US Indices intraday trading - JULY 2003

[SUNSEEKER]

another big part of the game is to find out what kind of trader you really are. Are you a short term sniper/scalper going for a few ticks here and there, or can you handle bigger drawdowns and gun for the swings? Are you a trend trader or are you a reaction trader or both.

Someone once suggested I should go and see a shrink and get her to test me to assess my personality and then figure out what if at all kind of trading style I would be most suited to.

 

[a320]

spot on car key boy!!!

Thats the difference with Tom,
Cj

No I haven't been taught by Tom :cheesy:

 

[a320]

I love this quote:
Regarding trading and emotion

I have found that some of the best traders are pilots. why would that be? Pilots have a very methodical way at looking at procedures and emergency. When something goes wrong the pilot goes in to a series of emergency steps with little emotion involved. They can not hope or wish the emergency will go away or fix itself.They let the events of the emergency dictate their actions. Traders should do the same!!!!
By ken wolf.

something went wrong with me then!!!

cheers cj

Correct me if I'm wrong but Ken wolf never flew a plane in his life :cheesy:

 

[SUNSEEKER]

quote:
--------------------------------------------------------------------------------
Originally posted by SUNSEEKER
Nah, I dont think it will sell...

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anything can be sold, as long as the presentation is sexy


BETTER NOT PUT ME ON THE FRONT PAGE THEN

Last time I heard I was called Frankenstein, my brother just politely points out to me that Dumbo wants his ears back

 

[Car Key Boi]

for the cover, i suggest a couple of scantily clad chicks swooning at one of yuor path charts

 

[a320]

Caroline likes you Tom!!!

Oh and I'm sure I've seen kavita give a cheeky smile and bat her eye lids at you from time to time :cheesy:
any excuse to pop this up for your viewing pleasure!!!

cj

 

[SUNSEEKER]

a320,

i like that quote a lot. By the way, dont think for a second that I need anyone to stand up for me, I appreciate your comments....

I post because it gives me something. i truly believe in the natural laws, i am not afraid to admit that. it is simple: what comes around goes around.

At the end of the day, the guys who set up the T2W has this kind of "ignore" list...it is a free world.....

My analysis shows me that if they can squeeze this baby back above 995, then 1000 should be a piece of cake...then the double top, and IF that goes, we should very likely go to 1070 as this would make it a wave 5, and then we ALL have to short this baby

 

[SUNSEEKER]

car key, is that two faces shagging?

 

[SUNSEEKER]

ah, a320, Kavita is definately my favourite tv babe, but i also do like Bloomys Catherine Huchinson

 

[Car Key Boi]

yes Tom

i've got a whole bunch of similar smiles, way too explicit for this board thou

 

[a320]

Best be careful here but, that Deadre Bolton (never spell it right)
is spot on eye candy :cheesy:

Oh I believe bloomys Chantelle Os has some danish blood in her!!!

cj

 

[SUNSEEKER]

and this will be my EXIT point

here is a snip for a chapter called chart patterns:

Chart Patterns


One of the traders that has the biggest influence on me over the years once said to me: The most important thing you can do for yourself is to become an expert in patterns. If you can “guess” where the market is going based on what you see on the screen you will be miles ahead of the competition.

In your daily preparation you need to review the daily range patterns over the last 3 days. All you need is a 5-minute chart. When I say that is all you need I mean that is all you need to find a place where you will buy or sell. Any longer term considerations are only required to keep your mind clear about general trend and possible obstacles a market could encounter on any given day. Trading is about what is happening NOW and not in a week or two.

Markets develop different patterns each day depending on if they are in an uptrend or a downtrend. As a trader you have to listen to the market and what it is telling you to trade accurately. Accuracy is everything if you want to maximise your opportunities. This means to have patience to wait for the right set-up and not force a trade.

In reality none of us know what the market will do but we can learn to read the signs and know when we should be buying or when we should be selling. In essence you become an odds player. You trade when the odds favour a certain outcome.

 

[SUNSEEKER]

In reality none of us know what the market will do ( except of course the path ) but we can learn to read the signs and know when we should be buying or when we should be selling. In essence you become an odds player. You trade when the odds favour a certain outcome. The rest you leave alone..

 

[david2000]

Tom, you nearly left the most important bit out there. Now did I mean " The Path" or "The rest you leave alone.." :cheesy: :cheesy:

 

[a320]

Great posts tonight, we did go off on one

Some will wish I never asked about the book!!!!
It will take the lurker's ages tomorrow to wade through this lot.
I bet a few of us, will end up on the "ignore" list :cheesy:

cj

 

[chester]

You guys certainly had a good chat last night.
Tom - Whenever your book comes out....I'll be buying one.
I'm certainly interested in attending one of your seminars but from what I can see their mainly on the South coast !!!!
Have you any plans to do any a little further North....and I was thinking of a little further North than London.

 

[Bigbusiness]

I am interested in the book but I don't like paying too much. Some trading books are way too expensive for me.

There is a good argument that the price should reflect the amount of work put into it, the valuable information and the positive effect it can have but my bottom line is, if it costs to much, I wont buy it.

It's not just because I am tight with money (honest!). I am already suffering with information overload and have found several systems that work well. All my money is going towards a robot that can trade them for me

 

[SUNSEEKER]

the chart shows how volatility has contracted and we are boxed in. The trip out of the box almost always leads to a trend day. This morning with the DAX in negative on ST Micro news I thought my path was all wrong. Now the DAX has reversed and the SP500 futures are following troop. The path today shows a trend day!!!!, and the target for break to the upside would be 1041. This would probably not happen today, but it is encouraging that the bulls can make the market rally on bad news

 

[SUNSEEKER]

the path for today...could be a trend day with a sell-off towards the end of the day.....

 

[bottomdollar]

Sun,
In one of your last posts, you mentioned that you've come across 1000s of traders..
I was wondering if you would be able to just note down what you notice about those that make it and those that fail... what are the underlying traits which make a successful trader!!!

Thanks in advance

BD