How To Make Money Trading The Markets.

This is a discussion on How To Make Money Trading The Markets. within the Stocks forums, part of the Markets category; Thanks for your imput wh92stang. Tickjob, To be honest, if you've spent 20 years (unless I've misunderstood) trying to convince ...

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Old Jul 13, 2009, 4:10pm   #449
 
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Mr. Charts started this thread Thanks for your imput wh92stang.

Tickjob,
To be honest, if you've spent 20 years (unless I've misunderstood) trying to convince yourself this (or something very similar) works and still haven't traded it, then that indecision is going to make trading very difficult for you.
What you need to trade is the ability to make cool and calm decisions - once you have extensively tested something live and in different market situations - and then to execute that decision immediately; otherwise this sounds a classic over-analysis leading to paralysis.
You really have no chance of trading successfully without actual knowledge of works in real life and the confidence that brings to your trading.
Richard
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Old Jul 13, 2009, 5:02pm   #450
 
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wh92stang,

I observed SPY front month ATM options is very liquid and seem to follow the underlying very closely. Maybe I can paper trade this for the start.

Richard,

You are right on the point. So far I just print out the charts to learn, and did not spend time in front of screen to do any realtime practice.
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Old Jul 13, 2009, 5:31pm   #451
 
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Mr. Charts started this thread TickJob,
That's fine if you do it out of interest/enjoyment but as time goes by it gets much more difficult to translate that into actual live trading.
Without a plan to progress to watching the market live, then paper trading with strict criteria to achieve before trading with real money most people end up in a permanent back water and become becalmed and rarely progress.
In a sense, the longer indecision lasts about any aspect of trading, the less chance of success.
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Old Jul 14, 2009, 4:16pm   #452
 
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Mr. Charts started this thread Today's been a choppy day so far, but even on such days there are usually great moves like this using just this one technique alone.
I also scalped it earlier for +14c using the same set up, but this was the second time for
+62c.
I'll post about risk on this trade when time permits.
That's $310 for 500 shares, $620 for 1000 shares etc.
Richard
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Old Jul 14, 2009, 5:09pm   #453
 
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Mr. Charts started this thread As usual the red X hairs were on the time of the long and the exit at the time of the screenshot.
I've had two emails asking why did I get out when I did. I didn't wait for the low of the previous candle to be taken out before closing the trade because level 2 T&S strongly suggested the move might be over.
The high proved to be 22.99.
Richard
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Old Jul 15, 2009, 4:46pm   #454
 
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Mr. Charts started this thread And another bread and butter trade, one of many today
+35c per share
With such a low ATR and the bottom of the candle being so close, you can take a larger position size accordingly. Again I'll elaborate on the risk parameters of this one and the one I posted yesterday when I get time.
This is not rocket science.
Richard
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Old Jul 15, 2009, 5:13pm   #455
 
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Mr. Charts started this thread What happened afterwards...........
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