Rule number one: All traders must have their
own written plan for tradingthat includes their
trading strategies, set ups, exits, risk etc. The plan has to
suit your lifestyle, psychology, time frame, and is hopefully
profitable.
It is difficult to trade somebody else's plan. At best we
can share things about the overall market, share some trade
ideas. Catch something that you didn't catch on your own and get a
different perspective on the market than just your own. That
information is valuable. But, what you do with it depends on
your trading plan. So, if you don't have your own trading
plan, that should be step number one.
It will help you immensely as you move forward. Please
don't take this as criticism. It is not meant to be. I
didn't get it either until I had my own trading plan and rules in
place. The net is full of information about developing your
trading plan. It will take a lot of time but as you develop
your own set of rules your profits should increase
dramatically.
Just checking in after being away all day...I completely agree
with johnc statement. As you are aware, my personal approach was to
exit my longer term positions back in the spring. Since that time,
market has gyrated in a 100 point range (up and down) for the past
several months. Thus, a trading strategy was very appropriate with
several swings up and down during that time. Over the past few
weeks, I have highlighted the pattern this action has formed which
is a contracting triangle that now appears to favor a downside
resolution. The short term trend turned NEGATIVE once the 1330
support area was breached last week - this was discussed prior to
the break. This was another objective area for a swing short that
may turn into a much longer term play should the market break the
key pivot levels discussed in the weekend newsletter (please
review). I will post some updated charts since that time.
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FYI - This week, no newsletter this Tuesday
Posted by johnc on 2nd of Aug 2011 at 07:32 pm
Rule number one: All traders must have their own written plan for tradingthat includes their trading strategies, set ups, exits, risk etc. The plan has to suit your lifestyle, psychology, time frame, and is hopefully profitable.
It is difficult to trade somebody else's plan. At best we can share things about the overall market, share some trade ideas. Catch something that you didn't catch on your own and get a different perspective on the market than just your own. That information is valuable. But, what you do with it depends on your trading plan. So, if you don't have your own trading plan, that should be step number one.
It will help you immensely as you move forward. Please don't take this as criticism. It is not meant to be. I didn't get it either until I had my own trading plan and rules in place. The net is full of information about developing your trading plan. It will take a lot of time but as you develop your own set of rules your profits should increase dramatically.
Just checking in after being
Posted by steve on 2nd of Aug 2011 at 08:03 pm
Just checking in after being away all day...I completely agree with johnc statement. As you are aware, my personal approach was to exit my longer term positions back in the spring. Since that time, market has gyrated in a 100 point range (up and down) for the past several months. Thus, a trading strategy was very appropriate with several swings up and down during that time. Over the past few weeks, I have highlighted the pattern this action has formed which is a contracting triangle that now appears to favor a downside resolution. The short term trend turned NEGATIVE once the 1330 support area was breached last week - this was discussed prior to the break. This was another objective area for a swing short that may turn into a much longer term play should the market break the key pivot levels discussed in the weekend newsletter (please review). I will post some updated charts since that time.