How To Trade: Full Stop

[The Expert]

Is this the rule of cutting losses short ?


Paul

Paul, if you want to crack it, as it can and has been cracked by a few, myself included, you must be aware of a few simple facts that will allow you to change the way you see the markets.

1. There are no rules apart from making money each and every day/week/month/year.

2. A Process is not a rule, it is a certain way of doing things that can, and must, change, but only WHEN REQUIRED.

3. Most people think they know something about trading, which, is based purely on their own experiences, and, which, in most cases, can be detrimental for any person who tries to copy what this person is doing.

If I was to ask you, based on everything we have written in this thread so far, and, based on everything you have read elsewhere, what would you say is the most important thing to YOU in relation to trading:?:

TE

 

[The Expert]

I will try again, but, I can not guarantee that the interrupters will not pop up again

Lesson No. 1200

XT

Today, we will talk about XT.

Why, as traders, do we need to know what XT is:?:

If our target is to make X amount of money in T amount of time, then what is XT:?:

TE

 

[Trader333]

If I was to ask you, based on everything we have written in this thread so far, and, based on everything you have read elsewhere, what would you say is the most important thing to YOU in relation to trading

A good question and to be honest one that I had to think about to answer. The most important thing to me is making an income from trading that is significantly greater than all my total outgoings whether trading related or otherwise.


Paul

 

[The Expert]

Lesson No. 1328

STD

Today, we will also talk about STD.

If we decide to trade Stocks, then so be it.

If we decide to trade Index Futures, then fine.

If we decide to trade FX, then OK.

What must we do so that we only trade the best opportunity, which, is the one that has the greatest possibility of making us more money for the same XT:?:

TE

 

[The Expert]

A good question and to be honest one that I had to think about to answer. The most important thing to me is making an income from trading that is significantly greater than all my total outgoings whether trading related or otherwise.


Paul

Now that you KNOW the most important thing for YOU, what must YOU now do if you want to make it really happen, and not just talk about it:?:

 

[The Expert]

I have decided to start a new social group for US Daytraders, but, it is only for those who are interested in daytrading US stocks, as I am not really interested in the rest of it.

Only genuine people will be allowed access, and, if anyone misbehaves they will be dealt with accordingly.

TE

 

[MacAttack]

I will try again, but, I can not guarantee that the interrupters will not pop up again

Lesson No. 1200

XT

Today, we will talk about XT.

Why, as traders, do we need to know what XT is:?:

If our target is to make X amount of money in T amount of time, then what is XT:?:

TE

Because we need a goal. XT is the goal. To reach the goal we need to create a plan.

 

[MacAttack]

Lesson No. 1328

STD

Today, we will also talk about STD.

If we decide to trade Stocks, then so be it.

If we decide to trade Index Futures, then fine.

If we decide to trade FX, then OK.

What must we do so that we only trade the best opportunity, which, is the one that has the greatest possibility of making us more money for the same XT:?:

TE

We need to know all about the market we are involved in by doing some work and studying it. From research we figure out what the best opportunity is (it'll be diff't for diff't people depeding on capital, time, whatever...). We then create a plan and follow it. Keep following it as long as it continues to be the best plan. Keep working and keep researching and change the plan when necessary.

 

[DionysusToast]

We need to know all about the market we are involved in by doing some work and studying it. From research we figure out what the best opportunity is (it'll be diff't for diff't people depeding on capital, time, whatever...). We then create a plan and follow it. Keep following it as long as it continues to be the best plan. Keep working and keep researching and change the plan when necessary.

Indeed Mac - but there are so many ways to approach the market and so much misinformation out there.

With no point of reference, you could easily spend time trying to figure out the significance of things that are irrelevant.

In fact, the combinations and permutations are endless. So - to get on, you need a frame of reference, some idea of what to study. This is a dilemma as 99.999% of trading literature and internet advice is bogus.

TE - the term 'The Generals' - is it Kevin Haggerty that coined this phrase ?

I have a copy of his daytrading course - it's a bit poorly put together but some of it is along the lines of what we have discussed here. I'm dowloading his other stuff as we speak.

 

[Trader333]

If our target is to make X amount of money in T amount of time, then what is XT

Is it Trading efficiency ?, ie the more money you can make in the shortest time frame the more efficient your trading is. So as an example, if you make $600 in 60 minutes then that gives a profit of $10 per minute. If however yo make $600 in 120 minutes then that is $5 per minute so not as efficient.

Or is it something else ?


Paul

 

[avasfx]

I will try again, but, I can not guarantee that the interrupters will not pop up again

Lesson No. 1200

XT

Today, we will talk about XT.

