Megamuel's Money Making Journal

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Old Feb 2, 2009, 8:27pm   #16
 
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try now tim
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Old Feb 2, 2009, 9:21pm   #17
 
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Mega - congratulations on a succesful first trade!

Couple of points to make:

First, you say that you are thinking of buying MrSpreadBetting's system but you don't want to spend any money on trading just yet, but then you say you have two grand and you don't mind losing money. These seem to contradict each other, and imo, if you spend £150 and it stops you from losing £2k, then it was money well spent.

Having said that, I am not recommending his system as I haven't seen or used it, just think you should care more about losing money than spending it.

Second, on your trade, I wonder if you might be mixing two different systems. You looked for a retracement and then waited for some green candles to take an entry like Mr C. I don't know enough about Mr C's system to comment on whether he would have taken this trade. However, it seems to me that if you were looking for a retracement, then you are looking for a swing entry.

If this was the case then you could have got a better entry on the break of the first green candle around 1770, with your protective stop just under the low of that candle at 1765. This candle forms a swing low and entering here gives you a low risk, high probabilty trade.

Entering half way up the third green candle means there is a higher risk of the trade going wrong, even though you could be right about the direction. As you saw, the next candle very nearly stopped you out, even though the trend was still intact. That would have been very frustrating for your first trade.

Anyway, I shall be watching with interest and wish you good luck.
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Old Feb 2, 2009, 10:15pm   #18
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Originally Posted by trader_dante View Post
Successful trading is first and foremost about making money.
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Actually it is very simple. The bottom liine is not about making money. It is about being right, consistently right.

...

Money is the ingredient that clouds the issue.
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You do not realise all of this is not about money. It is about getting it consistently right.

...


It is brain power that allows the trader to be consistently right and not the motivation of making money, that is an added bonus but not the main focal point of the excercise.

The main focal point of the excercise is to overcome and succeed, and then to fully master, and then to perfect and then to absolutely and unquestionly master in totality, regardless of what instrument it is, or which market, or under which circumstances and in whatever size.
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You are doing a disservice to newbies and gullible people here.

You may not be doing it deliberately, but nevertheless you are doing it.

It may be as a consequence of that which you personally persuade yourself to believe, and it is utter nonsense, and what is more, dangerous nonsense.


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Old Feb 3, 2009, 4:46pm   #19
 
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megamuel,
I've made a general comment over on my main current thread, link below.
This is not the set up I have discussed on that thread. May I suggest you look through every one of the charts on that thread and the visual impact might help solidify the set up in your mind.
Your trade was good and worked well, but it is quite different.
Good trading,
Richard
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Old Feb 3, 2009, 4:49pm   #20
 
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Actually there was a typical one of those set ups I traded this afternoon and I'll post it on my thread in a minute.
Read the words of wisdom from timsk and Pitbull, posts #10 and #11.
Richard
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Old Feb 3, 2009, 5:14pm   #21
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Sam,
2 Questions:
1. Can you add Average True Range (ATR) to your charts?
2. What's the smallest amount your broker will permit you to trade?
Tim.
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Old Feb 3, 2009, 5:36pm   #22
 
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1. How do I find and determine a strongly trending stock?
2. At what point do I enter?
3. Do I only trade in the direction of the main market?



Hi Sam!



1. Just give MA's a go, you could try a 7 & 20 EMA and wait for the stock to pull the EMA's apart by a given amount of pips? Or just look at the PA?



2. I don't like to do this but I think the most common way is to buy/sell on a pull back against the trend, however if you are looking for a very strong powerful move you might miss most of the good trades because you are sitting on your hands waiting for a pull back that never comes.



3. If you are looking at the price so closely I wouldn't be to concerned about the daily trend for instance, but it is best at all times to be aware of it, and maybe this might give you a bias to trade in one direction rather than the other. E.g. If I take a signal to go long on the 5 min TF and the Hr TF trend is up too, then I will trade at a size that is twice as large than that of trading against the higher TF.
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Last edited by Rossini; Feb 3, 2009 at 5:42pm.
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Old Feb 3, 2009, 7:46pm   #23
 
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megamuel started this thread Hi guys,

Good evening to you all. Firstly, I'd just like to thank you all for your advice and support. I'm flattered that you have all taken your time to help me. Very much appreciated...

