First of all i would like to say, " Great site, sorry about all my threads at once." But, i am a very novice trader and in fact i have not made a trade yet to be truthfull, from my own perspective it seems that when a trade is made i would feel more comfortable knowing that should i come a cropper it is not going to dent my account that much. Bearing this in mind i am not saying that someone should become sloppy in thier trading methods, all i am saying is it seems that the more money you have behind you the more relaxed you will be about your trading. PeeDee. :?:
Market Wizard
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the amount you risk on any trade should be a calculated? risk, no matter what size your account if the fear of a potential loss denting it is there then there will be problems.
Remember trading is easy, only we make it hard by putting in negative thoughts in our way. If traders could only focus on the process of trading and eliminate any other barriers in their thinking, trading would become a whole lot easier. Overexposure, market volatility, losses etc are all present factors to stimulate your thinking in a non productive way.
The only way is to focus on process.
Remember trading is easy, only we make it hard by putting in negative thoughts in our way. If traders could only focus on the process of trading and eliminate any other barriers in their thinking, trading would become a whole lot easier. Overexposure, market volatility, losses etc are all present factors to stimulate your thinking in a non productive way.
The only way is to focus on process.
Cheers for the reply MW, when you say process i take it your on about applying your own calculated method or strategy when making a trade, i understand what you are saying, it seems like it is up to the individual to decide what kind of risk tolerence they feel comfortable with. PeeDee.
Market Wizard
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Hi Peedee,
When i say process what i am referring to is the whole step by step actions that you would take just before you put on a trade. These woukld include clearly defined entry/exit points, and your stop loss. There may be other factors involved but they will all vary upon your style of trading.
These steps are merely what would be done to achieve a perfect trade if there were no outside factors e.g fear,greed, to cloud our judgement.
When i say process what i am referring to is the whole step by step actions that you would take just before you put on a trade. These woukld include clearly defined entry/exit points, and your stop loss. There may be other factors involved but they will all vary upon your style of trading.
These steps are merely what would be done to achieve a perfect trade if there were no outside factors e.g fear,greed, to cloud our judgement.
Hi MW, i use volume charts for my TA, to be specific "Market Volume" they are a U.S. company, i dont know if you have heard of them or not, i prefer to track the Dow it seems to react well to volume ( please, correct me if i am wrong ). This is the only view i take about the markets and to be truthful it does not leave much to say about diversification in the way i go about my trading but i feel comfortable with it. What do you trade( if thats not to nosey), and what do feel about diversification( it seems to me, as a novice, this more applies to single company trading rather than trading indexes. Cheers, PeeDee.
Market Wizard, are negetive vibes really negetive, taking in to account that they may stop us lossing money. What i am trying to say is, negitivity is maybe the key to making money. I am in no way trying to undermine your trading methods( far from it ), but everyone has got to be cautious. Cheers, PeeDee.
Skimbleshanks trades using ONLY price and voulme on S&P500 futures. I use S&P500 Vol as a confirmation /non confirmation tool to correlate my analysis of the dow. I use candles on the DOW, but don't take a lot of notice of them, they are more relevant when used in conjuntion with the S&P volume. The DOW is used purely to analyse the move from a TA point of view and extract targets , likely breakouts etc. I don't generally look for classic candlestick formations to base trading decisions, except when looking for bottoms and tops.
Peedee
I also use candlestick charts. You can get them on most decent websites. Have a look at bigcharts.com. They do realtime charts of US indices/ stocks and delayed UK indices charts.
I use candlesicks just because I like the look of them. I find them clearer than bar charts. I don't particularly follow any candlestick specific formations for signals.
I did buy a book a couple of years ago: "Candlestick charting explained" by Gregory L Morris. If you want to learn more, this explains all the formations in detail and also has a good section on combining candle signals with some of the well known indicators. Can't remember how musch it costs but it's a reasonably good book.
Cheers for now
I also use candlestick charts. You can get them on most decent websites. Have a look at bigcharts.com. They do realtime charts of US indices/ stocks and delayed UK indices charts.
I use candlesicks just because I like the look of them. I find them clearer than bar charts. I don't particularly follow any candlestick specific formations for signals.
I did buy a book a couple of years ago: "Candlestick charting explained" by Gregory L Morris. If you want to learn more, this explains all the formations in detail and also has a good section on combining candle signals with some of the well known indicators. Can't remember how musch it costs but it's a reasonably good book.
Cheers for now
I have to say Steve Nison's master peace is the best IMHO,but I'm bias,also check out Jilers book for pattens,(its was done in the sixties so there no candles in it) I know Skims a big fan!!!! 
Here's the links to Global,
http://books.global-investor.com/books/14229.htm?ginPtrCode=21470
http://books.global-investor.com/books/1301.htm?ginPtrCode=21470
cheers a320
Here's the links to Global,
http://books.global-investor.com/books/14229.htm?ginPtrCode=21470
http://books.global-investor.com/books/1301.htm?ginPtrCode=21470
cheers a320
Thanks for the replies, this may seem a bit philisophical but do people/traders get a general feel for the markets, i have been looking at the markets for about six months (not that long, i know) but it seems that you can predict moves within the market without any indicators, is this just luck or not. PeeDee.
I find candles easier to look at, but don't really know the patterns! Bar charts, I like to see the opg/clsg levels of the bar. I also use P&F 3x3 1min hilo charts for breakouts. Volume, I follow loosely. Moves accompanied by good volume tend to follow thru whilst light vol moves often fade and reverse. Spike volumes often have nothing to do with movement. As for gut feelings, they are just that. I could never standardise a feeling on why I got into or out of a trade..... old floor trader/jobber reactions, whether right or wrong, you jump quick. :cheesy:, no time to think. You can be too close to a market.
You must find the time span that suits you.
Good luck
You must find the time span that suits you.
Good luck
barjon
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PeeDee
I use candlesticks on both index and shares. All time scales but not less than 5min.
1. for entry confirmation (secondary and not crucial)
2. for primary exit signals (in general, the better the volume the better the signal)
good trading
jon
I use candlesticks on both index and shares. All time scales but not less than 5min.
1. for entry confirmation (secondary and not crucial)
2. for primary exit signals (in general, the better the volume the better the signal)
good trading
jon
Market Wizard
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Hi Peedee,
I understand your point about nagativity and agree with you.What i meant was any nagativity should be in mind and evaluated before taking a position, for many traders this happens after they have put on a position so they might for example get out of a good trade early.
I also trade using volume. I only trade the UK markets, stocks and futures. The US markets did not fit in with my daily routines so i never really ventured for too long there. If you dont mind, what site or software do you use for your volume? I use VSA, dont know if you have heard of it.
Regards
MW
I understand your point about nagativity and agree with you.What i meant was any nagativity should be in mind and evaluated before taking a position, for many traders this happens after they have put on a position so they might for example get out of a good trade early.
I also trade using volume. I only trade the UK markets, stocks and futures. The US markets did not fit in with my daily routines so i never really ventured for too long there. If you dont mind, what site or software do you use for your volume? I use VSA, dont know if you have heard of it.
Regards
MW
Hi MW, i dont know what VSA is but i would like to know. The reason why i choose to look at the U.S. markets is because of the time difference, the session has not been going that long when i get home from work so i can track it real time( girlfriend hates it! ). Got a question for you though, eSignal 7.2, is this one package rolled into one? What i mean by that is can i track volume real time for the U.S. markets and also execute a trade using the same screen? Cheers PeeDee.
