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Good Descriptions. Awesome.
Thanks
Simon Maselli
My Worth
@Dreddnought are you doing swing trade or day trade??? how does it work for you? im not good at day trading but im ok on swing trade. thanks
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Red is a down day, green is an upday. Top of red body is opening price bottom of red is closing price. The oposite is true for green up day candles. The wicks show high and low of the day.
Each indicator hat 4 levels e.g. top of red, bottom of red top of wick (?) and bottom of wick. What do these 4 levels mean?
trade the russel now the dow. Not enough money
To: GeniusTrader.
Thank you for the psychological reinforcement and inculcation. Ironically, one must not come to the table expecting to win, but, to get good: plying his strategies, fortifying his emotions and gaining experience.
This is akin to a basketball team, getting physically fit, learning and practicing the skills, moves, and execution until second nature and employing such against gradually more skillfull and better opponents.
(Part two) The “better opponents” are similar to the aspect of increased share sizes and stock movement, along with seeing if his skill and emotional metal will move in the like, on the adeptness barometer.
Bid you well.
Eddy.
To: GeniusTrader.
Thank you for the psychological reinforcement and inculcation. Ironically, one must not come to the table expecting to win, but, to get good: plying his strategies, fortifying his emotions and gaining experience.
This is akin to a basketball team, getting physically fit, learning and practicing the skills, moves, and execution until second nature and employing such against gradually more skillfull and better opponents.
Thank you. Very interesting!
Thank you. Very interesting!
Once traders start linking up positions cognitvely with paying the rent and feeding the kids,their decisions become a lot togher, even a simple scalp in the YM takes on huge significance, day trading is a sport not a job.
wdginar
I think that sums up the problem day traders face, money or lack of it triggers anxiety and anger etc, in some traders and this can lead to poor decision making. How many of us know retail traders who needed to make 1% or 2% a month return on their capital, in order to pay themselves a salary? I’ve found all the retail traders who attend our seminars, need to make 15 to 20% a month, this where the pressure starts and it grows inside the trader like a disease.
comment me back
just moved new area wp
btw..some call this expectancy..some call it the average R:R..in lay mans terms..it is your earning ability..for if you don’t know what you are capable of doing over a set number of trades..odss are you wont be able to meet your targets..and we all have to be able to meet our targets..otherwise we won’t be able to pay those real bills that come thru the letterbox..traders tend to forget that the a steady income is required..and not depend on one good month to make it all up..bad approach to take
steve..i am going to put you on the spot..i looked at your website..and i have a question for you..you don’t have to answer right away..as you may need to reference your records..the question is..what is your average return per dollar risk..for the daytrades..so..for every $1 you risk..over a set number of trades..and to be fair lets say 100 trades..what is the average $ return? the reason i ask should be obvious to any person seriously considering daytrading..if not..they are not near ready
and..the reason they will never know..is not because they are not privy to the information..as the chart reveals all..it is due to a lack of knowledge and common sense thinking..and this is due to the mainstream teachings which are abundent..these are 80% rubbish..and 20% misleading..is it not any wonder we have the so called 5%..taking the money off the 95%..althoug..i doubt the accuracy of these textbook figures..it is prob more like 1% and 99%!
as with all things in life..some are better than others..same goes for prop trading firms..it can be beneficial for new traders..and shorten the learning cure to risk management and position sizing..it can also be a major limiting factor in gaining the required experiences..as most prop firms will want traders to trade “their” way..which might be OK..but might not be the best way to learn what you need to really know about the markets..the simple details that most dont..and will never know..
yeah “over analysis paralysis” on that chart you referenced. Also true on the under capitalized issue. many traders would be well suited to trade for a Prop Firm under the watchful eye of those that supply the capital.
i made a comment on another video..the chart had so many ta sections added it was like something you see in an operating room..it was the most silly chart i have ever seen set up for trading..think about this..when you are driving a car..what instruments do you look at in the dashboard?..remember..trading should be like real life experiences..not a fantasy world..daydreaming might not harm you in the real world..but in the trading game..it will lead to you blowing your account out in no time
i mentioned what i beleive is the first real important lesson a trader must learn..now..i will state what i think is the first reality check that a trader must face..especially for daytraders..so..nearly all daytraders are under capitalised..which is the biggest mistake a daytrader can make..not enough cash leads to many wrong decisions..not based on the facts at hand..which then results in bad trades..and eventually big losses..in this case..it is no good learning to not think about losses
back to charts..as i am sure would be traders don’t want to be told how to think..last Friday was a GANN GANG day..major cycle completion..the S&P is now supposed to have a High..OR..a Low..now established..i must admit..i find this way of thinking very..shall i say..dubious..as i am not in any position to call the famouus Mr Gann an esoteric Sage..as we all know how much money he made..mind boggling if converted to present day value!
I’m with you on that. Agree 100%. Trading is an art form, therefore subjective,.i.e experiences.
i speak the truth..many would be traders think trading is easy..and seem to forget that all major progressions in life comes from experience..not from study or inspiration..the first real imporatnt lesson that a trader must learn is..how to lose without even thinking about it..this is next to impossible for any person..due to the way we process information..we can thank our educators for that..hence..experience becomes the only way for any trader..i don’t know any trader who has proved otherwise