XNPT - Chart Link - Steve had this in last
Thursday's newsletter as a long idea, I was sick and didn't look at
the newsletter that night, wish I could have and added to the
watchlist because damn, nice move in this shit market. But
again it was in the newsletter and is on the trade ideas.
Posted by frtaylor on 14th of May 2012 at 09:52 pm
You really have to be on your toes, and know how set
all kinds of special alarms (Matt, you mentioned once how you do
it, I never looked into it w/ Trader Work Station) to catch these
before they're too far gone. I never seem to get them (
), and I've pretty much given up trying,
because it's too time consuming scanning all the charts.
Okay, I'm now going to the garden to eat worms!
Seriously, I never have figured out how to catch these high
flyers before the fact, or when to jump on board vs. when it's too
far gone. Ultimately I feel like I'm on the outside looking
in, and it's very frustrating.
I totally disagree, it does not take much work.... all Steve and
I ask is that when you guys listen to the newsletter, have a
notebook out and take notes. Write down things like support,
resistance, and trade ideas that you like and put stars by the ones
you like best. Next since we provide the real URL for you,
just open them and keep them open in a browser ahead of time and
check them once in a while during the day, and yes set a few alerts
- that takes 5 min, and that's if you are setting 10 - 20 alerts,
but I suggest focusing on only a few things, so that should take
only a couple.
Here's the problem, too many guys watch American Idol and don't
do any homework at night, and come into the day totally unprepared
and so when stock alarms go off on the website, they don't know if
they like the stock or not or does it fit there risk/reward, does
it make sense for them i.e. they are like a deer in the headlights.
Steve and I would be the same way, if we didn't prepare and
have a list of notes about what we like, we want to make our
trading decisions ahead of time, vs the heat of the battle.
Again spending 10 min just writing down some trading notes into
a notebook would fix this. Also it depends on what kind of
trader you are, a lot of ideas might not make sense if you work a
busy day, so you have to wait for other ideas that match your time
frame, etc.
Go to Walgreen's, buy a notebook and label it 'Trading
Notebook'. Write things down like trade ideas, note the ones
you like, list where you stop would be, where you would buy, what
you want to see etc. If you are following the market, write
things down like support, resistance, important trendlines, etc.
Again this is all relative to your time frame of trading, if
you want to have potential trades every day, then you must do these
things. If you are someone who works and wants to wait for
major sectors to bottom and line up for trades, or top etc, then
you can set and wait for weeks or however long it takes for your
idea trade set ups to form. If you want to day trade futures
based off short term charts, then you don't need to do this so much
because you come in each day and go home each day in cash, though
you'll want to be aware of when economic releases occur because
futures can jump for those.
Again, you have to to set down and decide what you want to do,
and what style fits you.
is probably right on point. I suspect for many traders,
the fear of a loss is what holds them back. Seen this
phenomenon ad infinitum at the racetrack. People playing with
scared money or letting other "baggage" find its way into their
decision-making process...seeking reassurance before they place
their bet. In the case of trading, instead of properly assessing
risk/reward and acting accordingly, the psychology of "not wanting
to lose" often impacts one's ability to take the trade.
There's a fine line between entering a position early or at just
the right time vs "being late". Just my opinion, but I think
what holds us back from time to time is that we find it difficult
to trust our instincts; instead, we seek some form of guaranty that
doesn't exist. Intellectually we know better, but trading is
more about psychology than it is about intellectual pursuit.
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Posted by matt on 14th of May 2012 at 09:45 pm
XNPT - Chart Link - Steve had this in last Thursday's newsletter as a long idea, I was sick and didn't look at the newsletter that night, wish I could have and added to the watchlist because damn, nice move in this shit market. But again it was in the newsletter and is on the trade ideas.
You really have to be on your
Posted by frtaylor on 14th of May 2012 at 09:52 pm
You really have to be on your toes, and know how set all kinds of special alarms (Matt, you mentioned once how you do it, I never looked into it w/ Trader Work Station) to catch these before they're too far gone. I never seem to get them (
), and I've pretty much given up trying,
because it's too time consuming scanning all the charts.
Okay, I'm now going to the garden to eat worms!
Seriously, I never have figured out how to catch these high
flyers before the fact, or when to jump on board vs. when it's too
far gone. Ultimately I feel like I'm on the outside looking
in, and it's very frustrating.
I totally disagree, it does
Posted by matt on 14th of May 2012 at 10:14 pm
I totally disagree, it does not take much work.... all Steve and I ask is that when you guys listen to the newsletter, have a notebook out and take notes. Write down things like support, resistance, and trade ideas that you like and put stars by the ones you like best. Next since we provide the real URL for you, just open them and keep them open in a browser ahead of time and check them once in a while during the day, and yes set a few alerts - that takes 5 min, and that's if you are setting 10 - 20 alerts, but I suggest focusing on only a few things, so that should take only a couple.
Here's the problem, too many guys watch American Idol and don't do any homework at night, and come into the day totally unprepared and so when stock alarms go off on the website, they don't know if they like the stock or not or does it fit there risk/reward, does it make sense for them i.e. they are like a deer in the headlights. Steve and I would be the same way, if we didn't prepare and have a list of notes about what we like, we want to make our trading decisions ahead of time, vs the heat of the battle.
Again spending 10 min just writing down some trading notes into a notebook would fix this. Also it depends on what kind of trader you are, a lot of ideas might not make sense if you work a busy day, so you have to wait for other ideas that match your time frame, etc.
Go to Walgreen's, buy a notebook and label it 'Trading Notebook'. Write things down like trade ideas, note the ones you like, list where you stop would be, where you would buy, what you want to see etc. If you are following the market, write things down like support, resistance, important trendlines, etc. Again this is all relative to your time frame of trading, if you want to have potential trades every day, then you must do these things. If you are someone who works and wants to wait for major sectors to bottom and line up for trades, or top etc, then you can set and wait for weeks or however long it takes for your idea trade set ups to form. If you want to day trade futures based off short term charts, then you don't need to do this so much because you come in each day and go home each day in cash, though you'll want to be aware of when economic releases occur because futures can jump for those.
Again, you have to to set down and decide what you want to do, and what style fits you.
Matt, your "deer in the headlights" reference........
Posted by RichieD on 15th of May 2012 at 07:26 am
is probably right on point. I suspect for many traders, the fear of a loss is what holds them back. Seen this phenomenon ad infinitum at the racetrack. People playing with scared money or letting other "baggage" find its way into their decision-making process...seeking reassurance before they place their bet. In the case of trading, instead of properly assessing risk/reward and acting accordingly, the psychology of "not wanting to lose" often impacts one's ability to take the trade.
There's a fine line between entering a position early or at just the right time vs "being late". Just my opinion, but I think what holds us back from time to time is that we find it difficult to trust our instincts; instead, we seek some form of guaranty that doesn't exist. Intellectually we know better, but trading is more about psychology than it is about intellectual pursuit.