Finally, a decent day for my style! 3 signals leading to 2 trades, both of which were decent wins.
Still, the movement was slow enough that you needed patience to sit through it. That’s just part of how the game is played, lately. Adapt or die.
I have been getting a ton of stock trading questions lately, and am going to try to write a post covering the types of answers I’ve been giving to people individually. Stuff like which stocks to trade, and things like that. Not sure what’s causing the sudden stock interest out there. Strange…
Not much going on. I tried to capture a live trade for you guys and gals, but it just wasn’t meant to be, today.
AND, now I see youtube has seen fit to truncate the movie I made. I’m uploading it again, and if the second one is full-length, I’ll replace the one above.
edit: nope, youtube just can’t handle my level of manliness today, and refuses to show more than the first 2:24 of my video. Enjoy!
Uneventful trading day for me. Small, small profits. Yawn.
That’s what playing it safe is all about, though, sometimes. You gotta be able to stick to the sidelines when your criteria hasn’t been met. If you can’t, you will eventually bleed your account dry.
Sorry it’s been a couple days since I’ve written a post. I went to visit my parents around Mother’s Day, and took Monday and Tuesday off. What can I say? I’m lazy! I should be trading tomorrow.
Looks to me like the action today really sucked, at least for my trading style. I would have taken a small loss, and then had a smaller gain, if I had traded today. So I guess it’s lucky that I didn’t!
Anyway, here’s an ad I posted on the tradestation forums today, for the eotpro elite series of functions I’m offering to the public. I point out the way we use Bonnie’s Bar colors to bail on failing trades early. In this example, I show a 1-tick loss followed by a much larger gain. Better than my actual trading chart did, today!
Low volume, choppy day again. But with a conservative methodology like mine, you can still find a couple good entry points. Just takes patience and will-power! :-) See you next week.
Today there was a rare, obvious ascending triangle play on ES. I don’t ever see those, it seems like! More often on ES are things like cup+handle, and Head&Shoulders. So that was kinda neat.
Here’s the link for this week’s eotpro Elite Series seminar: http://eotpro.acrobat.com/p27832528/. We had some good questions this time… so much so that I didn’t get to go over many of the functions!
A lot of people have been chopped up, or unable to find trades the last few days. I’m happy to say that I’ve had very few signals, but they’ve all been very good. I go over that in this video. So, if you are getting chopped up a bunch, you may want to consider techniques like I am using. These include, making sure price is trending against a good support/resistance like Alla’s Avg, only taking trades with a healthy estimated risk:reward, staying on the right side of a fresh VWAP, etc. If you’ve been watching my videos, you know the drill.
It takes patience to trade this way, for sure. If I felt pressure to pull the trigger every 30 minutes, I’d probably be hurting this week, too. When you think about it, though, the market’s not here to please you or entertain you. You need to trade on the market’s terms, which means you need to trade when it’s willing to give you easy money, and only then. Think about it.
… or lack thereof. Pretty uneventful day for me. Not many signals got through my filters.
Anyway, I made good use of the time. Among other things, I’m converting/forwarding/reconfiguring all my various email accounts to get them hosted through gmail. And this time, I’m trying to keep the various personal/trading/business/etc streams of email segregated. This will make my life a bit easier, I hope.
Also, I am considering dropping my dotMac membership. Apple just didn’t deliver on this one, in my opinion. Year after year, I waited for them to add services to it that I would really want. Instead, I mainly just use their mail and AIM address, and–to some extent–their on-line storage. I can get that stuff free elsewhere.
As I mentioned in the video, I have been enjoying the new NiN release, which you can get for free in a variety of formats. Awesome. This is not ambient music like Ghosts was… it’s more like a typical nine inch nails release. And, if they provided a way to pay them anything, I didn’t notice. Hey Trent, give us a freaking paypal button, and at least some of us will use it.
This is just one more example of how waiting for the best signals can make your trading a lot less stressful. It’s so funny, because not long ago I was taking a lot more trades. Maybe I will feel like that again one day. But for me, the name of the game in 2008 has been relaxation. I have multicharts filter out all but the most promising signals, and I know in advance where my profit targets are. Feels good.
Of course, I (or you!) could adjust the settings to make the signals much more aggressive, or you could run it on a faster chart, etc.
