|From: 10x (Rep: 75)||Date: 2010-04-04 11:55:12|
|Forum: Shadow Island - Thread #672951346||Msg #49 - Part 1/1 (Rec: 0) |
|For newer traders. Not sure what else I can point you to for learning. I realize many of you|
have dreams of becoming successful daytraders but remember, the bottom line is to become
successfull traders in whatever path that may take you.
For me, Swing trading etf's with approx. 70% of my funds has proven to be very, very
profitable. I use the Balance for daytrades of which many of those trades are also etf's.
I have a seperate acc't dedicated solely to gold and silver etf's and mining stocks which
I go in and out of on a longer term basis.
Even with a small amount of money, you can grow your acc't by swing trading etf's.
Use a decent broker, like Think or Swim. Learn to take advantage of thier charting which
in my opinion is the best, period.
I now use a Klinger Histogram, macd and RSI2 for lower studies and an 8 ema line on
the main chart. Use a 9 month or 1 year Daily time frame chart for entering and exiting
swing trades. Learn by looking at how the histogram reacts at lows and highs and the
RSI2 at lows and highs and how the 50 center line of the RSI2 relates to price action at
Your swing, entry and exits should be quite apparent. This will keep you in the trade for
max. amount of profit. Dedicate a certain amount of your money for this type trading. Enter
the trade with 1/3 so that you have extra ammo to add.
In an uptrending market you will find that your long plays will last 3 to 4 times longer
than the short corrections and visa versa for downtrending markets.
I do not spend my days nor do I share my plays in the Pit. I am part of another daytime
trading chat room. If you want the link, email me and I will send it to you.
I know many of you come here day after day, hoping for that one great piece of info-
mation that will make you some money, The problem as I see it, there is far too much
information being shared and it takes time to learn who to listen to and who not to. If you
could pull back the curtain you would find that many of those being touted as market
wizards are doing nothing more than using you to jump in thier plays while selling off thier'
shares to you.
I still believe that a small chat room with approx 10 to 20 dedicated traders all on the
same page can help each other to great success. Just as a real trading room in NY works.
Some have access to Trade Ideas, some to multiple sources of RT news, some are
experts at TA, etc etc, all working together, sharing thier expertise and finding and sharing
real plays that make money. That will probably remain a dream as people have so many
I probably won't post much any longer, if at all. If you invest too much into a site like this
that can be shut down at any moment by the whims of it's owner, then you will most likely
end up very dissapointed. If any of you have any question relating to how I trade etc. you
can email me at firstname.lastname@example.org . I don't check the email every day but will eventually
get back to you.
Used to have a small group at Yahoo groups as they have or at least Had a decent chat
room. Would be interested in doing something like that again if enough people were int-
erested. For now I will probably continue in the daily chat of Santelli and possibly the one
with Tiki and Jimmenknee.
I have never yet followed any trade of anyone but myself so being in those chats along
with my reason for joining the lion has only been to help find good plays and share what
little knowledge I have.
If you are new to trading and really want to learn, go to shadow island forum and go
through all my posts and you will find enough videos to get you well on your way.
Never stop learning. The day you think you know it all, will be the beginning of the end.
Good luck traders, 10x.
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