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COMMON SENSE
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COMMON SENSE

  #701 (permalink)
Elite Member
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Trading

It's good to hear what experienced traders like Steve Grasso, Guy Adami, Arthur Cash, Brian Kelley etc. One does not have to agree/disagree with them but i find their collective experience filter very helpful.

Just imagine we were not in internet age and could not get a job on NYSE, COBE trading floor. At least i will pay an ARM and a LEG to hear what these guys or guys like him are thinking. Just beacuse we have all this info. for free , it amazes me how some traders take it for granted and do not see value of resources like such. Seems like same attitude at futures.io (formerly BMT) and other resources like futures.io (formerly BMT).

I wish Mark Fisher come more often on TV but will take whatever i get from traders like him.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #702 (permalink)
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Trading

Analysis Paralysis all over the map by traders of all sorts. More analysis , more trades, less hold time and less potential gains. In general more lines on a traders chart, more tools at his/her disposal, more scared typically a trader is with imagining /seeing things which at the end of the day sure look like that a trader was day dreaming without even knowing it. I have used every kind of gadget out there and day dreamed all day long and still do- not as much as i used to.

I had 5 trades on in different instruements so that i do not get just focused on watching price going up and down. Lot of room for improvement but the whole week has been a good one. I was planning to go on vacation last Friday but my friend got asked to postpone his vacation for work related issue.

I should call his boss and THANK him.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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COMMON SENSE-2014-10-10_1558_day_to_remember.png  

Last edited by mfbreakout; October 10th, 2014 at 05:36 PM.
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  #703 (permalink)
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Trading


Risk Management RULE # 1.

1) Trade with the trend - wide enough stop loss to avoid randomness.

2) Do not trade counter trend but if do- tight stop loss.

Attached chart shows my short in ZS since yesterday with appropriate stop loss handled a news event properly and gave me enough time to figure out what the hell is going on. In my experience following are some of the key reasons for traders failures.

1) can not figure out a trend.

2) Improper use of stop loss.

3) Not properly funded.

4) Over trading and to top it off trading with leverage.

and many others we all are familiar with. I have talked with many traders over last couple of years and in my estimation they are and can be good traders except they do not have any staying power. Everyone should keep a full time job and then trade small and without FEAR. Once a trader have enough trading capital and can trade without FEAR, full time trading is a very good choice. I just do not understand fascination people have about being full time traders. Then we have another kind- the ones who are close to retirement or are retired but want to day trade. Why? because they are not happy with returns they are getting from mutual funds etc. It's just crazy out there and i am surprised ( to put it mildly) when i talk with other traders and hear their stories.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Attached Thumbnails
COMMON SENSE-2014-10-10_1250_going_on.png  

Last edited by mfbreakout; October 11th, 2014 at 08:41 AM.
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  #704 (permalink)
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mfbreakout View Post
Risk Management RULE # 1.

1) Trade with the trend - wide enough stop loss to avoid randomness.

2) Do not trade counter trend but if do- tight stop loss.

Attached chart shows my short in ZS since yesterday with appropriate stop loss handled a news event properly and gave me enough time to figure out what the hell is going on. In my experience following are some of the key reasons for traders failures.

1) can not figure out a trend.

2) Improper use of stop loss.

3) Not properly funded.

4) Over trading and to top it off trading with leverage.

and many others we all are familair with. I have talked with many traders over last couple of years and in my estimation they are and can be good traders except they do not have any staying power. Everyone should keep a full time job and then trade small and without FEAR. I just do not understand fascination people have about being full time traders. Then we have another kind- the ones who are close to retirement or are retired but want to day trade. Why? because they are not happy with returns they are getting from mutual funds etc. It's just crazy out there and i am surprised ( to put it mildly) when i talk with other traders and hear their stories.


NOTE: Sorry for sour tone but i just talked with someone who failed combine for 5th time. I told him i will never pass combine. That program has restrictions too tight. He keeps blaming himself and circle continues.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #705 (permalink)
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Trading

As usual everyone is thinking about what will market do on Monday, next week etc. If bull is still alive or close to getting slaughtered. Internet has given us access to wonderful resources, online forums, twitter etc. to get a sense as to what's out there.

We just have to make sure we do not end up at the deep end of the pool with analysis/paralysis. Traders who are flexible, trade collective judgement of the market vs day dream are taking advantage of intra day moves rather than worrying about why this happened and did not happened. Mutual fund houses, Money managers etc. with unlimited resources comapred to retail traders are not having good year for most assets so far. Some of the so called best research on street is basically available for free ( i have small accounts at multiple borkerage house JPM, MS, BAC etc) and for day trading where attached chart changes it's direction from one day to the next- they are USELESS.

If there is a service out there which will tell me a day in advance what this chart will look like once trading gets going- i will pay attention. Otherwise as Mark Fisher says " NEXT".



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Attached Thumbnails
COMMON SENSE-2014-10-11_1318_stcok_mapper.png  

Last edited by mfbreakout; October 11th, 2014 at 02:53 PM.
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  #706 (permalink)
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Trading

shorting into bounce.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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COMMON SENSE-2014-10-12_2250_worry.png  
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  #707 (permalink)
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CL keeps giving if one is trading with the trend. Lot of traders did not wanted to short CL at 85.80 to 86.30 area because all their indicators were pointing up move. They were more focused as to how could they have gone long at 84.90 area to capture 30-40 ticks to 86.30 area. Going long at new lows area made sense but not at intra day highs.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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COMMON SENSE-2014-10-12_2226_bounces.png  

Last edited by mfbreakout; October 13th, 2014 at 07:49 AM.
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  #708 (permalink)
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Bounces.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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COMMON SENSE-2014-10-12_2325_reason.png  
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  #709 (permalink)
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Rotational day. Financials Green, technology Red- a mixed bag. With Financials being +ve, down side is capped for the day.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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COMMON SENSE-2014-10-13_1056_financials.png  

Last edited by mfbreakout; October 13th, 2014 at 01:36 PM.
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  #710 (permalink)
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Been stalking Orange juice for some time.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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