Why i think most traders fail? Change your ways. Now.

[Hilarymannah]

Buy 893 / 888,...Scratch it,..probability's just gone out the window!

 

[Hilarymannah]

908 buy

 

[Hilarymannah]

940 sell or 953,..which ever comes first,....LOL !!

 

[Hilarymannah]

Long 880 (if it hits,...) I'm taking a breather,...: )
Trade scratched at break even due to NHS release at 3'

 

[Uneed2C]

Long 880 (if it hits,...) I'm taking a breather,...: )
Trade scratched at break even due to NHS release at 3'

Nice calls dude(tte). . .

However, unless I read it wrong, my 6B chart shows you're probaly trading pivot highs and lows along with PA . . . perhaps with 2 chart zooms . . . if that is the case, it is easily turned mechanical . . . not something I would deem discretionary, imho. . . just my $0.02 . . .

And unless I have the definition wrong . . . discretionary in my books constitutes a "hmmmm, this is a good buy, I will buy now", gut type feeling. If a trading style involves any "if x, then y" kind of logic . . . it is anything but discretionary . . . except if such logic has a gut feel veto . . . "logic (if x then y) says buy, but I will not b/c it doesn't feel right" . . .

 

[DionysusToast]

And unless I have the definition wrong . . . discretionary in my books constitutes a "hmmmm, this is a good buy, I will buy now", gut type feeling. If a trading style involves any "if x, then y" kind of logic . . . it is anything but discretionary . . . except if such logic has a gut feel veto . . . "logic (if x then y) says buy, but I will not b/c it doesn't feel right" . . .

You very much have the definition of discretionary trading wrong.

 

[Uneed2C]

You very much have the definition of discretionary trading wrong.

Thank You! . . . then what is the correct definition? Please post a solid response.

I find that on most forums people will post smilies and negations (like yours) but never post a real plausible opinion . . . I trust you will post a real opinion, not just "???" "LOL", "you are wrong", "you're an idiot", . . . please post something of value!

 

[DionysusToast]

Go back to my previous post in this thread with the chart on it & you will see an example of one type of using discretion in trading.

 

[Uneed2C]

Go back to my previous post in this thread with the chart on it & you will see an example of one type of using discretion in trading.

Thank You Sir . . . you're proly someone I will respect on this forum . . . we'll see how the relationship develops . . . I'm currently looking at your chart and will post my version from something I coded . . . have to dig it up . . .

 

[Hilarymannah]

Uneed2C "940 sell or 953,..which ever comes first",..was a discretionary trade, as the previous 935 high also came into play.
So, the decision had to be made whether to stretch one's risk parameters based on the probability of said trade, and the over riding behavior/mood of the market at that time.
As I've stated before,..I only ever trade from previous highs or lows, and pivots,..and a lot of experience/discretion. Hope this helps

 

[TRADINGXYZ]

I like what you have posted as an introduction to the thread.. I do not agree with everything you say, but I do like the idea of thinking about the market within context and also to embrace uncertainty...

saying that...I still believe one has to have a "way" of entering and exiting, backtesting, and creating a systematic approach to trading...

your approach sounds completely discretionary...my feeling is that all traders have some kind of "system" that they are using...

overall, though, i agree with alot of what you said...

 

[Uneed2C]

As promised . . . 6/22/10 ES results . . . not sure if this is the right version . .. I got tired of looking . . . in any case I think it captures most of the items discussed . . .

The diamonds are pivots identified based on criteria . . . size of movement mostly . . .

The arrows are entries taken . . . all would be "full clip size" . . . except the coral colored arrow . . . still short but would be on smaller size . . . mainly due proximity to swing low and some volume characteristics . . .

FYI, I never look at T&S . . . but the ATS does take some volume charateristics into account . . .

 

[Mr Flibble]

The Rocky films. Simple as. He told us we could do anything we work hard for. We might even get a title shot. However it was all a big lie. I'm 35 years old and I'm still waiting for a call up to the England football squad. I try hard and play every week but I'm starting to doubt it will happen now.

