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)
2/14/2012
tuesday
2 trades cl..+12 on scalps off open
2 trades 6b..-6 all in all , avery positive day(allbeit a small+$62 net).I didnt make any bad mistakes.The cl channels were really goin today.Basically, the entire am session was in some type of channel.Drawing the trendlines, to help see where buyers and sellers come in, and being aware of trends, TLs, pivots , hod/lod,etc.There were plenty of trades though, and im getting better at seeing them.I still have some questions about when it will be ok to take both sides of a channel, and am figuring it out , i think.Im not going to look too much deeper than that, lets see how tomorrow goes
i watched the video, and after being away for a few hours, and giving it some thought, of course i realize the difference in my trading direction.Is this good?bad?im not sure...........I used to be so obsessed with rules, and specific setups, etc....Lately, i am just focussing on what the market is giving, whether it is a trend line, a trend, a support or resistance,etc.What is the market giving? is always the question.Its not even about setups at this point.Its about using trendlines and observing where sellers or buyers come in............also ,the cash chart is really helpful.......one thing that i am hopeful about, is im just focussing on price action...
That is an insightful observation. We always have to only take what the market is giving, because it would be like stepping in front of a moving freight train.
If a trader tries to be absolutly perfect on every trrade, he will never be able to pull the trigger on a trade. So, in trading, as in many things, close is close enough.
I remember Phil Condit, former CEO of Boeing talk about building the Boeing 777. He said, there are tradefoffs when building a plane. For safety, every passenger should have their own emergency exit. But, if you were to build a plane like that, it would be so heavy, it couldnt fly. In trading, you can be too safe.
I believe a 10 year old can see profitable setups on a chart. But to trade them real time, as they are being painted, thats hard. Of course, if it was easy, everyone would be doing it. I for one, am glad trading is difficult to do well, otherwise, where would the challenge be? If every game you bowled you scored 300, every time, how long would it take for you to quit because it dont present a challenge? Not too long.
2/15 2102
wed
8 trades cl.
-9net
interesting day.Yesterday was such a channel extravaganza, i was skeptical about today.As this evolves, the anchor that i am realizing is...where are sellers or buyers likely to come in?The trendline are very important, and they need to always be in context.The 21 is the magnet, and will draw pa back to it.Im starting to really believe in the 5 min, with the 21 ma.Today , i made the worst trades in the beginning, because they were entries based on the channel only, with little regard for the 21 ma.No video today.Maybe take a break with that.After im done looking for trades, i start replay, and try to do replay every day, atleast once.The candles are so important, and they are giving us info constantly.But, as i said, the real deal is, where are the sellers and buyers?what is their price?Avery simple concept...working on the execution , though, is not...but getting better.Also, as i get better at seeing these, and the confidence grows, targets need to increase.Ive noticed some of my entries are so good, and in the right context, i need to let them go
2/16/2012
thursday
2 trades
-11 net ticks
1 mistake, i took a b entry sh on a candle with a HL.The entry, if the pb would have hit my entry , was on the prev red candle....it didnt hit it, so, shouldnt have been a short(at 11:05 too)Rollover day, crappy range....If i would have trusted my 21 and TL, we could have gotten a little, but i passed....gotta believe..these recaps on the videos....the purpose, through repetition, is too see this in real time, obviously..In addition, the replay, and the charts are all for that reason.Slowly, but surely, this is happening
I was thinking, this morning, i would record the entire session, or, the areas where i was looking at entries, whether i took them or not.The video was about 30 minutes long, and i watched it afterward.I also did a replay of the day. I find that hearing my thoughts ,as the trade is appproaching, and afterward, is extremely helpful.I cant possibly remember my thoughts from a minute ago,and to hear them live is a real eye opener.(ear opener).A takable trade(by my rules) was passed on, specifically ,a long on the 10:45 candle.Now the previous takable trade i passed on, was rught at the news...thats ok.But, to hear myself, talk myself out of the trade, i was dissapointed, to be honest.Now, today was very tight, but it was a takable entry.