Sunday, February 11, 2007

Daytrading and being quick....


I do want to thank Olemikey for turing me onto the third bar breakout, but I only use this idea for a reversal when the first bar trade goes bust. That is what trading is all about....just having a few simple ideas combined with some money management and just keep banging away at it. the first bar trade again to get me into the game instead of playing analyst all morning and once in a while (about twice a month) you find yourself in a trade you might never have gotten and it a big winner. Most days it can get you some money on half and that's it....so be it. Some days the third bar reversal can get it back and make more...some days even this idea will give you a headache as you bang your head on the desk. But that is trading, nothing personal...it's not you against the world....it's just "YOU"

So relax and enjoy Monday......

2 comments:

stevegee58 said...

You don't really need tick charts to trade this profitably, do you?

Phil said...

Yes, GBs system is ultimately only tradable by GB because only he knew how much slope was enough. I'm just happy I realized that before losing any money. Fuzzy trend filters are dangerous.

Steve, He does not have a tick chart in every example just because FT can do tick charts. It's key to trade management.