Beth I am liking your most recent charts
(Not that I am biased or anything)
All the work you have put in is paying off.
After you watch price for a while you will start to see where the buyers and sellers are and your chart will be less cluttered, and you will get used to just watching how price behaves at certain price levels.
Great posts as always Beth.
I think if you can hit your daily goal and stay disciplined you will see your P&L slowly creep up week by week.
Slow and steady wins the race.
Trading is a bit like fishing.
The disciplined trader knows what part of the lake to fish in and at what time.
"Put out your bait. Wait for the right time. Don't yank on the line too hard. Fill your boat with small fish. Go back to shore"
Best of Luck!
The following 3 users say Thank You to jungian for this post:
Thanks jungian for your kind encouragement and best wishes! Now my headache is almost gone .. haha ..
Hmm, as a vegetarian and Buddhist, I don't fish .. Have been paying extra attention when walking on grass .. not to step on little pets down there UKNOW .. Sooo, to be Successful in trading, I need to grasp the required skills (esp discipline) + the technique on how to return the small/medium/large fishes SAFELY to the lake OR learn to trade with a pair of fish eyes LOL!
How about one using a farmer's field for an example.
Watch where the buyers or sellers plant their seeds and where they water their crops. Watch out for plants that are too big, because they will probably be harvested soon. Watch where the watering happens. Watch at what areas in the field plants are getting pulled from. Avoid picking weeds (bad trades). Always wear gloves (stops in place). If it gets hot take a rest in the shade. Don't get dizzy in the hot sun. If your bag becomes even half full (profits) take them and put them aside. Don't let your sack become full of holes from dragging it around the field too long.
Quit when you have enough to eat.
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With your guidance, I am 1,000,000,...% confident that we are going to enjoy an Amazing harvest sooon!
Nelson and I started our organic garden last May. Its growth process has stayed in my mind and I am still amazed how fast they grew overnight. See our profile photo when we "seemed" working very hard on it LOL!
Hi Beth, I plan to start monitoring the volume ladder soon. My aim is to only look at the ladder when and where it's useful. For me, at least right now, that's wherever I anticipate a price turn using other tools. That way the ladder provides information when I think I need it and the rest of the time it's doing its own thing in the background.
A great place to consider looking at the volume ladder would be market profile support/resistance areas or any other S/R areas you might use. I just happen to prefer market profile and VWAP + VWAP standard deviation bands. Suppose you don't incorporate the stated types of price levels into your trading. You can also take a look at the ladder when you get a trading signal for confirmation of an entry and continuation in your favored direction. It's all up to you of course, but I think part of the key for me is knowing the strengths and limitations of my tools as well as myself and finding a happy ground between the two. Cheers!
And yes, please keep me posted on your car shopping. As traders we should be able to get a good value.
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I am going to use the enclosed chart for entry tomorrow. Since I am not paying much attention to DMplus (3 lines) and rather find the Top Left TEXT more helpful, I have combined it with the ADX histogram on Panel 3. Moved around the margin and am able to see the buying/selling volume better + the Buy/Sell Volume indicator will help!
When I get more advanced or used to read the volume numbers, I maybe able to benefit from the Gomi Volume Ladder. Now it's too advanced for me and my head still spins ooooo ..
Thanks deltason for your sharing your strategy and plan with me! It's Great!
I know my limitations and am now working on finalizing a Happy Trading Ground to start .. smile .. I have VWAP on my to-explore list .. Yet I realize I have to start somewhere and not continue a never-ending search ooo
Oh, I'm very competent in reaching a mutually beneficial partnership with vendors. The best deal I ever got (as of this moment): contracting an award winning stage production vendor at 20% of his normal quote. We become good friends and partners.
You're more advanced and will buy the Aston Martin car months before us. Will be my pleasure to negotiate a good deal for you!
27 April Tue Trading Morning $140 after commission - ES Sim Trade
I started early this morning .. smile .. Finished reading the chapter on "Types of Open" from Mind Over Markets has inspired me to enter a long trade minutes after the market opened (which I seldom do). I did more research last night on Order Flow and Volume readings. Can tell it's a very useful tool. Surprise .. surprise .. I am not intimidated by the GomiVolumeLadder indicator anymore .. at least not as overwhelming as yesterday .. haha ..
1. No over-trade. One trade and focus on ONE instrument (ES).
2. I did look at Perry's 4R set-up (which I forgot yesterday) and helped me staying in the trade.
1. Having predetermined PT and SL orders (esp SL) proved to soothe my emotion again.
2. After the first PT was hit, I felt comfortable to leave the 3-point SL for the 2nd contract unchanged. Then Preserve Precious Capital came to my mind and I moved it to a 2-tick profitable order while waiting for the PT to get hit.
My Next Move:
1. Lots of goodies out there on Market Profile, Order Flow and Volume analysis. I will continue reading/watching webinars etc to fill my performance gaps.
Happy & Successful Trading!
Last edited by wgreenie; April 27th, 2010 at 11:26 AM.
Reason: Fixed the 4R chart.
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