troyresearch
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Hungvir forgive me for being late to your thread, I read through the first 10 or so pages with most of them being posts from you; how are you finding the general level or interaction from t2w? I fear there are rather too many voyeurs here.
It's very brave of you to share your daily trading diary with us - why not focus on more of the human toll it's taking on you (perhaps you have, I'm afraid I couldn't deal with all 95 pages).
How does this work vs. your day job? If you're a BBC-staffer is it beginning to invade what you do day-to-day, if a freelance, how do you balance your trading against intermittent work, given that both are equally unpredictable.
Be interested in your comments.
It's very brave of you to share your daily trading diary with us - why not focus on more of the human toll it's taking on you (perhaps you have, I'm afraid I couldn't deal with all 95 pages).
How does this work vs. your day job? If you're a BBC-staffer is it beginning to invade what you do day-to-day, if a freelance, how do you balance your trading against intermittent work, given that both are equally unpredictable.
Be interested in your comments.
troyresearch said:
Hi Troyresearch,
A very warm welcome to you!
If you read the last 10 pages, you'll see that there're more posts by others than by myself
I did talk a bit about the emotional ''toll'' but not in great details. So here you go.
First of all, my wife dislikes the stock market. For her it's only a big casino. I have to admit she's right to some extent. Of course the market is not a casino but amateurs make it one. And I made some of the bad trades that resembed betting on horses in a race. But they're rare because I can still remember roughly how many of them.
But the fact that my wife wants me to stop and I not yet want to do that is something that made me make 'angry' trades
Anyway, I won't go into too much details as there're other issues involved such as I am really bored after nearly a year of doing school runs, coming to the office only two nights a week and a 12 hour Sunday. It has been affecting the way I live. I have more friends here but less time to stay in touch with my friends elsewhere. I read less stuff relating to work and more of what relating to trading. I grow grumpy sometimes because of lack of sleep...
But I've never thought that I made the wrong decision to go into trading. Just that I made a few wrong trades after my early streak of winnings and It dented my confidence a bit. But that was in the past. And I am also very happy that I've met some cool people here who're willing to share their knowledge and experience. This is very important and one of things that keep me in this world of trading.
Now I am consider myself an A level student in his final year and preparing to go into the Trading University. So I have a lot to learn but have also learnt enough to trade.
I hope this goes some ways in answering your questions. If you have more, please ask!
Good trading,
Hung
Chorlton
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First of all, my wife dislikes the stock market. For her it's only a big casino. I have to admit she's right to some extent. Of course the market is not a casino but amateurs make it one. .
Substitute the word "wife" for "friends & family" and it sounds like me!!!!
It has been affecting the way I live. I have more friends here but less time to stay in touch with my friends elsewhere. I read less stuff relating to work and more of what relating to trading. I grow grumpy sometimes because of lack of sleep...
Again this sounds like me!!!
And I am also very happy that I've met some cool people here who're willing to share their knowledge and experience. This is very important and one of things that keep me in this world of trading.
And finally, again I would say this sounds like me!!!
How bl00dy scary!!!! In our quest to succeed we end up acting all the same
Anyway, on to more immediate things. Hung, as you're trading the DOW, here's something I've noticed over the last few days.
Put the RS1 (14) and Bollinger Bands on a 1min chart. When the RSI is <=35 and WHOLE price bar falls outside of the lower band, price normally reverses within a few bars.
Same in reverse, but obviously RSI needs to be >=70 and whole price bar is outside of upper band.
I'm not suggesting trading this but I've been watching this same pattern for the last few days and its seems very interesting,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, DYOR, etc
Chorlton
PS. I just want to add that I've only recently been following the DOW and using BBands (for that matter) so if my observation is obvious, then my apologies...................
Substitute the word "wife" for "friends & family" and it sounds like me!!!!
It has been affecting the way I live. I have more friends here but less time to stay in touch with my friends elsewhere. I read less stuff relating to work and more of what relating to trading. I grow grumpy sometimes because of lack of sleep...
Again this sounds like me!!!
And I am also very happy that I've met some cool people here who're willing to share their knowledge and experience. This is very important and one of things that keep me in this world of trading.
And finally, again I would say this sounds like me!!!
How bl00dy scary!!!! In our quest to succeed we end up acting all the same
Anyway, on to more immediate things. Hung, as you're trading the DOW, here's something I've noticed over the last few days.
Put the RS1 (14) and Bollinger Bands on a 1min chart. When the RSI is <=35 and WHOLE price bar falls outside of the lower band, price normally reverses within a few bars.
Same in reverse, but obviously RSI needs to be >=70 and whole price bar is outside of upper band.
I'm not suggesting trading this but I've been watching this same pattern for the last few days and its seems very interesting,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, DYOR, etc
Chorlton
PS. I just want to add that I've only recently been following the DOW and using BBands (for that matter) so if my observation is obvious, then my apologies...................
hungvir said:Hi Troyresearch,
A very warm welcome to you!
If you read the last 10 pages, you'll see that there're more posts by others than by myself
I did talk a bit about the emotional ''toll'' but not in great details. So here you go.
First of all, my wife dislikes the stock market. For her it's only a big casino. I have to admit she's right to some extent. Of course the market is not a casino but amateurs make it one. And I made some of the bad trades that resembed betting on horses in a race. But they're rare because I can still remember roughly how many of them.
But the fact that my wife wants me to stop and I not yet want to do that is something that made me make 'angry' trades
It has been affecting the way I live. I have more friends here but less time to stay in touch with my friends elsewhere. I read less stuff relating to work and more of what relating to trading. I grow grumpy sometimes because of lack of sleep...
