Another crazy day all set to take out both the bulls and the bears. All I did once market opened was watch how buyers and sellers got slaughtered.
Decided to stay out coz I really want to keep the 1.1 point I earned pre-market.
As I was watching IB's BookTrader (after US market opened), I realized how crazy I had been to trade both sides before. I'm surprised I didn't kill my eyes after that few days of taking 20 to 30 trades in one day (45 mins to an hour to be precise - couldn't last longer than that).
It was because of the sheer madness of the method (it's actually not so bad when used on 10 year treasury - it moves like a snail when compared to TF and NQ) that I was banned from using it.
But it's difficult to give up something that gives you so much edge. While keeping my fingers off the keyboard, I was doing a whole lot of talking. Couldn't help it. I could totally tell each time that the bears and the bulls were getting tricked. Having the 1min chart opened helped.
Having said the above, when it comes to the execution bit, whether you make money for being right will depend on how fast your fingers are - they have to be as quick as your eyes. And you need a little luck. Sometimes you just don't get filled.
After experimenting with various ways to play this market, this is by far the best - for me. To make my life a little easier, I'll be using the 1 min chart along with booktrader, so I always trade in the direction of the immediate trend only. That way, my focus would be on setups that lure either buyers or sellers.
Am not even going to paper trade for the next few days. Sitting and watching, and pure talking with no action is the best way to learn to tape read.
My turn to irritate the hell out of D!!
Decided to stay out coz I really want to keep the 1.1 point I earned pre-market.
As I was watching IB's BookTrader (after US market opened), I realized how crazy I had been to trade both sides before. I'm surprised I didn't kill my eyes after that few days of taking 20 to 30 trades in one day (45 mins to an hour to be precise - couldn't last longer than that).
It was because of the sheer madness of the method (it's actually not so bad when used on 10 year treasury - it moves like a snail when compared to TF and NQ) that I was banned from using it.
But it's difficult to give up something that gives you so much edge. While keeping my fingers off the keyboard, I was doing a whole lot of talking. Couldn't help it. I could totally tell each time that the bears and the bulls were getting tricked. Having the 1min chart opened helped.
Having said the above, when it comes to the execution bit, whether you make money for being right will depend on how fast your fingers are - they have to be as quick as your eyes. And you need a little luck. Sometimes you just don't get filled.
After experimenting with various ways to play this market, this is by far the best - for me. To make my life a little easier, I'll be using the 1 min chart along with booktrader, so I always trade in the direction of the immediate trend only. That way, my focus would be on setups that lure either buyers or sellers.
Am not even going to paper trade for the next few days. Sitting and watching, and pure talking with no action is the best way to learn to tape read.
My turn to irritate the hell out of D!!
Ha!
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