Nothing works consistently

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Old Jul 10, 2008, 10:57am   #11
 
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I find that a lot of trading is about knowing when to trade. I.e. identifying when the market is providing suitable opportunities for the particular method you are using.

I'm currently finding the Eurostoxx pretty hard to make any money in because it is largely directionless and noisy (until after 5pm when I leave and it comes off 60 ticks - I could swear it knows when I'm finishing for the day). My methods don't really work well for these types of markets and, therefore, I'm not in as many trades as I was the last few weeks. However, it doesn't stop me from trying to find new methods to trade different market conditions which, I believe, is very important.

In short, trading is about adapting to the different types of market conditions you will encounter. To give a crap analogy, one key does not fit all the locks - you need a ring of many keys.
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Old Jul 10, 2008, 11:10am   #12
 
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Originally Posted by GammaJammer View Post
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unless you have some sort of edge.
Exactly.
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Old Jul 10, 2008, 8:50pm   #13
 
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If your methods work one day and not the next, it's probably because you're using a strategy known as luck.
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Thanks! The following members like this post: new_trader
Old Jul 10, 2008, 8:57pm   #14
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read fooled by randomness. might help you decide just how good your edge is...and how much chance can skew your view.
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Old Jul 10, 2008, 9:18pm   #15
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Originally Posted by mehow View Post
I've been trading for approximately six months now. What am having a hard time grasping is what worked yesterday doesn't work the following day.

For instance on one day I was scalping NASDAQ stock anddoing well well, and then using the same method the next day or a week later and I have devastating results. When trying to trade breakouts and momentum trades, majority of the breakout turn out to be false. Sometimes prices bounce off the EMA, sometimes they go straight through.

My point is nothing seems to work on a consistent basis. Anyone have any thoughts on this?
Meehow, can you explain why you're asking this question, which is very valid in the context of someone only trading for 6 months, when your profile indicates you are a vendor of newsletters, tip sheets and trading advice?

What exactly are you vending?
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Old Jul 10, 2008, 9:20pm   #16
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Originally Posted by davedavethetrader View Post
read fooled by randomness. might help you decide just how good your edge is...and how much chance can skew your view.
Or if you really want to mess with his/her head Dave, add Taleb's The Black Swan", Norden's "Technical Analysis and the Active Trader" and Du Toit's "Bird Watching in Lion Country".

I recommend you read all three at the same time. You’ll come out a very different Trader….
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Old Jul 10, 2008, 9:48pm   #17
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and you'll need another arm.... i can only hold two books.....

im off to amazon, appears my library is incomplete...again.....
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Old Jul 11, 2008, 11:47am   #18
 
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Originally Posted by mehow View Post
When trying to trade breakouts and momentum trades, majority of the breakout turn out to be false. Sometimes prices bounce off the EMA, sometimes they go straight through.

My point is nothing seems to work on a consistent basis. Anyone have any thoughts on this?
The answer lies in your question......
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Old Jul 11, 2008, 11:49am   #19
 
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Originally Posted by TheBramble View Post
Du Toit's "Bird Watching in Lion Country".
This one is of particular interest. I may have the eBook if anyone's interested.......
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Old Jul 11, 2008, 3:38pm   #20
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Scalping is not meant to give you consistent profits because the shortest the time frame you are willing to trade on, the more volatile the market is. The best way to go for consistent profits is long-term trading. But it is also not 100% consistent because even if you have the most perfected strategy, it is never going to be a winner on every trade.
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