Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Strange that I can make money on a trade and still find something to improve on... don't feel like typing it out right now though.
What I was happy with today was that I did not feel that I acted any differently on 6 contracts than on 2. I just took the trade. I had done the math this weekend, I knew in advance how I would respond if I took a loss, and how I would respond if I made money. I held the whole trade instead of stepping out. The trade "size" never really registered, and for that I congratulate myself.
It is not the battle that occured on the charts today, but a war that has repeated in my mind over the past, who knows how long. Brought back to the surface recently, but this time I decided I might be brave enough, wise enough even, to wrestle it instead of push it back into hiding.
I do not believe for a second the issue is gone, when I have a losing day will really be the time to tell what progress I have made with it.
Trading the same setups & the same indicators, without the same confidence, produces completely different results.
IF crude can top 93.25 I will have more interest in a longer target.
Can you help answer these questions from other members on NexusFi?
It did it, reluctantly. It had no choice probably, due to traders who kept trying to short the top today... That is not exactly the "top 93.25" I was hoping for, but we'll see how volume responds to the retrace.
And this is something I have never watched before, but I read the notes from a workshop with Gerald Appel this weekend, and am studying the 3 MACD settings discussed. I used a MACD a lot in the past, but it did not help me much so I eliminated it. But now, maybe the MACD was working fine and I was not using it correctly.
I made an adjustment to my chart layout this weekend, reversing locations of the 6-range and the 120 minute, and changing the 15/30 minute to be 30 only adding the DC and MA, stretching out the daily to watch the MACDs, and keeping an eye on the TF in the left corner of this workspace. I have been setting up a dedicated workspace for TF, but not sure about the indicator settings yet so by watching it here it helps me get to know it while not really trading it.
I have dedicated the other monitors to a simple view of 4 other markets (no indicators), plus two news websites.
"I am more scared now than I was at any point since I began trading, because I recognize how ephemeral success can be in this business. I know that to be succesful, I have to be frightened."
Talent is nothing, hard work is do-able by all. And our luck is the same for most of us. So that statement is weighty. I know it well. When one gets out-sized returns from the market...that statement defines whether we keep it.
Livermore was the most talented, skilled of them all...but he wasn't the one that kept his monies. Traders that understand what survival is, do.
I was very aware of the fact that the first time I read that I glossed right over that comment, but today that was the best thing in the entire interview.