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MrPaul
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Everything posted by MrPaul
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Well done. Have you started to notice why some trades fail and some work?
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Is it just me or is the volume as price action today hardcore? The ER2 has so many bids/offers that its moving like the ES usually does.
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Don't be disappointed one bit! That's exactly what simulated trading is for. Imagine if they starting shoving our Air force recruits on their first day into real jets and told them "good luck!" Much the same applies when trading alongside seasoned financial market professionals. The only difference is the barrier to entry. Edison was once quoted saying "...Results? Why, man, I have gotten lots of results! If I find 10,000 ways something won't work, I haven't failed. I am not discouraged, because every wrong attempt discarded is often a step forward...." Keep this in mind as you learn to trade! In my opinion you can take that weekly chart and use it as a coaster while you monitor the 5 minute and 1-2 minute. The weekly charts are important but within the context of intraday trading they are better paper airplanes than guideposts. If you need some more material let me know I still have 100's of trading texts/ resources you can have.
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Abe, Are you watching any other time frame besides the 5 minute? Looks like lunch has set in, gonna leave the screen for a while to refresh my mind.
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As a man thinketh, so he is...As within, so without. A man is what he thinks about all day long... -Ralph Waldo Emerson There are no limitations to the mind except those we acknowledge. -Napoleon Hill Some thoughts for the day
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Very Nice.....
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Step 1: Identify the candlestick 'patterns' or 'formations'
MrPaul replied to brownsfan019's topic in The Candlestick Corner
That is an excellent point Brownsfan. If you are too rigid in your definition of a candle you will let many fine opportunities pass you by. One common thing I notice about doji's is that many traders only accept them as signs of indecision of they are textbook, a Narrow Range Bar for instance shares much of the same psychology. -
Abe, You do a great job of journaling your thoughts and actions. Keep it up!
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Welcome to the Candlestick Corner! Stop on in!
MrPaul replied to brownsfan019's topic in The Candlestick Corner
What a Great Idea this sub forum is! I will also be away this weekend but starting next week I will look forward to contributing. -
Really?? I did the same exact thing. Except for the tripling part :p
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Abe, At the risk of sounding redundant you really should place a hard stop. The first time you experience a power outage or internet connection disruption while taking those counter trend, high leverage trades you'll understand the importance of having a stop placed with your broker. You can realistically lose hundreds/thousands in a few minutes under these current conditions depending on how long you are separated from your execution software. Getting in the habit of placing them after your order is executed becomes second nature... As far as the screen capture you may also look into Fastone capture, it's free and lets you annotate with arrows etc.
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Soul, Funny you mention that. I was talking to another trader about how earlier in my career I would have had no idea how to properly trade these volatile markets!
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Brownsfan, I agree! I was nabbing 4-5 point trades all day on the ER2 and was only aiming to maybe get 2! This environment is like manna from heaven for me lol
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Abe, I'm going to be frank here. Stop trading with real money. You are on your way to losing all of your trading capital. Keep studying, Keep reading, Keep trading.... But don't use real money. Your account will go broke. If someone would have said that to me during my learning curve it would have saved me ten's of thousands.... I find it outstanding that you are willing to share your trials with the forum, it shows you have a real want to become a trader. You just have to do it the right way.
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Up with hope, down with dope! hahaha
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I heard that the switch would take effect starting in Sept. Really sucks too cause I love to trade the Russell, excellent range, tick value...everything. Stupid ICE:thumbs down:
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Nah he is the guy who made so much money he went insane and now lives in a cave somewhere in Tibet.
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When I find that book i'll let you know haha! It's usually a case like any other profession of reading many texts, and transforming that knowledge into a framework to begin the real process of learning which is rote experience or "screen time".
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Jim, Nevermind those ratings, I'll agree and say that Mastering The Trade by John Carter is a great book. Also I would recommend Techniques Of Tape Reading by Vadym Graifer and Mastering Futures Trading by Bo Yoder.
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What kind of futures Jim?
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Brownsfan, I think it is a cool idea. I'm not going to commit just yet until I am certain I will actually stick to it. I have a few different ways of journaling/recording trades etc. and I'm not sure if I'll actually be consistent to come and re-record everything online. Interesting idea none the less...
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Hey Abe, My opinion on those three books are as follows: The Guts & Glory of Day Trading-Misleading and dated The Day Trader's Survival Guide-Not worth your time. How the Stock Market Works-Good primer on basic aspects of markets Hope that helps:thumbs up:
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Wow I know there is a low barrier to entry in this biz but...well anyways welcome ED! hahahaha
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1. Why did you decide to become a trader? I have a love for markets, a passion that cannot be fully articulated. Michelangelo once said, If people knew how hard I worked to get my mastery, it wouldn't seem so wonderful at all. Michelangelo sculpted, Picasso painted, I trade financial markets. What steps or hurdles did you overcome to become a trader? Almost too many to list, people underestimate what it takes to become a professional trader, and more importantly retain that status through a lifetime career! I have had to overcome all the typical psychological issues such as under trading, over trading, fear of entering, fear of loss, hubris, elation...the list could go on for miles. It is a sheer burning desire that helped to drive me through the obstacles and I continue to try and better myself professionaly every single day. 3. Do you see yourself trading in the next 10 years? Absolutely! Even after I have made my money and feel that it is time to retire I will always be actively engaged with markets helping other traders and giving back to others some of what I was able to take...
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Bear, Don't hold back tell us the details and how you really feel...lmao :p