Making Money Trading

[Directional]

Pelzar, do you trade purely off "feel" mate, or do you have rules you follow for defining a setup?

 

[pelzar]

Pelzar, do you trade purely off "feel" mate, or do you have rules you follow for defining a setup?

Feel, obvusly i have an understanding of technical analysis and fundamentals but i when there is not many figures out i do trade off feel with no rules, where do you trade if you don't mind me asking?

 

[superspurs]

this is a real interesting change in direction of thread,is trader dante with his proven methods gonna be seduced by the fast fingered youngster.

 

[pelzar]

Only time shall tell...

 

[trader_dante]

this is a real interesting change in direction of thread,is trader dante with his proven methods gonna be seduced by the fast fingered youngster.

LOL

No I'm staying faithful to my strategy although I feel compelled to note that Pelzar is up 93 ticks at 9.30am and I'm still to trade.

Today I am making a start on Niederhoffers "Education of a Speculator". By page 6 I am intensely aware that he may not be the best role model.

We've been told that we'll be primarily scalping the market in a series of exercises this week. I expect to fail dismally.

I made 5 position trades last week. All were winners. On the whole, I remain optimistic.

I'll keep you all updated.

Tom

 

[shadowninja]

In another thread, posters were making trades left, right and centre. I do get the feeling I should be trading more but it would only result in tears. Instead, I trade at my own pace.

At the end of the week, how many pips will you both have?

 

[firewalker99]

In another thread, posters were making trades left, right and centre. I do get the feeling I should be trading more but it would only result in tears. Instead, I trade at my own pace.

At the end of the week, how many pips will you both have?

One short early this morning would've been enough to fill one's boots for the rest of the week

 

[timsk]

Feel, obvusly i have an understanding of technical analysis and fundamentals but i when there is not many figures out i do trade off feel with no rules, where do you trade if you don't mind me asking?

Hi pelzar,
When I read your post, I responded to it in two different ways. One part of me was thinking you're a pro' trader who, in one short sentence, has dismissed mountains of books, BB posts etc. on trading, written by the great and the good, all of whom insist over and over that having a set of rules to trade by and removing emotion (gut feel) are critical to success. This view is seldom challenged by anyone, so your comments are as surprising as they are interesting. Another part of me thought that you are the rare exception to the rule and that newbie and less experienced traders reading your posts will think that they can go and do the same as you and achieve similar results. That's dangerous. I'm guessing that if you're able to achieve consistent profits over the long term trading by gut feel and no rules, then beneath the surface lies a wealth of knowledge and expertise that underpins your actions. Therefore, newbies and less experienced traders should not be duped by your seemingly casual, throw away remarks, as there's rather more to your trading than you imply. If I'm wrong and you're a relative newbie yourself, then I fear you will suffer substantial losses before too long if you continue in the manner you describe.
Welcome to T2W btw!
Tim.

 

[trader_dante]

At the end of the week, how many pips will you both have?

I actually suggested to Pelzar that we start a new thread and go head to head in a scalper vs position trader scenario.

This is probably not the best idea however, as I am intensely competitive and want to remain focused on what I am doing and not what he is.

 

[trader_dante]

One short early this morning would've been enough to fill one's boots for the rest of the week

I got 116 ticks out of the Dow today. Not the best result compared to what was on offer. Pelzar was up 505 ticks when I last looked.

 

[shadowninja]

Well, why not submit your end of day pips to me by PM and I'll publish them in the thread at the end of the week. Anyone who is interested in the meantime can PM me for an update.

 

[firewalker99]

I got 116 ticks out of the Dow today. Not the best result compared to what was on offer. Pelzar was up 505 ticks when I last looked.

505?
Respect!

 

[shadowninja]

Wow!

I really wish I hadn't buggered off to Ikea today. All my indicators were pointing to a short.

 

[trader_dante]

Dow Futures

Wow!

I really wish I hadn't buggered off to Ikea today. All my indicators were pointing to a short.

Can we get down to here?

What will happen if we do?

These are turbulent times.

Be careful and protect your capital first and foremost.

 

[chocobot]

what made you go short TD? and where did you enter?

 

[shadowninja]

Tight stops and a punt?

I'll be watching my indicators carefully.

 

[trader_dante]

what made you go short TD? and where did you enter?

Chart 1 shows a daily s/r pivot.

Chart 2 shows a second daily s/r pivot at a lower level.

Chart 3 shows price on the 1hr TF. Price broke through the first s/r pivot and then formed two inside bars with successively smaller ranges. This will often precede a sharp break.

As the setup formed it was clear that something was wrong in a BIG way with the Dax and the FTSE in free fall.

I went short on a break of the low of the inside bar (with my stop above it) and closed at the lower s/r pivot.

As most of you will know by now I normally try and let trades ride. In this case I was a little unnerved by the volatility and opted for a fixed target.

 

[chocobot]

Chart 1 shows a daily s/r pivot.

Chart 2 shows a second daily s/r pivot at a lower level.

Chart 3 shows price on the 1hr TF. Price broke through the first s/r pivot and then formed two inside bars with successively smaller ranges. This will often precede a sharp break.

As the setup formed it was clear that something was wrong in a BIG way with the Dax and the FTSE in free fall.

I went short on a break of the low of the inside bar (with my stop above it) and closed at the lower s/r pivot.

As most of you will know by now I normally try and let trades ride. In this case I was a little unnerved by the volatility and opted for a fixed target.

Thanks TD. Fascinating and useful. My charts on ig crashed all day so any pinbars or such like were not available anyway.

 

[RichieE]

I feel compelled to note that Pelzar is up 93 ticks at 9.30am and I'm still to trade.

This is interesting... the extreme short term (scalper) verses the 'longer term' technical driven day trader

We've been told that we'll be primarily scalping the market in a series of exercises this week. I expect to fail dismally.

Tom, I didn't realise that you were on a course. I had the impression that you had just joined a desk and were left to your own devices! Let us all know how you got on... I'd also be interested in these exercises. I was scalping but was trying to stear away from that since I found myself making +2 or +3 ticks per trade but then loosing -5 to -10 ticks when the market broke out of the trading range!

I made 5 position trades last week. All were winners. On the whole, I remain optimistic.

Stick to your guns... you know what works for you. Don't let others deter you!

 

[jinbal]

Has anyone seen the daily pins forming on the DOW and FTSE? - you'd need a pretty big account to afford the stops on those!