spanish89's Daily Trading Journal!! Whooooo ;)

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Spanish never mind about me (I'd never use more than a pound note - which do exist in the better parts of this country - for toilet paper due to my eye for value) what I'm asking you to do is consider your trades as harshly as possible... What could and should you have done differently?
 
For your info

spanish89 has now recieved his infraction for a grossly distastful post (now deleted) he wrote recently.

due to the auto points tot up system a ban is now in place and will be end on 19-07-2008, ~08:00 PM
 
north5 said:
You do realise you get charged each day for an open position don't you. That's going to be a lot of pips to make back over a few months.
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I have been speaking to spanish89 on msn, and so i am here to act as his representative and spokes-person.

Anyone who wishes to address any questions to Spanish89 (Spanish-the-great as he is also known) please direct them at me and i will filter them and then pass them on to him.


As answer to your question North5 he uses wwwTradindex.com and so he doesnt have to pay any overnight charges on any of his futures contracts.


And Spanish himself will be returning to this forum later tonight or tomorrow,
as his ban will only be until 8pm tonight, and he will be out clubbing shortly after then anyways so will be returning tomorrow afternoon probably.



Thank you
 
Guesswho said:
I have been speaking to spanish89 on msn, and so i am here to act as his representative and spokes-person.

Anyone who wishes to address any questions to Spanish89 (Spanish-the-great as he is also known) please direct them at me and i will filter them and then pass them on to him.


As answer to your question North5 he uses wwwTradindex.com and so he doesnt have to pay any overnight charges on any of his futures contracts.


And Spanish himself will be returning to this forum later tonight or tomorrow,
as his ban will only be until 8pm tonight, and he will be out clubbing shortly after then anyways so will be returning tomorrow afternoon probably.



Thank you
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What, you couldn't have waited one day, spanish?
 
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Give him his due. He's got perseverance but unfortunately no patience, which doesn't bode well.
 
continued registering of multinicks

spanish has now recieved an extra 5 day ban for continuing to register multiple accounts. hahaha being the latest :rolleyes:

he will be now be back on 24/07 2:00 PM (well maybe lol)
 
spanish89 said:
ARRRRGGGHHHH nooo it happend again.. :confused::(

I always get into sells when it breaks through support, but then it always goes up a few hundred ticks for abit before coming back down.. :mad:


Like today on that oil trade that i closed for loss, id got into 1 at 133.57 and other 134. something..., i closed them for the loss at 134.86 i think cos there was very strong support there, even from the daily n monthly chart.

20mins later when ive gone off the oil falls over $4s down to just over $130 ith no warning or indication why!! :mad::mad::mad::(:-0:-0:(


I till made £147 for they day, but if id stayed in those shorts n gambled by holding overnight or for a few more days id have made about £1000 today!! :mad::mad::cry::cry:


WHy does gambling have such more money than trading with S&R?? :(
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Spanish - I brought a fairly expensive training course from Ian Williams which is all about support & resistance and little else.

In a trending market - at the start/middle of the trend - these systems look to work quite well. Towards the end of a trend (on whatever timescale), it seems that the professionals are using people reliant on these systems to offload their holdings. If I have learnt anything - it's not as simple as just support & resistance. Also - in a non-trending market, these concepts don't work well then either.

From what I can see now - just using support & resistance alone is as good as throwing a dart at a chart to figure out which way to go. I may well be wrong but I wont be relying on purely support & resistance from hereon in.
 
pedro01 said:
Spanish - I brought a fairly expensive training course from Ian Williams which is all about support & resistance and little else.

In a trending market - at the start/middle of the trend - these systems look to work quite well. Towards the end of a trend (on whatever timescale), it seems that the professionals are using people reliant on these systems to offload their holdings. If I have learnt anything - it's not as simple as just support & resistance. Also - in a non-trending market, these concepts don't work well then either.

From what I can see now - just using support & resistance alone is as good as throwing a dart at a chart to figure out which way to go. I may well be wrong but I wont be relying on purely support & resistance from hereon in.
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Support and resistance levels work just as well in a non trending market as in a treding one but the concept of s/r is not as simple as it is made out to be. That is to say, one cannot simply buy support and sell resistance and hope to make money.

You have to have a very thorough understanding of how not only the markets work but also how the market participants trade - both the strong and the weak hands. You have to watch how the price moves at support and resistance and be able to see what is happening to be able to use it to trade profitably.

The most successful traders I know are using support and resistance only and they make more money than most of us can easily comprehend.
 
Essentially, I view everything in terms of support or resistance. Even a pullback entry into a trend is set up by a level I think will support or resist. Confirmations for entry are indicator patterns and most important, the behavior of price at the s/r level.

Dante had what I believe to be an accurate post recently about breakouts with a retest of the s/r level as the preferred entry. I have never been a fan of breakout plays but if one looks viable, this is the method I use.

Without support and resistance, everything else, in my opinion, is chasing price.
 
trader_dante said:
Support and resistance levels work just as well in a non trending market as in a treding one but the concept of s/r is not as simple as it is made out to be. That is to say, one cannot simply buy support and sell resistance and hope to make money.

You have to have a very thorough understanding of how not only the markets work but also how the market participants trade - both the strong and the weak hands. You have to watch how the price moves at support and resistance and be able to see what is happening to be able to use it to trade profitably.

The most successful traders I know are using support and resistance only and they make more money than most of us can easily comprehend.
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Interesting stuff.

In the Ian Williams course - it is very simple - it says to buy when a resistance level is broken & sell when a support level is breached. That's it. It also talks a little on MA crossovers as a sign of a trend reversal. It also tells you to use a trailing stop of a DMA that fit well on prior trends on the same instrument. As this can be 100's of points, you actually need quite a lot of $$$ to try this out if you are only risking 4% of your stake each trade.

It talks about doing this on daily charts only - no time level below that

That is all it teaches & it says you can make a living with this limited knowledge.

Now - with just this method, at the time I was trading it, about 50% of my trades broke through the S/R level & then rolled over and went in completely the opposite direction.

If you are looking at a daily chart with history going back years (which Ian teaches is just as relevant) then there's pretty much support & resistance everywhere.

So - I am not saying that S&R are irrelevant, just that blindly picking an S/R level & waiting for a breakthrough (without a retest) and ignoring volume on daily charts hasn't worked FOR ME in either live trading (admittedly only 4 months) or in the paper trading I did when I abandoned the live trading.

One thing about this course - Ian Williams never actually says he makes a living from this method, if you look at the customer comments no-one says that they have made money long term from this. Also - Ian is always pointing out that those who complain aren't taking responsibility for their own results.

I have followed his WICS posts - once a week he has a rant about the market & twice a week he posts chart analysis videos that stay there for a short period. I download these videos & when Ian says 'what will probably happen next' on a chart - it rarely does what he thinks.

This is why I believe that following S & R without any other knowledge is as good as using a dartboard. Of course - when the next major bull market comes along & everything is going up - both methodologies (dartboard & Ian Williams) will work well.
 
pedro01 said:
In the Ian Williams course - it is very simple - it says to buy when a resistance level is broken & sell when a support level is breached. That's it.
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That is most likely why it's failing. Trading S/R is just not that simple.
 
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trader_dante said:
That is most likely it's failing. Trading S/R is just not that simple.
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Quite - anyway, it is no longer failing, it is in the bin. There's nothing in that course I haven't learnt more about in some books that were recommended to me by a more experienced trader.

I only mentioned it here because Spanish seemed quite miffed that the s & r levels weren't doing what he expected.

Perhaps he was looking at them as I was...
 
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