Today in my class I was able to see my mentors screen, it's the only form of live charts I can see. I had to leave 2nd period almost the same minute that the last ditch effort by buyers to move price up failed. 10:45 is when my class ends. But at 11:25 or around that area, it was pretty obvious that the sellers were going to hammer the buyers Then 1:49, sign that the sellers were done for the day. Then i got home at 3, and I was really expecting a breakout. Figured the buyers would push it up, on the daily chart, it looks like 10545 holds the answer. See if it'll break above that and if it does, buyers could possibly have a good day. I just wish I wasn't missing all these great days, I know I see people saying these markets are unpredictable, but shockingly, I have enjoyed the past 2 weeks, I really wish i could have participated. Once again, more reason for me to not like school, and wish I could be home trading. So, interesting on what tomorrow will bring. So, my guess 10500 and 10540 will be crucial in determining who's day it will be tomorrow. Any break around those areas, consider a huge break? What do you think?
Woohoo!!! My account is open! I just have to call tomorrow and get my trading platform configured and such, and then I guess by Friday... I'll be ready!!!!
I can finally have relief, and the real test comes, and I can finally post some real results. Just happy to finally get it opened and over with.
JM here my take on the YM http://img234.imageshack.us/img234/5140/ym928055bh.gif ie 30 min chart; using that here because it shows all the needed things on it. #1 is the line at 10540 you were talking about #2 are the various support lines before the very large support at the bottom there right now we are right in the middle of things; I would say we have downward conotation (on the 5 min). But you never know. Once we break out of the consolidation we have been in for the last part of wednesday btw I got the red/blue trendline idea from you
-little off topic- I was trading the euro earlier and caught a nice upmove; I ended up selling for a nice profit; but then later as it consolidated; I thought "hey I can play this one again for more money I think its going up; it really looks like it will go up". I should of know that for as much emotional ties I have invested in the directional outcome; that murphey will come along and teach me a lesson. So I enter the trade and soon after; it goes down ... down ... down. granted its nice to have a larger stop incase it does go in your direction but I missed my exit and stayed in; so invested that I was that it would reverse. Well it went way down and it did eventually reverse; and I could of probably played off that reversal but I was too blown away by my negative trade that I was too 'gun' shy now. my point being is that yes a stock/option/future may reverse eventually and you may get back to close where you got in it. But then again it may not. And do you really want your money tied up in something that you are way behind in? Its best to figure out where you stop is; exit where appropriate; and reasses the situation and enter again when the cards are better positioned. Clear you mind and trade with openness; not with: -fear of what may occur -greed of how much you could make - impatience because you want to be in on the action - anger because you blew your stop -sadness because you just lost a significant amount -ephoria because your last trade blew your expectations Each trade is a trade onto itself; when you are trading there are no past trades just the one you are focusing on now. Theres no future trades; for they will come. There is just this trade
I got that book The Disciplined Trader by Mark Douglas. I have only read the intro and the first chapter... but it seems really really good, and not like one of those boring books either. I don't know if you said you had it already or not.... but I'm enjoying it so far. If anyone else needs a good book about emotions and controlling them, from what I seen so far, I like this book.
Hi RIPLEY maybe its time for you to trade less size and not have to sweat out 20 pt moves in YM against you ? your buys were pretty good ... gosh the ES hardly moved much lower .. maybe 1-2 handles why the YM moved 20 pts ... on that I do not know if you were long 2 ES @ 19 and the market went to 18 would you have been as anxious? anyway ... hope you do not mind my comments good luck to you -I was long 12 contracts @ 475, from around noon (12-12.30), and I was holding onto huge losses. -
Woodies club site has a couple of Mark Douglas commentaries. Pretty good stuff if you're new to the game.
Ripley... after reading a few of your past posts... you have a severe problem of holding on to bad trades, and I think you are pretty much in danger of ruining your life with what you are doing. Relying on luck, and all this excitement... plus the fact you have a great ability to catch big wins and big losses... kinda scares me. Now if you are rich, and love to gamble... well go on ahead. But... I just can't imagine if you had no luck at all.... trading such large sizes is almost insane and your previous threads about huge losses, just scary to be honest. I'm not telling you how to trade... but have you ever thought that some people just aren't meant for trading? Because with all your posts... I just haven't seen it at all. But, just some thoughts, you don't need to argue your case, because I won't argue back, I'm just informing you of what I have read about you so far. You are supposed to react to the market.... not let the market react to you.