Best Thread US day traders thread.
Search4Truth said:
I think Tim has already answered the first two questions. His loss was due to not sticking to his rules. We have all done this at one point or the other. What you think to be the cause and the effect are not so. The training happened before the loss. That doesn't necessarily mean the training caused the loss. Two years ago I managed to lose my almost entire spreadbetting capital and I hadn't attended any training at all. Entirely my own handiwork.
Salty Gibbon
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Anyone who loses 70% of his account on one trade ( or even a hundred trades ) is a fool and should not even consider being a trader.
Unblocking drains would be a safer mode of work for people such as this.
Unblocking drains would be a safer mode of work for people such as this.
Salty Gibbon
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Maybe my comments are a little harsh but I have been down a similar road before in a different life, a different context and a very different environment, and when I look back I consider myself to have acted like a fool at the time.
A couple of members who I have confided in will know what I am talking about.
The most important lesson I learnt from my experience was to respect the market and be humble before it and, most of all, to be so so careful and trade well within my personal financial constraints.
A couple of members who I have confided in will know what I am talking about.
The most important lesson I learnt from my experience was to respect the market and be humble before it and, most of all, to be so so careful and trade well within my personal financial constraints.
timsk
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Search4Truth said:
Hi S4T,
As a result of some of the posts on P23 of this thread and because from time to time I am asked questions about my 1-2-1 with Richard, I thought it would be appropriate to write a review of his course in the Trading Reviews Seminar section. You can read it here:
http://www.trade2win.com/reviews/product.php?id=133
I think it answers all your questions. If not - or if you want additional clarification - please feel free to PM me. Ditto for anyone else.
As to Salty's comments:
"Anyone who loses 70% of his account on one trade ( or even a hundred trades ) is a fool and should not even consider being a trader.
Unblocking drains would be a safer mode of work for people such as this".
Unquestionably, I acted foolishly on the day; I admit that - how could I not! Many years ago, I fell asleep behind the wheel on the M5. Big crash; end of car. Amazingly, no other vehicles were affected and even more amazingly, I walked away totally unscathed. On the scale of foolishness, my blow-up doesn't even register when compared to dozing off while driving. Here's my point: no way am I ever going to fall asleep again behind the wheel. Anyone who has done it once and lived to tell the tale, NEVER repeats the mistake! The lessons learnt from my blow-up are numerous and I'm very confident that most of the mistakes I made that day won't be repeated. As for unblocking drains, that sounds a bit clever for a simple bloke like me.
Tim.
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Salty, with regards to post 251. Good sentiment, good personal insight. If only everybody was so truthful with themselves. Keep up your humour.....i personally think it makes you better. On the lighter side.....we should all be a bit more forgiving. RUDEBOY.
Salty Gibbon
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I did try it Tim but was useless at it. I left some residual muck on the garden and nearly poisoned my poor dog when she nibbled at it.
Trading is easier.
seguna said:Yes, this doesn't quite add up. More ex-students should come forward. Or are we to believe there aren't any on T2W?
Hi,
I don't normally post on BB's as there are plenty of more experienced people to answer questions but just wanted to respond to let you know that there are other students around.
I am not currently trading due to work commitments and want to dedicate myself to trading full time to give myself the best possible chance. I expect this to be sometime next year.
As for the courses, yes they both make you think trading is easy and yes I have to say that it does look easy when you are shown, but as was mentioned earlier, if it looks difficult then you are probably doing it wrong.
Naz showed me some setups and later in the day we put these into practice, we marked on live charts where he bought/sold. We then had a cup of tea and went back to see what had happened. All 3 trades were in profit and we were up by several hundred points (I cannot remember the exact figures and its not important). Richards examples were not traded live (this may have changed in later courses) but we identified some stocks that had potential, we then looked later in the day and applied the techniques that he teaches and again if we followed the rules then a healthy profit would have been taken from the market.
I think the courses are worth the money, if I could have my time again then I would still do the courses but maybe leave it until I was ready to dedicate more of my time to trading. I suspect that I will do the courses again next year after a few months trading as I am sure that their techniques have improved.
I have traded some of the methods taught and found that when I stick to the rules (and dont' get interrupted in the office) then a profit usually follows, I wish I had these skills under my belt during the Internet boom as I am sure that it would have saved me giving all of my profits and a good chunk of my savings back!
Good luck in all you do.
Tokio.
Mr. Charts
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I picked it up on the evening break out, but only took $6+ out of it...........
What always makes me smile are those who say it's not worth trading on a Friday afternoon US time - evening UK time - because nothing much happens as everybody goes home early for the weekend - absolute gibberish. You read that nonsense all over web sites, books, bulletin boards etc. Written by those who talk the talk............and don't walk the walk.
Sometimes you get great moves - and another thing, sometimes stocks (not BIDU tonight) can move a lot on very little volume............contrary to what many say.
A very nice end to a very nice week.
Richard
What always makes me smile are those who say it's not worth trading on a Friday afternoon US time - evening UK time - because nothing much happens as everybody goes home early for the weekend - absolute gibberish. You read that nonsense all over web sites, books, bulletin boards etc. Written by those who talk the talk............and don't walk the walk.