Pitbull - Thanks for the pointers. Yes I realise I am at a huge disadvantage trying to day trade via spread betting. In fact, if it was any other company other than microsoft I probably wouldn't have come out with a profit. I am looking into swing trading as an alternative. I don't know much about about direct market access but I am guessing £2000 would get me nowhere! Thanks for the links, downloaded that document and will read it later and I've also bookmarked the newsletter

Timsk - Thanks also for the advice. No I can't get ATR on my charts but I am thinking of trying IG Index and I think they do... And the smallest I can trade is usually 50p. Also, thanks for the heads up on that other matter

TraderDante - I was hoping you would drop by. Its seems you have a LOT of respect on this forum so your input will be very greatfully recieved! I love reading your posts, especially your philosophical ones! You've made me think long and hard about my relationship and I hope I will never loose track of my priorities. Hope things work out for you. Look forward to your future input.

PokerBrat - Thank you. Sorry my communications skills are not the best! I realise I am contradicting myself a bit there! I just meant that because it has taken me a while to save this £2000, I don't want to put any more money in to trading at the moment, I want to but myself a few things I've wanted for a while etc. Although I don't mind loosing some of the £2k on trades as long as I learn something from then, but obviously I'd rather win! Also I am not ruling out the Mr Spread Betting system, I just don't want to spend the money yet. I was also waiting to see if TraderDante was able to test it with success but he has been unable to as yet. In relation to the trade, I did not specifically look for a retracement. I was looking for a strongly trending stock, the fact that the retracement was relatively small (perhaps people taking profits) and then the trend continued was my reasoning for entering. You are right however, a better entry would be as soon as the trend continued.

MrCharts - Thanks for dropping by! My mistake, I thought I followed the setup properly. I will re-read the thread and I will also save all of your images and study them all. Thanks for pointing this out.

Rossini - Hello again... Thanks for the suggestions. I will have another play around with MA's... Although in the past, I seem to play around until they look perfect.... Goes down after a short signal and up after a long signal.... I then move the chart accross a bit and it no longer works! I would like a system with MA's though as I want something that is more mechanical than discretional.

Ccclarett - I don't care what anyone says or who it is fashionable to believe, it is ALL about the money... If it wasn't then it would just be a game, and all games get boring after while.

If I missed any questions out just ask again! I'd also like to thank BBMac for sending me some documents and offering his support. Cheers mate.

Take care all,

Sam.
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Old Feb 3, 2009, 8:29pm   #24
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'Ere, what you doin' on 'ere at this time of day? You should be pulling my pint; I've been stood at the bar waiting for 20 minutes now, so stop reading T2W and get your arssss down 'ere pronto before i die of thirst!
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Old Feb 3, 2009, 9:25pm   #25
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Quote:
Originally Posted by megamuel View Post
Hi guys,

Good evening to you all. Firstly, I'd just like to thank you all for your advice and support. I'm flattered that you have all taken your time to help me. Very much appreciated...
Jouney from the Basement

Quote:
Originally Posted by SOCRATES View Post

I hope this is helpful to you in your endeavours to attain Market Mastery via Mastery of Self.
I now have to take time off from all of this as I have much to attend to in the next 5 - 8 months, as a
consequence of having had to make time for all this, but I assure you that if you consider all of what
I have explained to be of benefit, then I feel gratified by the excercise, to your benefit and my satisfaction.

Kind Regards,


Quote:
Originally Posted by megamuel View Post
....huge disadvantage trying to day trade via spread betting....
Quote:
Originally Posted by SOCRATES;
For spreadbetting, with the games played by the spreadbetter companies aganst the public betting their pennies, crystal balls are needed, because you need to have extra pairs of eyes all the time.
Quote:
Originally Posted by megamuel View Post
....I probably wouldn't have come out with a profit....
....I don't know much about....
....but I am guessing....would get me nowhere!....
Quote:
Originally Posted by SOCRATES View Post
A risky market is one in which you are guessing or gambling....and one you should not be in because you don't know what you are doing.
Quote:
Originally Posted by megamuel View Post
Also, thanks for the heads up on that other matter
Quote:
Originally Posted by SOCRATES View Post
...my ears are burning ..

Quote:
Originally Posted by megamuel View Post
TraderDante - I was hoping you would drop by.

...It seems you have a LOT of respect on this forum....
Quote:
Originally Posted by megamuel View Post
I don't care what anyone says or who it is fashionable to believe
Quote:
Originally Posted by megamuel View Post
so your input will be very greatfully recieved!
Quote:
Originally Posted by SOCRATES View Post
Much of it is theoretical and impractical nonsense that is very detrimental to newbies, who, because they are newbies do not have the correct yardstick to be able to properly evaluate what is nonsense and what is not

Quote:
Originally Posted by megamuel View Post
I don't want to put any more money in to trading at the moment

....Although I don't mind loosing.... some of the £2k on trades....
....as long as I learn something from then....
....but obviously I'd rather win!....
Quote:
Originally Posted by SOCRATES View Post

You may choose to gamble.

