiming]

LPX was the first stock on my pre-market alert list, an hour before open.

My large profit in this stock was using one of my other methods, NOT the one discussed in this thread.

it is very ineresting, because i dont find any news about that stock.

 

[Mr. Charts]

it is very ineresting, because i dont find any news about that stock.

There wasn't any when I alerted it....