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Make Money Everyday - A Guide to Short-Term Trading

  • #1,001
  • Nov 5, 2011 3:12pm Nov 5, 2011 3:12pm
hey guys,

enochben, very nice reading and very good inspiration

i just started downloading this one :

Inserted Video



what do u guys think?? seems like worth watching
  • #1,002
  • Nov 5, 2011 3:14pm Nov 5, 2011 3:14pm
nic, here u are

Inserted Video
  • #1,003
  • Nov 6, 2011 4:57am Nov 6, 2011 4:57am
Quoting katrooo
nic, here u are

http://www.youtube.com/watch?v=qJQE1...&feature=share
You're a good man, what a bod!


Quoting katrooo
what do u guys think?? seems like worth watching
Looks good, might torrent that this week


Quoting enochben
pretty old interview but some really interesting comments regarding losses and the mindset to come back.

enjoy!
Thanks mate, about to read!
  • #1,004
  • Nov 7, 2011 9:27am Nov 7, 2011 9:27am
Ok... we've got one week of November down... Remember the goal... Mastery. I've had a couple thoughts bouncing around - thought I'd share them. I know that there have been numerous attempts by people dropping by to find a set of 'rules'. Good luck finding those. Trading is not so much, a+b-c=d. It's about behaviors... yours and the markets. We are successful as traders when we can 1...master our own behaviors... we can trade with discipline, take losses (because they can and SHOULD happen) when we should (protecting our inventory), take profits when we should AND to sit on our hands when we should; and 2... when we can 'read' what the market is behaving like and can place our trades accordingly. Outside of those two main things.... if you have trouble with those... you will have trouble trading - PERIOD.

Now - to address number one a bit. We've talked about this - our behaviors - being able to take unprofitable trades in stride, etc. It can be tough. I have had the benefit of a few jobs in a prior life - and I will often use the things I've learned there and apply it to trading. There are a couple things that have become increasingly clear to me and I trade more and more. The following list is my list. Take parts for yourself if you will, but this is how I get through the day trading.

1. Never be in a trade where I can lose it all. This is simple enough I think... If I am in such a trade - I am grossly overleveraged.
2. Never be in a position where one bad day can take it all. Again - simple enough - I always want to be in a position where I can come back tomorrow and play again.
3. Little bit @ a time... everyday.
4. Trade your edge. This one I think that a lot of traders - at least starting out - really struggle with. The confidence to say - This is what I do - this is what I'm looking for and this is why. The confidence to stick to your edge - even when most people don't get it OR think you are crazy. I have a couple questions you can ask yourself to help give you the words so to speak as to why and how you do things....

 

  1. Who are you?
  2. What do you do?
  3. Why do you do what you do?
  4. How do you do what you do?


Who are you? This is really a simple statement - I am a swing trader, a scalper, a position trader, a speculator... whatever it is.
What do you do? I trade currencies, futures, stocks, bonds, whatever...
Why do you do what you do? This is your own personal conviction - what is it that you scalp or swing or whatever....
How do you do what you do?... I trade Price Action by, blah blah blah...

It's really just a statement for yourself - to remind yourself daily - moment by moment some days - as to what it is that you are doing. For example...

"I am a scalper who trades currencies. I believe that there are many opportunities to trade short-term every single day and since I don't ever want to hold a position longer than I have to, I look to trade or scalp Price action in between natural support and resistance levels numerous times each day."

That's as simple as it gets. I could get into more detail, but that essentially is my elevator speech. Someone wants to know what I do... I can tell them quickly from one floor to the next. Not that they care... this is mostly for me.

Good trading fellas.

Mongolian

  • #1,005
  • Nov 7, 2011 9:47am Nov 7, 2011 9:47am
Outstanding Mongo! Now I am certian you will be in the upcoming book "New, New Market Wizards"!!!
  • #1,006
  • Nov 7, 2011 9:34pm Nov 7, 2011 9:34pm
Quoting mongolian
Good trading fellas.

Mongolian
Awesome mate, awesome

To add a few things that are relevant for me; I don't know about you guys but just like stops, being able to take a mistake and the resulting missed opportunity and move forward is very important for my profitability too.
At least where I'm at now, which is taking little bits every night but not yet competent enough to take every opportunity, it is easy to some nights get frustrated when looking at those missed pips.
Doing that is as harmful to my trading as feeling injured when taking stops.

