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Search: Posts Made By: rubyslippage
Forum: Psychology and Money Management June 28th, 2014, 02:06 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
The Thoughts of an Accomplished Trader

The first step to becoming a consistently profitable trader is to develop a thoroughly tested trading plan that, if followed, meets or exceeds your income goals. Most aspiring traders never reach...
Forum: Psychology and Money Management October 15th, 2013, 03:37 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Don't believe everything you think

When you believe in a trade, it’s easy to take a position. There’s little or no fear, and usually a bit of excitement as you anticipate a winner.

When you don’t believe in a trade, it’s quite...
Forum: Psychology and Money Management September 6th, 2013, 05:36 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Hi Cindy, Thank you for your kind words. ...

Hi Cindy,

Thank you for your kind words.

As for tools/platforms, fortunately you can register for free trials of many of these and find out what you're most comfortable with.

As for how to...
Forum: Psychology and Money Management August 2nd, 2013, 04:55 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Guess & Check

There’s a problem solving method that elementary school children often use called “Guess & Check”. It involves making an educated guess based on what is observed or known, then applying the guessed...
Forum: Psychology and Money Management August 2nd, 2013, 04:50 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
My personal trading plan doesn’t involve a daily...

My personal trading plan doesn’t involve a daily chart so I don’t pay attention to a given day’s HLOC; however, if your plan does use those levels, my recommendation would be to find out what...
Forum: Psychology and Money Management July 14th, 2013, 07:49 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Fake it till you make it

“You can act your way into the right thinking, but you can't think your way into the right action.”

“Act as if…”

“Fake it till you make it.”

As Amy says in her TED presentation, “Our bodies...
Forum: Psychology and Money Management July 10th, 2013, 05:13 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Overtrading & Revenge Trading

I once had a brief conversation with a struggling trader and he seemed to have a decent grasp of price action and a workable basic trading plan, yet he complained that he kept losing money. So I...
Forum: Psychology and Money Management July 6th, 2013, 04:10 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Certainty vs. Positive Expectancy

In the Foreword to Mark Douglas' Trading in the Zone, Thom Hartle writes:

"The 95% failure rate makes sense when you consider how most of us experience life, using skills learned as we grow. When...
Forum: Psychology and Money Management July 2nd, 2013, 01:56 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Thank you for your kind words! Tightening...

Thank you for your kind words!

Tightening stops and taking early profits ruins most edges, because most edges are rather slim when taking in to account commissions and slippage.

My personal...
Forum: Psychology and Money Management July 2nd, 2013, 01:44 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Yes, Tulanch, one can make a living as a micro...

Yes, Tulanch, one can make a living as a micro scalper, especially using the sort of tactic you describe. I think it's by far the most difficult method of day trading to understand and master;...
Forum: Psychology and Money Management June 26th, 2013, 10:40 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Great article, Wolf, thanks for posting it! ...

Great article, Wolf, thanks for posting it!

I was reminded of my efforts to become a reliable recreational soccer player, a sport I took up quite late in life after a couple decades of couch...
Forum: Psychology and Money Management June 26th, 2013, 04:24 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Tom, if you want to add to your trading plan, do...

Tom, if you want to add to your trading plan, do the research and if the stats are favorable, set up your rules. You seem to have a professional approach to the counter-trend trades, weighing the...
Forum: Psychology and Money Management June 25th, 2013, 12:49 AM
Replies: 62
Views: 17,361
Posted By rubyslippage
A Day Trader's Mindset

Once you have a trading plan (business plan) that offers positive expectancy if followed with discipline, you learn to apply it to the market in real time. For swing traders, there’s plenty of time...
Forum: Psychology and Money Management June 21st, 2013, 05:21 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Trend continuation and 1-2-3 patterns

The attached chart is a 1min chart setup I use as an intraday scalper. I keep the 5min 20EMA on it (orange line) by selecting the 100-period EMA on the 1min. In a trend or strong trending move, a...
Forum: Psychology and Money Management June 20th, 2013, 06:23 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Advance Planning & Shaking the Etch-A-Sketch

I had the pleasure of chatting with an oil trader today whom I hadn’t spoken with in many, many months. The first time we chatted he explained his trading framework and I explained mine. I didn’t...
Forum: Psychology and Money Management June 18th, 2013, 10:47 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Frog Glop

Statistical analysis provides the information necessary to create a profitable price action trading plan. If you test a setup that looks promising by analyzing, say, 500 consecutive appearances of...
Forum: Psychology and Money Management June 14th, 2013, 03:37 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Hi Tom, Once a major high/low breaks I'm in...

Hi Tom,

Once a major high/low breaks I'm in continuation mode and look for those exact pullback entries. I'll take them as long as the new highs/lows aren't weak and as long as the 1-min 20EMA...
Forum: Psychology and Money Management June 14th, 2013, 03:24 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
I'm new to posting on Big Mike's and was too lazy...

I'm new to posting on Big Mike's and was too lazy to annotate a chart and figure out how to post it. Let's give it a try here (my chart's timeline is PST and it's the 1-min chart I use for precision...
Forum: Psychology and Money Management June 13th, 2013, 10:34 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
The open and the last half hour can be quite...

The open and the last half hour can be quite volatile, but if there's a setup that fits my risk allowance, and an overhead target (the overnight high in this case) that offers positive R:R, I'll take...
Forum: Psychology and Money Management June 13th, 2013, 06:00 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Hi Tom, I believe you're my brother from...

Hi Tom,

I believe you're my brother from another mother, lol! I too bought 95.66 and also had calculated that exact measured move and I could taste the 50 ticks profit as price quickly moved in my...
Forum: Psychology and Money Management June 11th, 2013, 07:58 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Hi Tom, Thank you for your kind words. It...

Hi Tom,

Thank you for your kind words. It sounds like you're on a solid path to consistent profitability.

Breaking negative trading habits is tough, no doubt. Also, day trading is difficult to...
Forum: Psychology and Money Management June 7th, 2013, 04:49 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Tiger, since you’re practicing your plan in a...

Tiger, since you’re practicing your plan in a demo account, it’s critical to follow your plan with as much discipline as the market (speed and momentum) allows. You may get nasty slippage, you may be...
Forum: Psychology and Money Management June 4th, 2013, 04:12 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Developing trust at the hard right edge

“I’ve done my research. I’ve made a trading plan with rules. I’ve backtested my rules on hundreds of trades and the plan has great positive expectancy. I’ll be making a six-figure income in no time....
Forum: Psychology and Money Management May 23rd, 2013, 06:32 PM
Replies: 62
Views: 17,361
Posted By rubyslippage
Do you know what's going to happen next?

If you haven’t yet narrowed your focus to one or two key ideas, and done the statistical analysis necessary to distill a combination of win rate and risk:reward ratio that produces profit after...
Forum: Psychology and Money Management May 19th, 2013, 11:06 AM
Replies: 62
Views: 17,361
Posted By rubyslippage
Mark Douglas interview excerpt

A while back I listened to an interview with Mark Douglas, author of The Disciplined Trader and Trading in the Zone. I liked what he was saying so much I took notes and will share them here, because...
Showing results 1 to 25 of 33
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