Hi Guys,
Can anyone tell me what main market indecators i should be looking for to tell me when i`ve picked the wrong direction when swing trading? i keep putting on 5 or 6 small winning trades then any profit gets wiped out by one trade that moves hughly against me? I trade on the ladder with graphs open but just keep getting this wrong?? I really hope you can help cos i`m on the point of giving this all up!
picking the right direction
I tend to be very contrary. If something is flying in one direction I won't touch it until the trend has exhausted. At that point anybody who got in too late will exit quickly and help push you into profit on the turn.
The trend is your friend until the end.
It's impossible for a price to trend in one direction forever in a sports market so there are natural points at which it has to stall and where it therefore makes sense to get involved IMHO.
The trend is your friend until the end.
It's impossible for a price to trend in one direction forever in a sports market so there are natural points at which it has to stall and where it therefore makes sense to get involved IMHO.
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JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
Well a ranging market won't turn against you and wipe out all of your profits.Ferru123 wrote:Does that apply to both trending and ranging markets?
Jeff
Bet Angel wrote:I tend to be very contrary.
If there is strong support in terms of volume for a selection then I won't oppose it, but where there is indecision or lack of support I will oppose if it is trading near its current high or low in a trending market. In my experiance you need skill at trend, non trending markets but also when markets fall inbetween the two, to be really succesfull. But there is no harm in specialising in one. You just wont do as well as people that can adapt to different markets.
It might if it suddenly breaks out of the range and starts trending! 
What I was getting at was whether it makes sense when the market is ranging to wait for the market to move within the range, and then to trade against the direction of that move, in the anticipation that the market will revert to mean.
Jeff
What I was getting at was whether it makes sense when the market is ranging to wait for the market to move within the range, and then to trade against the direction of that move, in the anticipation that the market will revert to mean.
Jeff
JollyGreen wrote:Well a ranging market won't turn against you and wipe out all of your profits.Ferru123 wrote:Does that apply to both trending and ranging markets?
Jeff
Bet Angel wrote:I tend to be very contrary.
Like someone has quoted on this forum and others no one is going to give away their edge in getting constant profits from trading. Some people have lossed thousands on here to of found that edge. BA has alot of indicators to say which way or a 85% probability the odds will swing that way, its for the individual to find it by plenty of research and watching video,s. I have watched Peters swing trade you tube video, maybe over a 500 times, each time you watch and observe the screen you pick up things, hence why all basic trading courses, (not only Peters)are basic, they show you understanding and not a Method. Every trader has to find their own method and take the losses before the profits can be found.ackeiyword wrote:Hi Guys,
Can anyone tell me what main market indecators i should be looking for to tell me when i`ve picked the wrong direction when swing trading? i keep putting on 5 or 6 small winning trades then any profit gets wiped out by one trade that moves hughly against me? I trade on the ladder with graphs open but just keep getting this wrong?? I really hope you can help cos i`m on the point of giving this all up!
I need to disagree, I think You're wrong regarding 2 points:Alpha322 wrote:Like someone has quoted on this forum and others no one is going to give away their edge in getting constant profits from trading. Some people have lossed thousands on here to of found that edge. BA has alot of indicators to say which way or a 85% probability the odds will swing that way, its for the individual to find it by plenty of research and watching video,s. I have watched Peters swing trade you tube video, maybe over a 500 times, each time you watch and observe the screen you pick up things, hence why all basic trading courses, (not only Peters)are basic, they show you understanding and not a Method. Every trader has to find their own method and take the losses before the profits can be found.ackeiyword wrote:Hi Guys,
Can anyone tell me what main market indecators i should be looking for to tell me when i`ve picked the wrong direction when swing trading? i keep putting on 5 or 6 small winning trades then any profit gets wiped out by one trade that moves hughly against me? I trade on the ladder with graphs open but just keep getting this wrong?? I really hope you can help cos i`m on the point of giving this all up!