What you said about having the confidence to say that this is what I do and this is how I trade, regardless of what others may think, is so important.
What is possible or impossible is totally dependent on your core belief systems. Anyone who thinks in terms of everything in this world being quantifiable, and anything outside that being illusion, will struggle with that one. But those who have a deeper understanding of life (or perhaps just don't give a shit what other people think) I believe can ultimately achieve things that many think are impossible.

A valid question to ask is, do I want to live a life of shrinking myself to fit in with other peoples limitations or do I want to expand myself and take this thing as far as it will go?
  • #1,007
  • Nov 8, 2011 4:09am Nov 8, 2011 4:09am
I was out tonight, winning a pool championship like a boss - so I didn't trade my usual FO into LO session.
Here are my charts and what I think I would have done.

Pretty obvious why we bounced off 3725, wish I'd been home to trade it!

Hope everyone is trading well
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 08-11-11 london open 15m.png Size: 61 KB
Click to Enlarge Name: eu 08-11-11 london open tick.png Size: 62 KB
  • #1,008
  • Nov 8, 2011 6:42am Nov 8, 2011 6:42am
Quoting nhen
I was out tonight, winning a pool championship like a boss - so I didn't trade my usual FO into LO session.
Here are my charts and what I think I would have done.

Pretty obvious why we bounced off 3725, wish I'd been home to trade it!

Hope everyone is trading well
One thing I forgot to mention was the Frankie Fakeout.. Price broke below the Asia low right before LO and then headed in the other direction.
This happens enough to be wary of it, last night we broke the low and continued down. Just have to put yourself in the best position to profit from either scenario.
  • #1,009
  • Nov 8, 2011 8:08pm Nov 8, 2011 8:08pm
I follow a few traders on FF, just stalk their profiles every now and then look at the numbers they quote on my charts. The thing that I find interesting is that all of the time, the numbers quoted are within a few pips of the levels we trade.
If you look at the 15M chart 1.3850ish has been a big number for awhile, we had a bounce off it just then. The rejection off it on Friday was massive.
So some heavy stops above this level?
  • #1,010
  • Nov 8, 2011 8:33pm Nov 8, 2011 8:33pm
Quoting nhen
I follow a few traders on FF, just stalk their profiles every now and then look at the numbers they quote on my charts. The thing that I find interesting is that all of the time, the numbers quoted are within a few pips of the levels we trade.
If you look at the 15M chart 1.3850ish has been a big number for awhile, we had a bounce off it just then. The rejection off it on Friday was massive.
So some heavy stops above this level?
you my friend are a quick study and have probably in a short span already surpassed many of the traders you mention... kudos.
  • #1,011
  • Nov 9, 2011 1:54am Nov 9, 2011 1:54am
Quoting enochben
you my friend are a quick study and have probably in a short span already surpassed many of the traders you mention... kudos.
Thanks matey, not sure I deserve it but I'll take it
  • #1,012
  • Nov 9, 2011 2:05am Nov 9, 2011 2:05am
Quoting nhen
I follow a few traders on FF, just stalk their profiles every now and then look at the numbers they quote on my charts. The thing that I find interesting is that all of the time, the numbers quoted are within a few pips of the levels we trade.
If you look at the 15M chart 1.3850ish has been a big number for awhile, we had a bounce off it just then. The rejection off it on Friday was massive.
So some heavy stops above this level?
yep nick absolutely, it was above the 1,3850 good resistance it bounced few times, and above there was a lot of SL orders(traders closing positions or buying the break) - so big demand area - and after all it was the situation after us figures and there is a lack of liquidity in such time, everybody is putting their bid/offer away so there is big spread, but its much more easier for somebody with proper account to push it higher and sell it to big demand (could be profit taking or maybe opening new short position - advantage for the seller was that he was able to execute big trade by taking opossite side of SL orders without getting bad average price)

btw very good posts here, i enjoyed reading them mongo, nhen.

mike.
  • #1,013
  • Nov 9, 2011 2:22am Nov 9, 2011 2:22am
Quoting katrooo
yep nick absolutely, it was above the 1,3850 good resistance it bounced few times, and above there was a lot of SL orders(traders closing positions or buying the break) - so big demand area - and after all it was the situation after us figures and there is a lack of liquidity in such time, everybody is putting their bid/offer away so there is big spread, but its much more easier for somebody with proper account to push it higher and sell it to big demand (could be profit taking or maybe opening new short position - advantage for the seller was that...
Very interesting, thanks for that info mate!
  • #1,014
  • Nov 10, 2011 1:38am Nov 10, 2011 1:38am
Hope anyone who's awake and trading got some pips from that little drop around FO. I grabbed a little pocket full.

