Wednesday, November 16, 2005

First bar trade....today was a LOSER.....



In the real world of trading you will have days like today, oh yes you will, no doubt about it, actually about 38% of the time..
The first bar trade was a flat out loser and boy do I hate buying and getting the high tick of the day, yep got to love that noise.
Now if you were doing olemickey first trade of the day, well you would have been fine and dandy, he uses the first three bar for his breakout trade. I marked it up with the green lines and it worked well as you can see.
So which one do you do, since the first bar trade, do you move on to the next magic secret sauce setup someone else has......or do you just keep doing it day after day after day? Well, I guess that depends if you searching and hoping for the holy grail or if you have found it.
The holy grail is different for each of us simply because we are all different, I know I am different from you, for sure, and you are different from DrBob, JeanYus, Dharma, Gio, wb_NJ or everyone else in the chat rooms. We just need to find what works for you and trade the living daylights out of it.

2 comments:

Anonymous said...

Den,
I've been traing the FBT on Aussie SPI and out of 9 trades it was wrong 25% of the time. Them's not bad odds sport.

The Dude said...

I think the FBT may have worked on the 5 minute chart.