Forex is the same. Sylvester Stallone you LIED!!!

 

[oildaytrader]

Gladiator's first lie was exposed .Only a few months to become a successful trader, when doctor's have educate and practise for 10 years to become competent, why would it only take a few months?

Lies .cxunt

It took me 4 months to become profitable from the first day i looked at stocks - Which i genuinely at the time believed they WENT UP because of sales and down because sales decreased.Handle like Gladiatorfx to impress others.

 

[weakpunter]

@oildaytrader............here here well said..........exposing MR few months to become a successful trader, what a load of old bollo%% , as a trader you go through so many stages, you never stop learning and constantly have to adapt, and you will never go on to make big money unless you have experienced nearly losing it all first and learning from your mistakes, and to add to your comment about by high and sell higher .....not a truer word said A BELL DOSENT RING WHEN A MARKET REACHES ITS HIGH OR LOW lol

 

[oildaytrader]

@oildaytrader............here here well said..........exposing MR few months to become a successful trader, what a load of old bollo%% , as a trader you go through so many stages, you never stop learning and constantly have to adapt, and you will never go on to make big money unless you have experienced nearly losing it all first and learning from your mistakes, and to add to your comment about by high and sell higher .....not a truer word said A BELL DOSENT RING WHEN A MARKET REACHES ITS HIGH OR LOW lol

As a manual day trader ,one should only trade intra-day trends.There are a dozen trends every week , its about filtering out the noise from trends.

On friday selling lower and closing lower made 40 pips, a second trend of buying higher and closing higher made 70 pips.This is the trend on one minute charts below.

@10 m lots with 10 pip risk , there was a cool $10 k to be made with low risk of 10 pips.

 

[DionysusToast]

Gladiator's first lie was exposed .Only a few months to become a successful trader, when doctor's have educate and practise for 10 years to become competent, why would it only take a few months?

Lies .cxunt

It took me 4 months to become profitable from the first day i looked at stocks - Which i genuinely at the time believed they WENT UP because of sales and down because sales decreased.Handle like Gladiatorfx to impress others.

So let me get this right...

You say that GX was telling a tall tale because he said he was profitable within a few months.

On the other hand, you were profitable within.... a few months... ?

There's a limited amount of things someone can conclude based on reading your post. None of them are complimentary.

 

[oildaytrader]

S

On the other hand, you were profitable within.... a few months... ?

There's a limited amount of things someone can conclude based on reading your post. None of them are complimentary.

That was Gladiator's post and quote, and it was a copy and paste.

Personally , it has taken me 10 years to master the markets.

 

[oildaytrader]

The OP has got it all wrong.IThe first post could have read as follows

As a new trader learn to trade trends "the trend is your friend , until it bends.Trading trend has an edge over trading in mixed markets, you stop and risk will remain the same , but the profits(lows or high)will often be far greater than your risk .In mixed markets your risk reward will be <1 after spread. therefore as a learner look for trends which offer a higher risk reward ratio.Trading in ranging markets requires skill,experience and luck, the majority of intraday movements are within the ranges.In trend trading , you are focussed solely in a one sided market (nothing dubious /diabolical/uncertain about it),and always running with the winners and dumping the losers.Your mind can handle certainty, it cannot handle uncertainty, and will lead to errors and phuck ups,thats how traders screw up"

 

[Chartsy]

ha, ironic thing is you people are proving gladiator's point.

look at you all, collectively squeaming how 'impossible' 5k to 300k in a year is, or how it's impossible to be profitable after 4 months.

This just shows that you have just accepted from books or whatnot, that such returns are only for 'twats'.

And ODT, that M1 chart; hindsight is a wonderful thing, i'm sure i could pull up a daily chart of EURUSD and show how going short at 1.485 due to a trendline break has netted thousands of pips, and you could have placed a 5 pip stop loss , what a runner.