Millionaire in 10 weeks & Conversation with broker | Psychology and Money Management


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Psychology and Money Management


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Millionaire in 10 weeks & Conversation with broker

  #61 (permalink)

Montreal
 
 
Posts: 128 since Jan 2013


DavidHP View Post
If you have money management and no trading system, you will soon have no money...
Results are the same...

If your trading is not making money, you are loosing money no matter how well you manage it..

So the first step is to create an 'edge' that will make money to manage.

Does that make sense?

Yes, you got it right.

For example, I got the delayed version on TradeStation so I see my 2 clouds lines but can't sim trade live on it because it's delayed. It's mostly meant to program in EasyLanguage and backtest at the end of the day.

On my new broker's chart, I got the realtime live feed but because I don't have my 2 clouds programmed in C#, I don't see them so I trade blindly.

The result? Super bad entries, entering and getting out too late at the wrong point.

Here's the screenshot of this morning of the M2K Russell 2000 taken on TradeStation with my 2 clouds line.

You can noticed that that there was a stopped out entry when the 1st dip went into the dark gray cloud but the 2nd one at 1,579.5 was the best one. However, the market didn't do the whole 5 pts, it went 2 ticks from the 5 pts and that's not the 1st time I see this. People get out just a few ticks before the 5 pts. So I missed this one.

There was another one later when the lines turned from white to blue but again, because my TradeStation is delayed and on my new broker's chart, I didn't see where the cloud lines were, I missed this one also.

I could only see it later on my TradeStation chart and see that it would have worked this time.

So yeah, the indicator works like a charm but I HAVE TO PROGRAM IT so that it runs on its own or else I'm gonna lose my shirt again.

The future looks bright though.

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Btw, look where the price is NOT... it's hovering mostly below the 2 clouds so this means that I'm closely watching the green rectangle area for pullbacks and when it will go there I will jump in again.

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Last edited by MerlinWorld; July 29th, 2019 at 10:40 AM.