Not everybody is like you.
Quote:
Originally Posted by megamuel View Post
Rossini - Hello again... Thanks for the suggestions. I will have another play around with MA's... Although in the past, I seem to play around until they look perfect.... Goes down after a short signal and up after a long signal.... I then move the chart accross a bit and it no longer works! I would like a system with MA's though as I want something that is more mechanical than discretional.
Quote:
Originally Posted by SOCRATES View Post
Yes, exactly, indicators and that sort of stuff is ideal for you and you should not abandon them....ever.... ...good thinking.
Quote:
Originally Posted by megamuel View Post
Ccclarett - I don't care what anyone says or who it is fashionable to believe, it is ALL about the money...
Quote:
Originally Posted by SOCRATES View Post

And actually the size of the profits in the end analysis do not matter. What matters is consistency......, and sustainable consistency .......and then everything else takes care of itself. But what happens on these boards it that a headlong rush for profits obscures the fundamental truth that consistency is what matters, what really matters.

This headlong rush........ this preconcieved stampede to chase profits, I will add........ is only a perception. It is and cannot be a reality.This perception serves to misdirect the newbies from the task ahead, which is trading proficiency and sutainable consistency.
If it wasn't then it would just be a game, and all games get boring after while.
Quote:
Originally Posted by SOCRATES View Post

Gamemastership is the highest level of proficiency because it includes accurate future expectation plus rapid execution to enter and exit as necessary as market conditions dictate plus total absence of any emotion whatsoever plus the ability to hold that emotionless state indefinitely,on command - at will.. All of this is the consequence of knowledge, self mastery and a cluster of skills as a result of having natural faculties which the individual is able to develop internally, and is able to manifest externally as a modus operandum.

Gaming on the other hand is guesswork, in which there is a significant element of gambling.
Gambling implies the opposite of the above, in which there is no accurate future expectation to rely on, not the correct reflexes (as a result of doubt and uncertainty) to execute efficiently, the trader is emotional and the risk is disablement by its presence, deep knowledge does not exist but superficial knowledge exists instead, self mastery and the cluster of skills to enhance and strengthen all of the above have not been attained.

I hope and expect this satisfies your enquiry.
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Old Feb 4, 2009, 12:31am   #26
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Megamuel

If you decide that a certain poster is contaminating your journal with unhelpful regurgitated copying and pasting....then please advise the mods and we will do something about it.
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Old Feb 4, 2009, 12:34am   #27
 
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megamuel started this thread Ccclarette/Socrates,

Thats very impressive! Have you ever been a journalist?

I only have issue with one of your points - when I said "I don't care what anyone says or who it is fashionable to believe" it was clear that I was refering to trading being about the money and not advice in general. You have taken that out of context. If anyone wants to offer advice on trading then I care what everyone says - including you! Thats what I am here for after all.

Also whats with all the copy and pasting? Is your keyboard broken? If not, next time can you just type what you want to say because it is easier for my simple mind to understand ....and I am sure you have some very useful advice.

Thanks again,

Sam.
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Old Feb 4, 2009, 12:44am   #28
 
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megamuel started this thread Thanks CV,

I am hoping that a 'certain poster' is just trying to be helpful, allbeit in a quite annoying way! Hopefully next time they will be so kind as to type their message and share some of their knowledge with me

Timsk its my night off tonight! Everybody says that to me when I'm not in work!!!

Sam.
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Old Feb 4, 2009, 9:24am   #29
 
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''Rossini - Hello again... Thanks for the suggestions. I will have another play around with MA's... Although in the past, I seem to play around until they look perfect.... Goes down after a short signal and up after a long signal.... I then move the chart accross a bit and it no longer works! I would like a system with MA's though as I want something that is more mechanical than discretional.''



MA's will not work if you take every cross, but I think they are a good tool to see the beginings of a potential trend. I was simply suggesting that if you are looking for powerfull moves/trends than an EMA cross will allert you to this. Maybe use it as part of some sort of screening process?
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It's far better to aim high because if you don't quite achieve your ambition you may very well be left with something worthwhile.

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Old Feb 4, 2009, 9:40am   #30
 
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Hey Mega

Got a really simple swing strategy that you might like.
Want stocks at 52 week highs (lots of free software provides this), look for bearish divergence on a 7 period RSI, look for decreasing volume at the highs (running out of steam), short the stock the day after it closes below the previous 52 week high, stop above all time highs, exit when high of a 60 min bar taken out. Obviously opposite for short. It's up to you on what you decide on, don't want to keep jumping from strategy to strategy, master one first. Check the link out http://www.trade2win.com/boards/firs...tml#post292065
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