Australian (ASX) Stock Market Forum

Trading full time - what do you think will happen?

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julius said:
My understanding of the 'power setups' is they are pattern based.
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This is correct, pattern based which doesn't include Elliot Wave as far as I know, certainly not for the target prices anyway,although Wavepicker is correct, Elliot Wave is a pattern based of course.
 
You know,seems all or most using these setups are looking at purely that the setup and trade.

When the most valuable thing Ive found is the way a professional trader manages his trades.
Not just the setting of a buy/stop and target price but the continual adjustment of these where and when required DURING the trade,and the massive difference it can/does make to your portfolio.

An invaluable insight.Once learnt can be applied to any way you choose to trade.

Most everyone can see the forest but have a very careful look at the quality of the trees!
 
tech/a said:
Not just the setting of a buy/stop and target price but the continual adjustment of these where and when required DURING the trade,and the massive difference it can/does make to your portfolio.
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Absolutely PARAMOUNT!

The hardest and most elusive of everything in trading for me so far! Trialing a few different methods now on my position trades.

Does Nick provide updated information on such adjustments nightly on current recommended power set-up positions?

I've got his book (adaptive analysis) and am signing upto the chartist in 2 weeks (when I return from spending 9 days in a bungalow over the water in Vanuatu :D) for information on position trades (as I will still be dedicating 60% of my portfolio to these, on daily charts, for Australian equities), whilst using a smaller portion to trade intra-day futures through TradeStation.

Cheers
 
tech/a said:
Not just the setting of a buy/stop and target price but the continual adjustment of these where and when required DURING the trade,and the massive difference it can/does make to your portfolio.
Click to expand...

As John has rightly pointed out the KEY is how the trade is managed once a position is taken.

MRC & Co said:
Does Nick provide updated information on such adjustments nightly on current recommended power set-up positions?
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Matt ... Heres an example of a current SHORT Power SetUp Trade with Nicks comments ...

Apr 10: Amend the profit target down to $??
Apr 9: Drop the stop to $?? after todays high close. If we trade lower again tomorrow I will revise the target lower.
Apr 2: Looks like a few were waiting the dividend and have now decided that they've had enough. Move the stop to $??. If start trending lower I will revise the target lower as well.
Apr 1: ?? dividend paid today which will be reflected in the weekly scorecard. Holding this stock is like pulling teeth, so drop the stop down to $??
Mar 20: Its taken its time in coming but finally we're getting some movement with this ??% decline. Adjust the stop down to $??
Mar 17: Move stop to $?? now
Mar 11: If $?? can be breached we could see a quick run lower.
Mar 6: This stock could be being accumulated here. I have no doubt we'll be stopped out any day.
Feb 21: We'll just cut that risk back a little more. Amend the stop down to $??
Feb 20: Pattern triggered today. We have a small pivot high just above so we'll move the stop down now to $1.49
Feb: 7: A large basing support is coming under pressure. Any breach could see a follow through decline and hopefully have enough momentum to carry prices below the 2007 lows.

sleepy :)
 
Sir Burr said:
Ducati??? :p:
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Haha - Sir Burr!

Funny you should mention him. He's actually a really nice guy, but can be quite tenacious at times - some people finding him infuriating.

I don't really intend to assume his mantle though. But I did think of him when I wrote that oddly enough. Too Funny!

Mag
 
Thanks Sleepy,

Yeh, I had a chat to Tech about it already.

Looks 100% what I am after at this stage of my trading "career". Got most things downpat and it appears Nicks power set-ups are similar to the way I have been doing things myself, as far as position trading equities. However, will be fantastic to refine my techniques through the use of real time practical examples from a successful trader himself (I avoid any other vendor at all costs, call it paranoia if you will, but only beleive in learning from successful traders and those who keep it simple)! And the moving of stops on an existing trade is my biggest downfall so far by a country mile!!
 
jersey10 said:
Planning on trading equities at this stage, but after reading about forex a bit particularly on this forum I would like to trade that at some stage. Know next to nothing about it at the moment however.

I would be interested in knowing why you believe a masters would be such a waste of time.

thanks for feedback.

Jersey10
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oh gosh. I did only a tiny bit of research into foreign exchange trading and even signed up to one of those broker free accounts. It felt like I was gambling lol.

There is a good website you should check out called babypips.com That website spells out a lot of risks etc.

Basically in my limited knowlege of forex trading, I'd say that it's not worth the trouble. I read a stat that 96% of people to get into forex fail badly. Of the 4% that succeed, 2% will break even. And only about 2% do well in forex.

Now I don't know where they got those stats from but it is pretty damning. Also when I was playing with the brokers software, everytime I thought that it was a sure thing that the dollar would go up on a particular currency, then the broker made it so that my gain from that transaction was hardly anything and yet if the dollar went down I'd lose pretty much everything I put in.

Anyway I'm a total newbie to finance and the economy etc so I don't know much. Maybe you can make a LOT of money from forex but based on a few weeks of research I found forex trading to be way too risky for me. Felt worse than gambling for me lol.
 
Trembling Hand said:
Funny that. To get to the top of trading as a profession takes the same effort as an elite sports person or musician or artist. Don't kill the dream. Doesn't it just take a couple of chart set ups and some balls and in no time your driving around in a Ferrari :car: :brille:
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lol, I love this post. :D

It's so easy to image the big bucks though. Maybe if I think like "The Secret" then I'll be driving in a Ferrai and rich beyond my wildest dreams...haha *cough*
 
hey Jersey, I'm doing something similar to what you describe.

I started out trading at the start of this year. I've got a part time job which leaves me with plenty of days off when I can learn trading.

In January I began with a bank of $25,000 USD using a standard Interactive Brokers margin trading account. I trade and invest in equities in the major markets.

For three months straight I lost $1000 per month!! But honestly I was willing to lose a total maximum of $5000 before giving up on this. Five grand isn't that much really.

However this month I've started see postive results, mainly due to favorable market conditions but also from learning from my many many expensive mistakes.

Now I've got a firm trading and investment plan which I completely understand and can follow. There's less that surprises me now compared to when I started 4 months ago.

I measure results weekly, and for the last 4 weeks I've gained 18.2% in total (6.1%, 0.2%, 7.8% and 3.2%) raising my balance to $28,000 USD. This is starting to get consistent but I have a long way to go before I have confidence in the long term success of my methods.

Overall aim to grow this investment over a number of years, while living off separate income. I will review my progress at the end of June and decide whether I have the confidence to add further capital to my trading account.

Some lessons learned:

1. Never trade when drunk!!
2. Shouting at the screen doesn't help.
3. American optimism is the most valuable commodity in the world.
 
Interested to see how long jersey10 lasted with his strategy. sorry, but reading his initial post made me laugh out loud.
 
Trembling Hand said:
So you are yet to trade. :D:D
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Correct. I decided to invest my $40 000 elsewhere (investment property renovation). I have continued to learn quite a bit over the last couple of months. Decided not to start the Masters degree (maybe end of year or mid next year). Am still a subscriber to The Chartist and study it every night trying to predict what he is going to say before i watch / read the reports on each stock. Have read Nick Radge's book Adaptive Analysis. Am about to fund my new IB account in the near future. Have downloaded the trial version of Amibroker and premium data and think i will end up subscribing to these over my current charting package. I still have every intention of making serious money from trading. I am also becoming more and more interested in buying / starting a business and have been looking into residential property management rights recently.
 
Good to hear from you jersey.

IMHO don't waste your time, nor money on a Masters. They are only useful if you are working and specialising in an area.

Sounds like you are more into the practical application, so no need for theory.

Cheers
 

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