The 5ema is a excellent timing tool. Since I learned from you, I've been using it on my daytrades and they are giving me better entries.
I used to trade the Brazilian stock market, but I`m switching to trade options. They offer much better liquidity, narrow spreads and low commissions at least here in Brazil.
Thank you for sharing with us,
BTW... I really enjoyed Pring`s book, specially the CD. :)
Glad you enjoyed the Pring book and CD. I have been trading from home these past 2 and 1/2 months as my last contract ended in March. Just by coincidence, a headhunter called me today. If the markets start to fall into the summer doldrums like today, I might do another contract.
I don´t want to upset you with this subject, you maybe not interested in talking about. Please feel free to not answer if not appropriate: What do you think about trade for a living? Does it appeal to you anyway? I see that you make money on a every day basis. I love trading, but I don´t know if I can make a living from trading on a long run. Or even if I will still pleased trading for a living in the future.
No problem talking about trading for a living. First, you must have extra capital to get you through the learning curve. Second, a good business plan to monitor your results against. Third, you need to elaborate your trading rules so that you don't find yourself scalping for a living. It's very easy to fall into the scalping trap and then it becomes hard to go back to regular trading. Good traders that make consistent profits in every type of trading environment are rare. So it is important to be able to take as much money out of the market under good trading conditions.
Also, you must consider the social aspect of trading versus working in a regular business environment with lots of other people. This is the most difficult part for me as I sometimes get bored talking to myself. Also, the market sometimes falls into the summer doldrums which can be very dull for traders.
Every career has its ups and downs so its important to consider the good and the not so good aspects of trading for a living.
Also, if you are young you might want to get a few years business experience under your belt on someone else's tab before you start your own business.
CAL was a short setup on a break of a two day base. I was hoping for a dollar on this one but it didn't even get close.
7 comments:
Hello Gary,
Thanks for all you are doing to educate a lot of us.
I had a question regarding choppy days like this. A lot of trades set up and after 10c and change reverse back to close inside the break out.
Do you just scalp on these days or do you stay out.
Thanks again,
TraderJ
Hi TraderJ
Trade less. Look for orderly setups as usual, but on days like this they are hard to find.
Think you probably mistook this blog for someone else. My name's not Gary.
Hi Jamie,
Nice exit on capitulation volume.
The 5ema is a excellent timing tool. Since I learned from you, I've been using it on my daytrades and they are giving me better entries.
I used to trade the Brazilian stock market, but I`m switching to trade options. They offer much better liquidity, narrow spreads and low commissions at least here in Brazil.
Thank you for sharing with us,
BTW... I really enjoyed Pring`s book, specially the CD. :)
JH.
Ah... in time...
As far as I remember you do still have a regular job. How do you find time to daytrade? I was always curious about... :)
Regards,
JH.
Hi Joao,
Glad you enjoyed the Pring book and CD. I have been trading from home these past 2 and 1/2 months as my last contract ended in March. Just by coincidence, a headhunter called me today. If the markets start to fall into the summer doldrums like today, I might do another contract.
Jamie,
I don´t want to upset you with this subject, you maybe not interested in talking about. Please feel free to not answer if not appropriate: What do you think about trade for a living? Does it appeal to you anyway? I see that you make money on a every day basis. I love trading, but I don´t know if I can make a living from trading on a long run. Or even if I will still pleased trading for a living in the future.
Best wishes to you.
JH.
Joao,
No problem talking about trading for a living. First, you must have extra capital to get you through the learning curve. Second, a good business plan to monitor your results against. Third, you need to elaborate your trading rules so that you don't find yourself scalping for a living. It's very easy to fall into the scalping trap and then it becomes hard to go back to regular trading. Good traders that make consistent profits in every type of trading environment are rare. So it is important to be able to take as much money out of the market under good trading conditions.
Also, you must consider the social aspect of trading versus working in a regular business environment with lots of other people. This is the most difficult part for me as I sometimes get bored talking to myself. Also, the market sometimes falls into the summer doldrums which can be very dull for traders.
Every career has its ups and downs so its important to consider the good and the not so good aspects of trading for a living.
Also, if you are young you might want to get a few years business experience under your belt on someone else's tab before you start your own business.
Good luck with your decision.
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