Your post got me off my butt to install Parallels into my Mac so my laptop is Windows based.
That said, Windows 7 turned out to be uninstalled incorrectly and is being reloaded. If all
works out well I'll get a 30" monitor and save $$ on a new computer. I truly can't see enough
on my monitors. Thanks for motivating me. I have a lot to do to arrive at the starting point
Those are great suggestions, aquarian. I can't wait till I get to the point of doing them. May I ask, if you think the ES is very hard to trade without good trending, what is your solution for yourself as I see it is your preferrred instrument to trade? Thanks again.
I hope you try one or two - perhaps just start with the Thank-yous and do it for a few weeks. The Universe loves a grateful person!
I only trade the ES. I have spent more than two years specializing on it and all my collected data is related to it.
When it is slow and thin like this I don't trade. I am patient and I will wait for the market to return to its more normal daily trading range in the new year. A day I don't trade and don't lose money is still a plus day. I have certain rules that I stick to and one it no trading on days less than 12pts.
I am looking for a minimum of 2:1 reward:risk ratio. As my stop is usually 3 pts then I must see 6 points profit potential minimum or I don't take the trade. On a 15pt day - more normal range - if you slice off the bottom 3 pts you have 12pts to the high. You may not take all of the 12pts though that would be ideal.
So if 1240 is the expected low, I would wait for the market to show the bottom is in (hence the lost of 3 pts) and take the trade with a trailing 5pt stop. Once the trade is 6 pts in my favour an alarm goes off and I watch it in case it starts to turn south. (however my style is not the average and many people are only looking for 2 or 3 pts.)
Some people believe you should specialize in one instrument and not jump around. Others have a trading style that allows them to trade several. I sometimes watch these free videos: Free Trading Videos
The fellow, Michael, there has had a short bond trade that moved into a swing trade and worked very well for him for December (probably since Big Ben started QE2! LOL)
i hope it helps
The following user says Thank You to aquarian1 for this post:
The suggestions weren't mean for you - its not your journal.
Different suggestions for different people.I suggested what I felt was best for Plethora at this time. Most of trading is a mental game. The mechanics of a system are of second importance until you are feeling positive and confident.
You had already told Plethora to stop trading right away and go to the sim before she lost all her money. Now you write "losing a lot of money solved my problems" -surely you're not recommending to someone that is feeling overwhelmed that they add to their stress by "losing a lot of money?
I doubt very much you "solved" anything (though since you don't have a journal (?) that might be incorrect.) I would wager you have never tried any of the suggestions I have mentioned, yet you past your judgment/opinion on them. A mind is like a parachute it needs to be open to work. All your post does it make it harder for others who could benefit by the suggestions to implement them. (Out of respect for Plethora if you wish to continue the discussion PM me.)
The following 2 users say Thank You to aquarian1 for this post:
This test in combination with the book gave me a lot of knowledge about myself, sounds to me that you are somewhat risk addicted. i did it your way when i started in the crash of 2008/2009 it didn't crush me, but as soon as the market is gone in their normal behavior i gone down, and now i`m still learning a lot.
You tend to earn your success by being thorough, methodical, systematic, organized, and dependable. You are also realistic and responsible as long as things make sense for you. You probably decide logically what needs to be done and work toward it little by little until you are finished.
One of Your Trading Strengths - You should be really good at data analysis/developing business plans especially when someone provides you with the exact steps to take.
One of Your Trading Challenges - You can be overly critical and only notice the negatives in your trading. If you do not learn to recognize your mistakes, you could become stuck.