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Catching Big Waves - a trader's journal of surfing the the markets
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Catching Big Waves - a trader's journal of surfing the the markets

  #4261 (permalink)
Trading Apprentice
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Gary
Some quotes from some famous people you might enjoy as they make you think;


I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.
Michael Jordan

You've got to be very careful if you don't know where you are going, because you might not get there.
Yogi Berra

If you're going through hell, keep going.
Winston Churchill

Stop acting as if life is a rehearsal. Live this day as if it were your last. The past is over and gone. The future is not guaranteed.
Wayne Dyer

Learn from the past, set vivid, detailed goals for the future, and live in the only moment of time over which you have any control: now.
Denis Waitley

The secret of success is learning how to use pain and pleasure instead of having pain and pleasure use you. If you do that, you're in control of your life. If you don't, life controls you.
Tony Robbins

People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily.
Zig Ziglar

When you arrive at a fork in the road, take it.
Yogi Berra





Relax and cheer up brother. Every day is a new opportunity to build your future.
Bowie

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  #4262 (permalink)
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A weak man has doubts before a decision, a strong man has them afterwards.

- Karl Kraus

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  #4263 (permalink)
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Bowie View Post


Relax and cheer up brother. Every day is a new opportunity to build your future.
Bowie


I am working on it. Just slow and frustrating sometimes. To me. To others, lightspeed.

My wife is proud of me. I am always a step or two behind her.

 
  #4264 (permalink)
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Crude's 2nd move down with such velocity was not an every week event, but common enough to me now that I somewhat understood today's behavior. A friend who knew I traded asked if I was into oil... He said, "I hope you are short". Not today, was my reply. Those who wanted to sell had their chance earlier. Today was stairstepping up.

Days like today are actually easier for me to make money than long linear moves.

 
  #4265 (permalink)
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GaryD View Post
Crude's 2nd move down with such velocity was not an every week event, but common enough to me now that I somewhat understood today's behavior. A friend who knew I traded asked if I was into oil... He said, "I hope you are short". Not today, was my reply. Those who wanted to sell had their chance earlier. Today was stairstepping up.

Days like today are actually easier for me to make money than long linear moves.

Really? I'm exactly the opposite. I found myself losing lots of trades today since..except for the 30 ticks I made right after the 10:00 news came out . I find days like today the moves don't seem to have much follow through. Yesterday, there was more momentum and I made 120 ticks..
If I could navigate days like today better, I would be much more consistent. Big fast moves that go 40-60 ticks in a few minutes are my favorite types of trades. When the price moves like today, it just seems to bounce around and take out my stop on almost every trade. Any advice on how to trade this sort of thing would be highly appreciated.

Failure is not an option
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  #4266 (permalink)
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GaryD View Post
Crude's 2nd move down with such velocity was not an every week event, but common enough to me now that I somewhat understood today's behavior. A friend who knew I traded asked if I was into oil... He said, "I hope you are short". Not today, was my reply. Those who wanted to sell had their chance earlier. Today was stairstepping up.

Days like today are actually easier for me to make money than long linear moves.

I totally agree

If youíre not prepared for these crude roof jumps, and not in them

We end up trying to but bottoms and support on the ways down, not a too clever idea

Were you been Sir? im back in the London now, such ashame we did not connect

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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  #4267 (permalink)
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lancelottrader View Post
Really? I'm exactly the opposite. I found myself losing lots of trades today since..except for the 30 ticks I made right after the 10:00 news came out . I find days like today the moves don't seem to have much follow through. Yesterday, there was more momentum and I made 120 ticks..
If I could navigate days like today better, I would be much more consistent. Big fast moves that go 40-60 ticks in a few minutes are my favorite types of trades. When the price moves like today, it just seems to bounce around and take out my stop on almost every trade. Any advice on how to trade this sort of thing would be highly appreciated.

There is something I was taught called a "NR7", stood for "No Range", and it meant the lowest range in the last 7 trading days. When that occured the expectation was a range expansion was coming. The opposite also holds true, when there is an explosive move it is generally followed by consolidation. Notice how the largest ranges are often followed by much smaller ranges on the daily chart.

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The mood started out up, and once the first pivot was established, up was it until it wasn't. And after the first trendline break, the second pivot was in and still was a higher low, so a second trendline was drawn. Low risk high reward entries at the line. Stops below the prior pivots.

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If you are wrong once, OK, wrong twice, quit.



Minor SR levels confirm direction

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Last edited by GaryD; September 21st, 2012 at 01:54 PM.
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  #4268 (permalink)
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GaryD View Post

Days like today are actually easier for me to make money than long linear moves.

If long linear trades are harder to trade then why do you trade it? Wouldn't this type of trading increase your stress level?

Robert

nosce te ipsum

You make your own opportunities in life.
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  #4269 (permalink)
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Silver Dragon View Post
If long linear trades are harder to trade then why do you trade it? Wouldn't this type of trading increase your stress level?

Robert

Yes, for some reason they do increase my stress exponentially. I dont know why Robert, time I think.

Why I still go for them, I guess is some dream of infinite rewards for minimal risk.

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  #4270 (permalink)
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I just emailed TopStep Trader with some questions, downloaded some of their literature, etc. Trading is at least 50% psychological, and I am curious to see what happens when the risk is reduced.


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