Trade Days of the Week/month ?

[sifts2win]

Hi everyone,

after my first week as a member I am stunned by the font of knowledge available and freely given by all members. After years of learning alone it is a huge relief to know (a) I'm still trading and (b)There are others out there like me and (c) we can only go forward from here ! - Exciting stuff.

To my point - Has anybody had any success using trade days of the week etc. aka Larry Williams 'Long term secrets of short term trading' and his inter relationship ideas re. the gold and bond markets ? He obviously was a brilliant futures trader but are these ideas out of date now.

I have had some success with his 'smash day patterns' and 'naked high and naked low bars' and was wondering if there is anybody who has gone on to base their trading style on his ideas/concepts ?

 

[Trender]

you know personally I believe at the end of the day it's all down to trading skill. Not any system in particular.

ie. it's all about managing your trades. I think I read on elite trader someone saying " would you wan't a monkey picking your entries or managing your exits?". I know what my answer would be.

In other words, all a system does is provide us with an entry. But what it can't do is ensure you get filled and then manage your trade to a profitable exit.

I think it all comes down to current price, support and resistance. Nothing more, nothing less.

So just get a really simple system to make you enter a trade, then work on the skills of execution, exit and money management.

All IMHO of course.

 

[sifts2win]

Well thanks Trender,

either the most unstimulating thread ever posted or no one's read Larry Williams !

I do agree and have come to realise that managing my trades is something I need to get a lot better at.
I've learned to find good low risk entries on any day of the week or month but cannot get a handle on my 1st stop loss and when to take profits. This has all been covered in previous posts and lies mostly in my pysche I believe.

I don't trade any particular system, and often pass good trades because of over analysis leading to confusion.

I have been looking for the 'grail' but looking back over my trading records I can see many trades that were once in profit that became losses out of poor management.

Its coming together and that's why this site has been so good for me. It has focussed my mind on what I'm doing right as well as what I'm doing wrong and how to make it better.

Thanks