Why, as traders, do we need to know what XT is:?:

If our target is to make X amount of money in T amount of time, then what is XT:?:

TE

Trading efficiency?? This by the way is great, but should'n we also consider one aspect also - risk. That's the only thing we can control ion the market. The rest is probabilities

 

[The Expert]

Is it Trading efficiency ?, ie the more money you can make in the shortest time frame the more efficient your trading is. So as an example, if you make $600 in 60 minutes then that gives a profit of $10 per minute. If however yo make $600 in 120 minutes then that is $5 per minute so not as efficient.

Or is it something else ?


Paul

VG Paul,

We will not get the ideal situation, but, we can get as close as we can if we are prepared and ready.

We are missing one more very important thing:?:

TE

 

[The Expert]

Trading efficiency?? This by the way is great, but should'n we also consider one aspect also - risk. That's the only thing we can control ion the market. The rest is probabilities

OK then, what % of your trading account are YOU going to risk on each trade you place:?:

 

[The Expert]

Indeed Mac - but there are so many ways to approach the market and so much misinformation out there.

With no point of reference, you could easily spend time trying to figure out the significance of things that are irrelevant.

In fact, the combinations and permutations are endless. So - to get on, you need a frame of reference, some idea of what to study. This is a dilemma as 99.999% of trading literature and internet advice is bogus.

TE - the term 'The Generals' - is it Kevin Haggerty that coined this phrase ?

I have a copy of his daytrading course - it's a bit poorly put together but some of it is along the lines of what we have discussed here. I'm dowloading his other stuff as we speak.

Yes DT, KH it is:clap:

We need to know what he teaches the BIG players who trade with other people's money

That way, we can read their minds:smart:

 

[The Expert]

We need to know all about the market we are involved in by doing some work and studying it. From research we figure out what the best opportunity is (it'll be diff't for diff't people depeding on capital, time, whatever...). We then create a plan and follow it. Keep following it as long as it continues to be the best plan. Keep working and keep researching and change the plan when necessary.

Not so much research, but efficient "screening" is a prerequisite to making money, which can be automated very easily, as DT will confirm

 

[MacAttack]

Yes DT, KH it is:clap:

We need to know what he teaches the BIG players who trade with other people's money

That way, we can read their minds:smart:

DT...........any chance you could share this knowledge if you know it......pretty please. I've exhausted my google searches and can't find much on what specifically Haggarty teaches the BIG players. I don't really want to pay over $1000 for his trading course just to find out either. I found some info on his first-hour reversal strategies, but it was within an ad, so not much info there. Most of what I read was about getting in on gap openings. I would guess it has something to do with the futures vs cash at that point, but I don't see any mention of how you know when to enter or when to stand aside.

***I did find an interesting article he wrote in 2009 when the US dollar was leading the stock indexes (maybe it still does.....not sure yet). When the UDN (inverse dollar) broke a symmetric triangle at 11:40 it was the catalyst to go long in the stock indexes which ended up breaking out of a pattern at 11:45.

 

[The Expert]

MA, do not fall into the TRAP that many do.

We only read to see what way they think, and not, to think as they do

Once we know how they think we can be one step ahead of them, or behind them, whichever is required

 

[MacAttack]

MA, do not fall into the TRAP that many do.

We only read to see what way they think, and not, to think as they do

Once we know how they think we can be one step ahead of them, or behind them, whichever is required

How can we be one step ahead of them?
I thought the idea was to be one step ahead of all the amateurs, but you're saying we can be one step ahead of "the generals"? Wouldn't we have to have one of them call us beforehand and say "hey....just so you know we're getting ready to load up on some futures contracts or some stocks"?
Is there a way to see money moving into the market before the trades are actually executed?

(the only way I can think of is to guess how they are going to react to certain events such as economic reports, news, etc, but then it's only a guess)
(my other thought......if big money is flowing into something it has to be flowing out of something else.........I think...........is there a way to see what it's flowing out of)?

 

[DionysusToast]

DT...........any chance you could share this knowledge if you know it......pretty please.

I have only read his 5 week course. I would say it's - hastily put together for sure. Plus it's 60 pages, so not really a 5 week course. Saying that, there is some good stuff in there.

On the other hand, his 'generals' work is something I got yesterday and is over 700 pages in all. I've flicked through it and it goes into things in a lot more detail.

Perhaps a PM with an email addy will see you showered with gifts in electronic form.

 

[DionysusToast]

Not so much research, but efficient "screening" is a prerequisite to making money, which can be automated very easily, as DT will confirm

Indeed it is - for baisc screening, something like Tradestation can do it with zero programming skills.

There's screens on line too - like Finviz.

For more complex screens (which I do use), you need a bit of programming skills - but there are PLENTY of helpfuls souls on the interweb (like me) who will help you with this stuff if you use a mainstream retail trading tool (like Tradestation) and you ask.

Of course, you could program a scanner using C# etc but you want to be a trader, not a code. Most of my scans took less than an hour to get right and are in use on a daily basis.