This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I’m stuck in my trading progress. I have no method. I try to trade what “looks good” since I have no method. I lose a little. Wash, rinse, repeat. My biggest problem in finding a method is that my head is so full of hundreds of different timeframes, methods, indicators, setups and philosophies that I can’t choose one. All I need is one that works, that I believe in, and that I can use consistently. I have a lot of trading skills and better discipline than I used to, but not a lot of trading focus and bad intuition. I feel like what I need now is a method that has a very high probability of win, even if it has a very low reward. Any suggestions?
I’m in the process of trying to get a new job, which would take me away from the part-time daytrading scene. I’d then be confined to swings managed by trading triggers. It seems to be working out well for Ugly, and we all know Pinoy rules in that arena. I just hate doing overnights because of the potential of a huge gap against you, and I can never seem to tell which way a stock is headed.
Anyway, that’s where I’m at. That BIDU blowup was kind of a death blow to me. My prop account is at about 55% of my initial finding level. I can’t be consistently profitable, even trading small. I lose 3 steps and gain back 1 it seems. I don’t have much to say lately, hence the lack of long rambling blog posts from me. I’m feeling pretty defeated as a trader, and it’s not an impulsive spike down that’s likely to bounce. It’s more of a gradual long-term downtrend in my feelings, if that makes any sense.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
December 7th, 2007 at 12:12 am
All downtrends are broken. Clearly, you’re not going “bankrupt.”
Try drinking vodka and lighting your penis on fire before you go to bed. It works for me.
-DT
December 7th, 2007 at 10:38 am
sorry to hear that prospectus…i know trading is important to you, and i hope you find what you’re looking for
December 7th, 2007 at 3:20 pm
Prospectus, I’m not a successful trader so please take anything I say with a heavy grain of salt, but…
In an earlier post of yours, the HighChartPatterns guys said something very important: you need to get a strategy. And while you may not believe it, you can buy this education because there are genuine, skilled traders that want to teach. Mr White Folks took the training with Teresa Lo and you can see how enthused he is. Toni Hansen has something similar. If you want more attention, closer to a mentorship, why not sign up with the HighChartPatterns group, MissTrade’s chat room, or the EOTPro group that Richard raves about? If you stay away from the sites with pimping ads and very high up-front rates and go to smaller sites with monthly fees of $50-100/month, I think you’ll find they’re legit. If you explain your position, I think they’ll even comp you for a month at least.
Good luck.