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Caseynotes

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  • 2 weeks later...
  • 2 weeks later...
10 minutes ago, dmedin said:

 

 

Yeah ... he keeps talking about the theory ... do we actually get to watch him do some trades?

it's a big mistake to keep wanting someone to show you how to trade, there is no 'one size fits all', there are as many different way to trade as there are traders. everyone know something, no one knows everything. you need to learn as much as possible and develop a method that suits you, your preferences and your limitations.

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2 minutes ago, Caseynotes said:

it's a big mistake to keep wanting someone to show you how to trade, there is no 'one size fits all', there are as many different way to trade as there are traders. everyone know something, no one knows everything. you need to learn as much as possible and develop a method that suits you, your preferences and your limitations.

I agree with that he said about taking lots of little profits going in and out, while retaining the possibility ot sustaining a big loss every time you go back in.  And that's exactly what happened to me.  (I lost all my profits)

So my take away once again is to hold on to a winning position and ride it out.

 

At a certain point one gets tired of hearing 'how to trade' and wants to see someone put it into action, it might not be the way you'd want to do it yourself but it can stimulate you to come up with new ideas.

Edited by dmedin
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7 minutes ago, dmedin said:

I agree with that he said about taking lots of little profits going in and out, while retaining the possibility ot sustaining a big loss every time you go back in.  And that's exactly what happened to me.  (I lost all my profits)

So my take away once again is to hold on to a winning position and ride it out.

 

At a certain point one gets tired of hearing 'how to trade' and wants to see someone put it into action, it might not be the way you'd want to do it yourself but it can stimulate you to come up with new ideas.

what happens to you is you over trade, jumping in repeatedly when price is just bouncing sideways and then holding on forever in the hope of a big winner that keeps turning into a big loser instead.

Instead of doing that look at the video. they are discussing 3 trades. 2 level breaks and 1 reversal. in each case the trigger and the stop loss position are obvious (other side of line or prior high/low). at no point did he say hold the trade open even if it's no longer valid because price has returned back into the range.

image.thumb.png.dff15a35dd43cf2e9c8ffb305c291323.png

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most new traders are not interested in learning about boring topics such as position sizing and risk management, but would rather proceed directly to making money quickly, which is impossible.

Correct ...  hence the fallacy of using short-term charts :D

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Struggling to get through Douglas' book, even by skimming.  A little bit of common sense sprinkled with huge dollops of absolute tosh.  F*king horrible.  But not as horrible and boring as 'The Intelligent Investor'.  That is some seriously hardcore boring cr@p right there. :D

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  • 3 weeks later...
  • 4 weeks later...
17 minutes ago, dmedin said:

Website claims 75% or so of clients lose money but the actual success rate of day traders is about 4.5% (so a failure rate of 95.5%) according to this guy:

https://vantagepointtrading.com/whats-the-day-trading-success-rate-the-thorough-answer/#:~:text=Some traders I talked with,% to 4.5% success rate.

this doesn't seem to have anything to do with technical analysis? it looks to be just an advertisement for someone selling a trading course. 

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Quite a good little video (10 min) looking at trading supply and demand and is very similar to the way I like to trade. So initially looks at the key  S/D areas or levels then highlights micro S/D levels to swing trade with trend as price travels from one key level to the next.

 

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5 hours ago, Caseynotes said:

Quite a good little video (10 min) looking at trading supply and demand and is very similar to the way I like to trade. So initially looks at the key  S/D areas or levels then highlights micro S/D levels to swing trade with trend as price travels from one key level to the next.

 

 

I found that one a bit hard to follow (looked like another one of those benefit of hindsight shows) and also now starting to get into a confused and demoralized state of mind.

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24 minutes ago, dmedin said:

I found that one a bit hard to follow (looked like another one of those benefit of hindsight shows

🤔 yes, as I've mentioned before, if when demonstrating a pattern on chart structure you select random price action that doesn't actually show what you are talking about people tend to get even more confused.

27 minutes ago, dmedin said:

and also now starting to get into a confused and demoralized state of mind.

🧐 this is not surprising, your entries seem based on spotting a particular pattern and assuming it will automatically play out and are then surprised when this usually doesn't happen. A mentioned previously on a few occasions you should be looking for a combination of aspects to converge on top of appropriate chart structure that has positive expectancy from your own testing.

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