But I've never thought that I made the wrong decision to go into trading. Just that I made a few wrong trades after my early streak of winnings and It dented my confidence a bit. But that was in the past. And I am also very happy that I've met some cool people here who're willing to share their knowledge and experience. This is very important and one of things that keep me in this world of trading.
Now I am consider myself an A level student in his final year and preparing to go into the Trading University. So I have a lot to learn but have also learnt enough to trade.
I hope this goes some ways in answering your questions. If you have more, please ask!
Good trading,
Hung
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I am still happy with my last trade as it was a winning one Could have made 10 or 20 more points but I did not expect to see this type of volatility in the final hour. It was also the first time I moved from 1 min. bars to 5 minute ones and my approach seems to work better with 5 min. charts.
Could have made 10 or 20 more points but I did not expect to see this type of volatility in the final hour. It was also the first time I moved from 1 min. bars to 5 minute ones and my approach seems to work better with 5 min. charts.A T2W friend just kindly PM me this link to a free software. Not sure if any of you has tried it.
http://www.prorealtime.com/en/
http://www.prorealtime.com/en/
chindl
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Try this chaps, handy for day time play time.
http://www.trade2win.com/knowledge/indices/articles/general_articles/day-trading-the-dow-jones/
http://www.trade2win.com/knowledge/indices/articles/general_articles/day-trading-the-dow-jones/
Many thanks, Chris! Great one and also one of the longest articles I've ever read here! I will need to go over it again to make sure I understand all the nuances. But it has a lot in common with the method I am using except for I am not using CCI and the MA I am using is 200 period.
Again, when the market trends, this should work alright. But when it's choppy our nerves will be tested.
And knowledge is only part of this game. I don't think anyone with less than six month or a year of trading experience (on a part time basis) can day trade confidently and successfully. We have to make decisions in matters of seconds and minutes and there's little room for errors.
It's just like driving a car. When you just pass the test, you'll still have to think about the clutch, the gear and still have to remind your self about looking at the mirrors from time to time. Only when all of these can be done effortlessly then you can be considered a safe driver. The only difference is if you crash while driving a car you may put other people in dangers. In trading, when you 'crash', somebody will be more than happy to take your money
Cheers,
Hung
Again, when the market trends, this should work alright. But when it's choppy our nerves will be tested.
And knowledge is only part of this game. I don't think anyone with less than six month or a year of trading experience (on a part time basis) can day trade confidently and successfully. We have to make decisions in matters of seconds and minutes and there's little room for errors.
It's just like driving a car. When you just pass the test, you'll still have to think about the clutch, the gear and still have to remind your self about looking at the mirrors from time to time. Only when all of these can be done effortlessly then you can be considered a safe driver. The only difference is if you crash while driving a car you may put other people in dangers. In trading, when you 'crash', somebody will be more than happy to take your money
Cheers,
Hung
chindl
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No problem Hung - I still refer to this document today, I still read it about three or four times a year.
When the article was first published there were weekly threads on how to make the most of the system, chaired usually by Mr Charts, aka Martin Shoebridge who wrote the article. As I understand it, Martin has set up his own web site now to carry that on, but it is a subscription site, and I tend to steer clear of subscriptions. For anyone interested in using this for day time play time then they could do worse than go back through the old threads from 2004, I think there's a link in the K Lab article. The way in which the beast of the Dow moves today is still similar to how it worked when the article first came to light so it should help those wishing to partake.
I agree on the day trading, steer clear if you do not know the instrument and have no experience with your new system or, as Elder would say, the Pirhanas will eat you alive!!!!!
Taking a longer term view of the Dow, we have support kickin in the 11050 area over the last few days with a resistance level at 200 so ranging prior to the GDP report tomorrow. This report will be the key in determining the overall direction of the Dow in the next week or two, a similar report to the CPI last week and we could have serious downside implications for equities, but I don't think the government will publish such a negative report just before the long weekend and I suspect the report will be slightly positive to give some respite to the recent downside this last couple of weeks.
If we have much more sideways action though we will see a nice bear flag forming, just think of it like this, a fall below 11000 will see a lot of people out of pocket and will probably provide serious resistance as they sell to keep their losses on each rebound to 11000. Will this play out; don't ask me, trade what YOU see!!!!
Good luck everyone.
Chris
When the article was first published there were weekly threads on how to make the most of the system, chaired usually by Mr Charts, aka Martin Shoebridge who wrote the article. As I understand it, Martin has set up his own web site now to carry that on, but it is a subscription site, and I tend to steer clear of subscriptions. For anyone interested in using this for day time play time then they could do worse than go back through the old threads from 2004, I think there's a link in the K Lab article. The way in which the beast of the Dow moves today is still similar to how it worked when the article first came to light so it should help those wishing to partake.
I agree on the day trading, steer clear if you do not know the instrument and have no experience with your new system or, as Elder would say, the Pirhanas will eat you alive!!!!!
Taking a longer term view of the Dow, we have support kickin in the 11050 area over the last few days with a resistance level at 200 so ranging prior to the GDP report tomorrow. This report will be the key in determining the overall direction of the Dow in the next week or two, a similar report to the CPI last week and we could have serious downside implications for equities, but I don't think the government will publish such a negative report just before the long weekend and I suspect the report will be slightly positive to give some respite to the recent downside this last couple of weeks.
If we have much more sideways action though we will see a nice bear flag forming, just think of it like this, a fall below 11000 will see a lot of people out of pocket and will probably provide serious resistance as they sell to keep their losses on each rebound to 11000. Will this play out; don't ask me, trade what YOU see!!!!
Good luck everyone.
Chris
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