It took me a long time to finally realize this (7 1/2 months to be exact), I now believe that any day trade strategy that is based on a specific chart pattern repeating itself will not work over time.
I have tested dozens of charts patterns, and nothing sticks, prove me wrong if you can.
The 1 in 10 Daytraders that are successful, have good luck, and also have the balls to hold onto a losing trade until it turns into a winning one, which is to stressfull for most people.
I've been on the receiving end of that OUCH more than once.
And You can't trade the mini's with too tight a stop or you're just spending money on getting stopped out as they really MOVE sometimes. You have to pick your entries and exits really well. But you already know that Gap!
kewl thanks. i'm going to day trade mini's using thinkorswim for fun.
i just mainly play with options/etfs.
lol don't want to get into emini's too much because I sleep little enough as it is. If I could stay up all night trading... i probably would.
for my own sanity, staying away. lol but never hurts to broaden one's horizons a bit.
as they should. futures can hurt if u don't use stops.
and even with stops if u catch wrong side of one of those unusual days "SETTING UP NOW" oh my gawd can that hurt.
KD, I use Interactive Brokers, but Dual told me about another one in a thread that was comparable in cost. (Maybe he'll chime in on this.)
I like IB so I will stay with them unless I have a big reason to switch.
They WILL however swipe money out of your account automatically to cover any margin calls if you don't close any underwater margined positions on your own if your account balance can't cover it.
THIS post is most wrong.
btw u r post vilates every single day trade rule
when you start your trading day if you understand the short term chart structure and abide by a rule of patience and understand that not every chart is a day trade chart.
you'll go a long way towards making money.
nov 3 EVERY short term chart got a confirmed head and shoulder bottom DAN called that bottom days before it hit. his measure was perfect by the way. and from the third til today you could have bought any dip any day in almost anything and made great cash as long as it wasn't a bear fund LOL
now we are at a pt of indecission. and when u don't know u stay out and wait for the next chart set up.
OR u short the double top and keep tight stops just in case u are wrong and the up wave does extend. none the less nobody should be trading this wave to the upside even if it does extend. they would be better off waiting for the next new chart pattern to evolve.
we now measure some place between 1076 and 1067 FOR our next formation to shape up.
if we go straight to 1060 FIRST u can amost be assured the uptrend is changing.
again any new high should not be traded it should be waited and watched for a few weeks.
JUST THE WAY THIS ALL WORKS.
"The 1 in 10 Day Traders that are successful, have good luck, and also have the balls to hold onto a losing trade until it turns into a winning one, which is to stressful for most people. "
YES, it takes NEREVS OF STEEL. Just ask my bloody fingers.