You just said that no one is giving their edge and Peter in this thread has just revealed (not for the first time) his approach about swing trading. It's not a secret, it's not magic, but it simply works.
Secondly, if You think that BA, Peter or anyone has the ability (indicators or whatever) to say which way the market is going to go, I believe You are just wrong and need to learn more about trading psychology.
It's all just abuout keep on trying in right conditions and restarting if You're wrong. You're looking for an edge, give it a go. If market goes against You, cut Your losses and look for another opportunity. Even if it is in the same direction You just tryed and only 30 sec. passed.
Point taken, but ask yourself this, there are a few traders on here who do this for a living. To do this for a living you have to have confidence that you can make constant trades and profibility. Not saying that the pro Traders dont lose, but they have more green screens than red ones. So to do this you must have an edge, the edge is to read the market and use indicators i suppose, entry points, etc and strong dicipline. One other trader who does well actually does tell you about identifying signals.Krzysztof wrote:I need to disagree, I think You're wrong regarding 2 points:Alpha322 wrote:Like someone has quoted on this forum and others no one is going to give away their edge in getting constant profits from trading. Some people have lossed thousands on here to of found that edge. BA has alot of indicators to say which way or a 85% probability the odds will swing that way, its for the individual to find it by plenty of research and watching video,s. I have watched Peters swing trade you tube video, maybe over a 500 times, each time you watch and observe the screen you pick up things, hence why all basic trading courses, (not only Peters)are basic, they show you understanding and not a Method. Every trader has to find their own method and take the losses before the profits can be found.ackeiyword wrote:Hi Guys,
Can anyone tell me what main market indecators i should be looking for to tell me when i`ve picked the wrong direction when swing trading? i keep putting on 5 or 6 small winning trades then any profit gets wiped out by one trade that moves hughly against me? I trade on the ladder with graphs open but just keep getting this wrong?? I really hope you can help cos i`m on the point of giving this all up!
You just said that no one is giving their edge and Peter in this thread has just revealed (not for the first time) his approach about swing trading. It's not a secret, it's not magic, but it simply works.
Secondly, if You think that BA, Peter or anyone has the ability (indicators or whatever) to say which way the market is going to go, I believe You are just wrong and need to learn more about trading psychology.
It's all just abuout keep on trying in right conditions and restarting if You're wrong. You're looking for an edge, give it a go. If market goes against You, cut Your losses and look for another opportunity. Even if it is in the same direction You just tryed and only 30 sec. passed.
If you were sat at a set of traffic lights at red would you know the exact momment they were going to go green, the answer is yes, because you only have to look at the opposing ones at the Junction changing for yours to be in your favour. But what if you couldnt see the opposing Traffic lights returning to red to allow your set to tell you to proceed.
Something to think about in the software
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mister man
- Posts: 363
- Joined: Tue Jul 27, 2010 2:10 pm
interesting thread,
one of the major factors for success is discipline.
this means, being able to red out as well as green (something i still struggle with)
and the ability to not chase..
on a slightly different note, be careful who you listen to, I would be dubious about advice given from people about studying and learning, who seem to not know the difference between the words "of and have" !!!!!!!
one of the major factors for success is discipline.
this means, being able to red out as well as green (something i still struggle with)
and the ability to not chase..
on a slightly different note, be careful who you listen to, I would be dubious about advice given from people about studying and learning, who seem to not know the difference between the words "of and have" !!!!!!!
Some people have lossed thousands on here to of found that edge
Remeber that english is not native language for some people using this forum (including me).mister man wrote:difference between the words "of and have"
Back to topic. Ackeiyword You said that 5-6 trades profit is equal to one loss.
If Your goal is to catch a swing trade, why don't You do the opposite? If You would lose 2-3 times when You're wrong and let it go when You're right You would be in profit, wouldn't You?
It is the old rule of letting profits run and cut Your losses that is hard to apply for novice traders. But this is the way. Trends are there and that rule allows You to gain from them.
