jidrool

In a more practical vein let me share today's rather unpleasant lessons. I have been having some success in the last several weeks by fading moves to either pivot points or the support/resistance lines that develope during the day when accompanied by a divergence in or extreme reading in the tick. Very few held and twice they broke down so quickly that the trade cost me more than I had expected. Are we entering a downtrend where this method won't be profitable for awhile, at least at support levels?Should I only take them at resistance. Just giving you a glimpse into the workings of a fledgling trader's brain? Hope it helps and if anyone has the answers to "life's most persistent questions" I'm all ears.

I don't disagree with anything windsurfer says. I should have qualified my remarks by saying experience comes after and during constant study and testing. There is no need to try and reinvent the wheel but we cannot underestimate the human factor in trading. I feel that our human tendencies can be our greatest impediment and until you feel and learn how to control them you will be in for a difficult time. Was it Kipling who said "if you can keep your head while all the other traders are losing theirs you will make alot of money my son.." or something like that

Until you are making decisions from your own experience and not trite sayings you won't be able to trade profitably. How do you get to that point? Putting in your time making real time trades and taking your lump$!!!!!!! Just view it as paying your tuition. Play small until you can start to define who you are. Your way won't be my way grasshopper! One thing I can state with certainty is that you can not win at this until you conquer your emotions and you must trade real money real time for quite a while to discover how to accomplish that. Good luck and remember always lick your wounds and summon the courage to face tomorrow