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Search: Posts Made By: rubyslippage
Forum: Psychology and Money Management June 28th, 2014, 02:06 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
The Thoughts of an Accomplished Trader

The first step to becoming a consistently profitable trader is to develop a thoroughly tested trading plan that, if followed, meets or exceeds your income goals. Most aspiring traders never reach...
Forum: Traders Hideout January 9th, 2014, 04:19 PM
Replies: 26
Views: 5,220
Posted By rubyslippage
Awesome job, Chrismind! All the best to you :)

Awesome job, Chrismind! All the best to you :)
Forum: Psychology and Money Management October 15th, 2013, 03:37 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Don't believe everything you think

When you believe in a trade, it’s easy to take a position. There’s little or no fear, and usually a bit of excitement as you anticipate a winner.

When you don’t believe in a trade, it’s quite...
Forum: Psychology and Money Management September 6th, 2013, 05:36 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Hi Cindy, Thank you for your kind words. ...

Hi Cindy,

Thank you for your kind words.

As for tools/platforms, fortunately you can register for free trials of many of these and find out what you're most comfortable with.

As for how to...
Forum: Psychology and Money Management August 2nd, 2013, 04:55 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Guess & Check

There’s a problem solving method that elementary school children often use called “Guess & Check”. It involves making an educated guess based on what is observed or known, then applying the guessed...
Forum: Psychology and Money Management August 2nd, 2013, 04:50 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
My personal trading plan doesn’t involve a daily...

My personal trading plan doesn’t involve a daily chart so I don’t pay attention to a given day’s HLOC; however, if your plan does use those levels, my recommendation would be to find out what...
Forum: Psychology and Money Management July 14th, 2013, 07:49 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Fake it till you make it

“You can act your way into the right thinking, but you can't think your way into the right action.”

“Act as if…”

“Fake it till you make it.”

As Amy says in her TED presentation, “Our bodies...
Forum: Psychology and Money Management July 10th, 2013, 05:13 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Overtrading & Revenge Trading

I once had a brief conversation with a struggling trader and he seemed to have a decent grasp of price action and a workable basic trading plan, yet he complained that he kept losing money. So I...
Forum: Psychology and Money Management July 6th, 2013, 04:10 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Certainty vs. Positive Expectancy

In the Foreword to Mark Douglas' Trading in the Zone, Thom Hartle writes:

"The 95% failure rate makes sense when you consider how most of us experience life, using skills learned as we grow. When...
Forum: Psychology and Money Management July 2nd, 2013, 01:56 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Thank you for your kind words! Tightening...

Thank you for your kind words!

Tightening stops and taking early profits ruins most edges, because most edges are rather slim when taking in to account commissions and slippage.

My personal...
Forum: Psychology and Money Management July 2nd, 2013, 01:44 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Yes, Tulanch, one can make a living as a micro...

Yes, Tulanch, one can make a living as a micro scalper, especially using the sort of tactic you describe. I think it's by far the most difficult method of day trading to understand and master;...
Forum: Trading Journals June 30th, 2013, 06:10 PM
Replies: 2,157
Views: 404,684
Posted By rubyslippage
Hmmm...this has been my most profitable delusion...

Hmmm...this has been my most profitable delusion for quite some time now :becky:
Forum: Psychology and Money Management June 26th, 2013, 10:40 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Great article, Wolf, thanks for posting it! ...

Great article, Wolf, thanks for posting it!

I was reminded of my efforts to become a reliable recreational soccer player, a sport I took up quite late in life after a couple decades of couch...
Forum: Psychology and Money Management June 26th, 2013, 04:24 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Tom, if you want to add to your trading plan, do...

Tom, if you want to add to your trading plan, do the research and if the stats are favorable, set up your rules. You seem to have a professional approach to the counter-trend trades, weighing the...
Forum: Psychology and Money Management June 25th, 2013, 12:49 AM
Replies: 62
Views: 17,431
Posted By rubyslippage
A Day Trader's Mindset

Once you have a trading plan (business plan) that offers positive expectancy if followed with discipline, you learn to apply it to the market in real time. For swing traders, there’s plenty of time...
Forum: Psychology and Money Management June 21st, 2013, 05:21 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Trend continuation and 1-2-3 patterns

The attached chart is a 1min chart setup I use as an intraday scalper. I keep the 5min 20EMA on it (orange line) by selecting the 100-period EMA on the 1min. In a trend or strong trending move, a...
Forum: Psychology and Money Management June 20th, 2013, 06:23 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Advance Planning & Shaking the Etch-A-Sketch

I had the pleasure of chatting with an oil trader today whom I hadn’t spoken with in many, many months. The first time we chatted he explained his trading framework and I explained mine. I didn’t...
Forum: Currencies June 20th, 2013, 12:02 AM
Replies: 4
Views: 2,163
Posted By rubyslippage
Bob Volman "Forex Price Action Scalping" is an...

Bob Volman "Forex Price Action Scalping" is an absolute gem.

This web site is a good resource, too: Forex Trading Online: Foreign Exchange (FX) Trading | Currency Trading (http://www.babypips.com)
Forum: Psychology and Money Management June 18th, 2013, 10:47 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Frog Glop

Statistical analysis provides the information necessary to create a profitable price action trading plan. If you test a setup that looks promising by analyzing, say, 500 consecutive appearances of...
Forum: Trading Journals June 17th, 2013, 10:08 PM
Replies: 2,157
Views: 404,684
Posted By rubyslippage
Your use of the phrases "low probability" and...

Your use of the phrases "low probability" and "dependable sense and feel for the market" is unclear to me.

I'm wondering if you're describing the difference between setups that "feel" comfortable...
Forum: Trading Journals June 16th, 2013, 10:47 AM
Replies: 15
Views: 4,750
Posted By rubyslippage
Awesome! Be sure to transfer your gains to an...

Awesome! Be sure to transfer your gains to an untouchable account, because there's nothing like a beginner's winning streak to lead to a massive drawdown/blowup.
Forum: Traders Hideout June 14th, 2013, 06:36 PM
Replies: 26
Views: 5,220
Posted By rubyslippage
You mentioned trading with intuition. Do you have...

You mentioned trading with intuition. Do you have a trading plan that tells you when to trade and how to manage the trade, and has the plan been sufficiently backtested (manually, not a canned...
Forum: Psychology and Money Management June 14th, 2013, 03:37 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
Hi Tom, Once a major high/low breaks I'm in...

Hi Tom,

Once a major high/low breaks I'm in continuation mode and look for those exact pullback entries. I'll take them as long as the new highs/lows aren't weak and as long as the 1-min 20EMA...
Forum: Psychology and Money Management June 14th, 2013, 03:24 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
I'm new to posting on Big Mike's and was too lazy...

I'm new to posting on Big Mike's and was too lazy to annotate a chart and figure out how to post it. Let's give it a try here (my chart's timeline is PST and it's the 1-min chart I use for precision...
Forum: Psychology and Money Management June 13th, 2013, 10:34 PM
Replies: 62
Views: 17,431
Posted By rubyslippage
The open and the last half hour can be quite...

The open and the last half hour can be quite volatile, but if there's a setup that fits my risk allowance, and an overhead target (the overnight high in this case) that offers positive R:R, I'll take...
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