I had a 1-2-1 with CM on friday afternoon in the T2W trading room...yep..thats right folks, I had CM all to myself!!!
My entry 9591 on a PD bottom.
I spotted RS switch and queried CM, who confirmed it.
I was sitting on a healthy 30 points when the nerves started to kick in. Planning the exit has always been my weakness and the majority of times its not a calculated faux pas!
But the chat with CM made it look soo easy.
I was on the right side of 100ema, CM mentioned ES volume, RS switch, RSI/Volume ratio, stop loss strategy , RSI support/resistance/ Triangle target, Magic numbers 32 and 64, ND top and most importantly trailing stop losses in a space of 30 mins.
My exit was near perfect at 9655. I also managed a cheeky short as 9632 was lost.
All in all, a wonderful, exciting and confidence building lesson in keeping cool and composed when calculating an exit.
Many many thanks for your guidance CM. I know this must be embarrassing for you but I cannot sing your praises enough.
What was going to be a mid-afternoon punt turned into a very profitable day.
Entry: 9591 at PD bottom.
Exit: 9655 3 ND top
2nd Entry: Short 9622
Great stuff. It's easy to say, but keeping a cool head while everyone else around you loses theirs makes all the difference. What really matters is size ( :cheesy: ) IF your size is too big, no matter how cool you are, panic will get the better of you. If your size is right, you will feel comfortable about having all the time in the world to analyse step by step what your options might be just like we did in the chat room.
It's not embarassing at all. It just goes to show that with a little dedication, application and tuition, trading can be both exiting, profitable and a wonderful experience.
Now what is embarrasing, is that after studying this thread for past week, I still haven't figured out some of the jargon. Well, actually only 2 abreviations, nl ND and PD. Fe, fazalv you refer to a ND top and PD bottom (prev. day bottom?)? What should I be looking for?
Who would be kind enough to help me see the light?
It's a shame I missed the chatroom on friday, I stopped going in there as it just seemed to be banter and little about trading. [Note. No problem with banter I just need to keep my eye on the graphs instead]
Was just wondering if you will be there again this week, anytime?
PS. For anyone who has not been in the chatroom there are some very strange goings on. People hit each other with fish! Wierd.... LOL
CM, a Q. please... I understand you must be bagging at least 100-150 pts a week consistently over the last 2 years (all due respect) .... Why don't you up the contract size ? Surely there must be an argument for doing that.
Sorry about that WJE, but my visits to the chatroom are now infrequent. If I see a window where I can be in there, I'll post in good time on this thread. As for the banter and fish battering, that happens when the action gets boring. I know for a lot of people, actively participating in the chat room is a major distraction to trading.....