I've got an interview tomorrow for an IT position; gonna work a day job for 12 months or so, save some coin, build my account in the evenings and get prepared for going full-time with this trading thing when I'm ready.

Send some MMED vibes my way boys

Hope everyone trades well tonight, back to Exchange server revision for me!
  • #1,015
  • Nov 10, 2011 3:12am Nov 10, 2011 3:12am
Quoting nhen
Hope anyone who's awake and trading got some pips from that little drop around FO. I grabbed a little pocket full.

I've got an interview tomorrow for an IT position; gonna work a day job for 12 months or so, save some coin, build my account in the evenings and get prepared for going full-time with this trading thing when I'm ready.

Send some MMED vibes my way boys

Hope everyone trades well tonight, back to Exchange server revision for me!
Good luck with interview mate. Sending plenty of good vibes your way .

Regards
Bak
  • #1,016
  • Edited 4:07am Nov 10, 2011 3:23am | Edited 4:07am
Quoting Bakuli
Good luck with interview mate. Sending plenty of good vibes your way .

Regards
Bak
Thanks buddy! Good to see you over here Been too busy to post in mla's thread, will be there when my plan is nice and solid.
How's your night going?

-

Here's my charts from tonight, had to finish trading after the last green arrow to study. Blue arrows are trades I would have taken

EDIT - The +7 should have been a +11, I tried to close it and it bloody hung there for ten seconds! I've contacted broker, this has happened a few times.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 10-11-11 london open tick.jpg Size: 111 KB
Click to Enlarge Name: eu 10-11-11 london open 15M.jpg Size: 171 KB
  • #1,017
  • Nov 10, 2011 3:41am Nov 10, 2011 3:41am
Quoting nhen
Thanks buddy! Good to see you over here Been too busy to post in mla's thread, will be there when my plan is nice and solid.
How's your night going?
I had a good trading session so far. Up +40 (1.6%). Took my last trade during first hour of Frankie open but since then I have been sitting on my hands because of over-cautiousness. I am a bit annoyed with myself because I missed out on two winners( trading the breakout of Frankie high and London high) on the longside. In hindsight I should have just stuck to my plan and not let the big drop influence me. In other words, just trade what I see and as long as it falls in line with my plan, just do it!

Regards
Bak
  • #1,018
  • Nov 10, 2011 4:19am Nov 10, 2011 4:19am
Quoting Bakuli
I had a good trading session so far. Up +40 (1.6%). Took my last trade during first hour of Frankie open but since then I have been sitting on my hands because of over-cautiousness. I am a bit annoyed with myself because I missed out on two winners( trading the breakout of Frankie high and London high) on the longside. In hindsight I should have just stuck to my plan and not let the big drop influence me. In other words, just trade what I see and as long as it falls in line with my plan, just do it!

Regards
Bak
Mate I am with you 100%, that has been in my 'goals' for each month for the last two months. Taking every trade when my rules are met.
Still not there yet, partly because I have been refining my approach. When I'm all done, that will be my focus once again.
It's a nasty habit; letting fear run you. I have to keep reminding myself that I don't need to know what is going to happen next to profit (M.Douglas), then I can relax and just trade what's on the charts.
This year is my year of ironing out all of these little creases in between me and success Hopefully I can get it done in a few months!
  • #1,019
  • Nov 10, 2011 5:33am Nov 10, 2011 5:33am
Quoting nhen
Mate I am with you 100%, that has been in my 'goals' for each month for the last two months. Taking every trade when my rules are met.
Still not there yet, partly because I have been refining my approach. When I'm all done, that will be my focus once again.
It's a nasty habit; letting fear run you. I have to keep reminding myself that I don't need to know what is going to happen next to profit (M.Douglas), then I can relax and just trade what's on the charts.
This year is my year of ironing out all of these little creases in between me and success...
With the right attitude, you'll get there mate !
  • #1,020
  • Nov 12, 2011 12:00am Nov 12, 2011 12:00am
Quoting Bakuli
With the right attitude, you'll get there mate !


Hope everyone's having a good weekend, has cooled down a bit here, thank god!
31C on Monday again though.. save me
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