Sometimes you get great moves - and another thing, sometimes stocks (not BIDU tonight) can move a lot on very little volume............contrary to what many say.
A very nice end to a very nice week.
Richard
Naz
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Absolutely right Richard.those that, talk the talk mainly cant walk the walk. I've seen so much rubbish written on the web that other people out and there unfortunately read and believe.
I fell about laughing when someone quite seriously said on the bb twice with authority, not to trade the first hour of the NASDAQ.
Well take a look at BIDU today and you'll see that in doing that you would have missed the first easy part,the strong run and be saddled by a couple of hours of choppiness.Great advice eh!
Naz
I fell about laughing when someone quite seriously said on the bb twice with authority, not to trade the first hour of the NASDAQ.
Well take a look at BIDU today and you'll see that in doing that you would have missed the first easy part,the strong run and be saddled by a couple of hours of choppiness.Great advice eh!
Naz
Mr. Charts
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"Not to trade the first hour on Nasdaq" LOL
The sad thing is that many people think everyone else must know better than them so they take notice of all the drivel, especially if expressed, as you say, with "authority".
BIDU has been very friendly this week.
I saved the attached image of a $4 trade I got a couple of days ago for some people I am seeing next week. A simple set up with simple rules. I've erased the comments so as not to breach t2w guidelines.
The green line is the point of long entry and the red is the exit.
Richard
The sad thing is that many people think everyone else must know better than them so they take notice of all the drivel, especially if expressed, as you say, with "authority".
BIDU has been very friendly this week.
I saved the attached image of a $4 trade I got a couple of days ago for some people I am seeing next week. A simple set up with simple rules. I've erased the comments so as not to breach t2w guidelines.
The green line is the point of long entry and the red is the exit.
Richard
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Naz
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Ah yes Mr C i traded that.GOOG was flying as well that day.Nice to hear from you Neil.
Here are some personal thoughts on what happens with the markets and ourselves..
Larry Connors is a big name in the last couple of years to come out and de bunk a few of the standard appreciations of market myths in the last year or so.
A lot of people trade 52 week highs,he showed they only work 39% of the time.He has also made his own comments about holding overnight and i attach them below,needless to say they are the opposite of what you would think.
Richard Dennis of Turtle fame said he could publish his trading rules in a newspaper and no one would follow them.He said its not that the rules dont work its simply that the reader wont have the confidence to follow them.ie trading comes from within,its a reflection of your own thoughts.
I believe under pressure the sub conscious feeds the conscious mind with what to do.The sub conscious is just a sponge that soaks up information and feeds it back.When people are brainwashed its because the subconscious mind has repeatedly been subjected ideas, soaked it up and then fed it back.
Have you ever found yourself doing something because of a feeling and then stepped outside that feeling and questioned it.Your sub conscious is running you.
A lot of time the best trades are the opposite of what makes sense but getting your mind to accept this is difficult because of the way its programmed.Trade what you see and not what you think addresses just this point.
If you trade for a living its no good being somewhere if there isn't any movement,your mind might feel very comfortable trading company names from your own country,but your account balance wont do much if those stocks are in sleep mode most of the time.In the US things move,the opportunities are there.Come home from work,look around and in two hours you have got stocks that have the potential to do things.Take BIDU last night.
Trade what you see, and over there i see opportunities all the time.Even though emotionally my mind feels an affinity to my own market.The skill then is up to me to take advantage of such moves.
Naz
Here are some personal thoughts on what happens with the markets and ourselves..
Larry Connors is a big name in the last couple of years to come out and de bunk a few of the standard appreciations of market myths in the last year or so.
A lot of people trade 52 week highs,he showed they only work 39% of the time.He has also made his own comments about holding overnight and i attach them below,needless to say they are the opposite of what you would think.
Richard Dennis of Turtle fame said he could publish his trading rules in a newspaper and no one would follow them.He said its not that the rules dont work its simply that the reader wont have the confidence to follow them.ie trading comes from within,its a reflection of your own thoughts.
I believe under pressure the sub conscious feeds the conscious mind with what to do.The sub conscious is just a sponge that soaks up information and feeds it back.When people are brainwashed its because the subconscious mind has repeatedly been subjected ideas, soaked it up and then fed it back.
Have you ever found yourself doing something because of a feeling and then stepped outside that feeling and questioned it.Your sub conscious is running you.
A lot of time the best trades are the opposite of what makes sense but getting your mind to accept this is difficult because of the way its programmed.Trade what you see and not what you think addresses just this point.
If you trade for a living its no good being somewhere if there isn't any movement,your mind might feel very comfortable trading company names from your own country,but your account balance wont do much if those stocks are in sleep mode most of the time.In the US things move,the opportunities are there.Come home from work,look around and in two hours you have got stocks that have the potential to do things.Take BIDU last night.
Trade what you see, and over there i see opportunities all the time.Even though emotionally my mind feels an affinity to my own market.The skill then is up to me to take advantage of such moves.
Naz