You may also read a post covering swing trade approach on my translated blog here.
I completely agree with Alpha..
The really succesful traders like Peter definitely have an edge. I hope he'll correct me if i'm wrong but I think his edge comes from experience of many thousands of markets and trying out new strategies. From reading his blog for the past year or so he constantly seems to be trying out new things and doesnt seem to be a man who rests on his laurels.
I personally think its extremely nieve (and lazy) to post a question and expect succesful traders to draw you a picture on how to make money. Everybody has their own style and its definitely not a 'get rich quick' sort of thing. It takes many many weeks and months of practice before you can understand the markets to a point where you can confidently predict where the market is going to go and even then you may get it wrong about 20% of the time.
Krzysztof I think your point about their being no edge and cutting your trade and starting over is very valid for scalping a market but would not work very well for swing trading. When putting an order into the market for a swing trade you have to be confident in knowing which way the market is likely to go or you could lose quite a few ticks before cutting out and may not be able avoid a red screen. There are definitely indicators and pointers on helping you decide where to place your order in these markets and its not the roulette you make it sound like.
Alpha can you post the link to Peter's swing trading video please?
The really succesful traders like Peter definitely have an edge. I hope he'll correct me if i'm wrong but I think his edge comes from experience of many thousands of markets and trying out new strategies. From reading his blog for the past year or so he constantly seems to be trying out new things and doesnt seem to be a man who rests on his laurels.
I personally think its extremely nieve (and lazy) to post a question and expect succesful traders to draw you a picture on how to make money. Everybody has their own style and its definitely not a 'get rich quick' sort of thing. It takes many many weeks and months of practice before you can understand the markets to a point where you can confidently predict where the market is going to go and even then you may get it wrong about 20% of the time.
Krzysztof I think your point about their being no edge and cutting your trade and starting over is very valid for scalping a market but would not work very well for swing trading. When putting an order into the market for a swing trade you have to be confident in knowing which way the market is likely to go or you could lose quite a few ticks before cutting out and may not be able avoid a red screen. There are definitely indicators and pointers on helping you decide where to place your order in these markets and its not the roulette you make it sound like.
Alpha can you post the link to Peter's swing trading video please?
I disagree.
I've had the privilege of learning from successful traders on this forum.
The markets themselves are the best teachers, but you can't knock someone for seeking advice from experienced traders.
BTW, elsewhere in your post you talk about how it's possible to get an 80% strike rate. I once spoke to an extremely successful trader who has a 25% strike rate. Your strike rate isn't important IMHO; what's important is that you have an edge.
Jeff
I've had the privilege of learning from successful traders on this forum.
The markets themselves are the best teachers, but you can't knock someone for seeking advice from experienced traders.
BTW, elsewhere in your post you talk about how it's possible to get an 80% strike rate. I once spoke to an extremely successful trader who has a 25% strike rate. Your strike rate isn't important IMHO; what's important is that you have an edge.
Jeff
RafterP wrote:
I personally think its extremely nieve (and lazy) to post a question and expect succesful traders to draw you a picture on how to make money.
I've also gotten some very good insight and pointers from traders in the past but there are some people who post a question and want information and answers without doing any work for themselves.
Regards to the 80% I never said that was my strike rate. I said that is roughly how often I would get right which way a swing trade would go using all the indicators and graphs etc... And even then that may only be by about 3 or 4 ticks.
I totally agree that the strike rate is not that important. Much more important is how much you lose on trades that go against you.
Regards to the 80% I never said that was my strike rate. I said that is roughly how often I would get right which way a swing trade would go using all the indicators and graphs etc... And even then that may only be by about 3 or 4 ticks.
I totally agree that the strike rate is not that important. Much more important is how much you lose on trades that go against you.
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mister man
- Posts: 363
- Joined: Tue Jul 27, 2010 2:10 pm
absolutely spot onMuch more important is how much you lose on trades that go against you.