torero

I think the correction in Feb might be a warning. Now every mailman and dentist is investing fully blindly, reminds me of tech bubble nearing end (I was ignorant then like lots of people of the stock market). Only charts will tell the truth where SM and DM go.

Something that strikes me as unusual in this market is the fact that the dollar has weakened so much compared to other currencies yet the stock is doing well, broke all time high against EURO. I remember reading that one of the chief causes of the 87 crash was the collapse of the dollar (and few policy-related news). I'm wondering we have the scenario or not. I like to get some opinions on this.

In case anyone's confused on how to post charts, please reread this one, bookmark this thread.

Interesting read, thanks, rolange!

Thanks, yeah, it's been boring waiting for it to act normal again. I don't like historical areas too much, too many shifty nervous eyes. We'll see how this go.

You should out of the short already. Are you looking for a long from the 50% right. That's what I'm looking also.

It's time to get back to forex, I think. Anyone seeing this? 50% retrace with falling wedge and Monthly S1. Watching here for clues to see if support holds.

The sound of silence. The only way to focus and stay attentive. The problem with music is that it always carries some emotions, even classical music. Just wrong thinking in approaching the market objectively.

There is no book that I'm aware or any expert that can explore this topic in details. Wonder if it works.

soul, you're still at the bank? Are you permanent yet? I'll see if I can stop by today.

In Steenbarger's new book, Enhancing Trader Performance, he talked very well about a prop firm in Chicago in which he collaborated to produce the book. There are some legit ones I guess, just have to get a recommendations from insiders.

I agree, sometimes we all need reminders why we spend all this time, energy, and brain power. All work and no reward will make your motivation and drive stale. It also reminds us that make money is the objective, not being right.

I think I get sloppy with the more wins than expected and started thinking every setup was a sure fire win. I started seeing setups where none existed. Basically I get out of my trading plan. The larger equity keeps telling me "it's ok... you still have so and so to PLAY with." That statements just kills my streak almost immediately and I've caught myself saying that. So when I start clearing out to 0, I have a better objective without the cocky cushion money to play with. Every trade could be my last trade with 0 so I stay attentive and defensive.

I admit the tradingrooms.com is very feature-rich but we're not running a mentoring or training room, just simple folks chatting and passing the charts from time to time. I've had a few problems in the past with the chart posting and that turned me off a bit.

Best is to sit out until the pullback is done. Else, scalp the pullback. I'm sitting out for quite a while now.

I think there are several books on Amazon specifically talk about COT for commodities. Not sure if they're worth the money. Anyone read this? Any feedback?

I think it was Marty Schwartz who admitted that he doesn't do well after a streak. He does one thing is on Jan 1, he starts at 0. I think this can be done week to week and extract money from the account to keep your feet on the ground. When I started doing this, the giving back become less habitual.

no one showed up there either wei.

I have 4 setups, 3 of them have stops that are between1 to 2 points (ER2 speaking), while one i only need 1/2 point to know if the trade works or not and go the other way. I don't get stopped often on this one because it has 2 possibility (2 trades), one up or one down. If market gives me neither, I pass. So I hit 50-50, I still come out ahead due to higher RR. Plus this one come at most once everyday or every other day. The 1/2 point setup has a between 1-2 point target (sometimes higher like today) while the others with larger stops have a larger target as well. The RR is about 2.5:1 if not higher. The 1/2 pt stop setup has larger RR.

I think there is another problem, it's the mental exhaustion and stability. No one consistently stay in one emotional or mental state of well-being everyday for next 10 years, no one. So making a 10 tick a day every requires perfectionism. Plus, when you're down (stopped out) a few times, you're more unstable because you need to "make up" or "catch up", usually that the mental thought will start eating you up. As for exhaustion, not everyone can go at it 6-7hr a day trading everyday. Heck, after 3 hrs or 6 trades, I'm exhausted. As the day or trade numbers wear on, I start to get sloppy, start giving back. This is mental exhaustion. Of course, anyone can train themselves to endure longer hours to stay mental focused throughout the day, productivity may wind down eventually. I disagree with the upside limit, it's pretty much "limit your profits and let your losses run" philsophy. The only way I counter that is my stops have be 1/2 the size of the upside limit or even lower.

I think if you can make a new type of blog for traders, that it, a simple blog + fields to fill out the trade, in, out, loss/win, then all the stats of cumulative trades. The other thing is for someone who's a daytrader with large number of transactions per day, it would be nice to something we can upload or copy and paste the trades and have it processed automatically. Because data entry for yourself is one thing, but doing it again for others might be not so enthusiastic. In terms of stats, I like to see max. drawdowns, sharpe ratio, avg. net profit.

Sounds like an interesting idea, I like it. It's not too far from what I'm currently doing in my website, I'm more or less keeping myself honest and accountable so this project is not that different. I'm interested but you have to lay down the details and split up different types of traders (i.e. swing vs. day traders, part-time vs fulltime day traders, YM vs ER2, small lots vs big lots) might be considered.

If you look at the Emirates and other nearby countries, they're building new industries, preparing for the inevitability. Iran has money from oil, but it craves uranium, for good or bad intentions, we still don't know. Iran got so much cash it doesn't know what to do with it.

With Iran's pocketful of oil as a buyer, I'm bullish on that, real market or black market.

Excellent charts and explanation, malvado! I think explaining to others your ideas can be time consuming because each person have their way of perceiving the market and their technical approach to them. It's why charts are so important. Keep posting them!