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Support and Resistance Traders' Forum

Re: New trade
By:Rob
Date: Friday, 15 September 2006, 5:02 pm
In Response To: Re: New trade (Joe)

Hi Joe,
I hate to say this, as it flies directly in the face of how a lot of people trade, but I do not wait for confirmation. I just do it. My style of trading is black and white, no room for grey. Usually, by the time confirmation occurs, I'm taking profits on the trade. I have faith in my line. That line was derived from years of study and analyzing, so, why when it matters, should I question it? To enter a market, I'm almost always parked on a line working a limit order, same with the target and stops however with those, I may tweak as a trade progresses. No, I'm not one for wait and see, I just do it. If you truly believe in that line, If you have spent countless hours, weeks, years observing and learning what that line does when approached and hit, if prices respond consistently, one way or the other, then just whack it! No thought required, no emotion, just another transaction. Just for fun, if you are below a S/R line on a given chart, pop in a paper trade to sell it on a limit if you are in a down trend. (by your personal definition of trend) If you are in an uptrend, pop in a limit order to buy your support line. That should test your faith in your line! If you find that rather un-nerving, keep studying, keep analyzing, then one day, it just happens, you look at the chart, call your broker and the order just falls out of our mouth. Trading is all about confidence, like any sport, job, whatever. Once you are confident, nothing can stop you. Confidence comes with time, pure and simple.
RobT

Messages In This Thread

New trade
Rob -- Thursday, 14 September 2006, 6:27 pm
Re: New trade
Joe -- Thursday, 14 September 2006, 8:46 pm
Re: New trade
Rob -- Thursday, 14 September 2006, 9:22 pm
Re: New trade
Tom Loge' -- Thursday, 14 September 2006, 10:14 pm
Re: New trade *PIC*
Joe -- Thursday, 14 September 2006, 11:03 pm
Re: New trade
Rob -- Thursday, 14 September 2006, 11:34 pm
Re: New trade
Rob -- Thursday, 14 September 2006, 11:40 pm
Re: New trade
Joe -- Friday, 15 September 2006, 9:12 am
Re: New trade
Rob -- Friday, 15 September 2006, 9:43 am
Re: New trade
Rob -- Friday, 15 September 2006, 10:22 am
Re: New trade
Joe -- Friday, 15 September 2006, 12:34 pm
Re: New trade
Rob -- Friday, 15 September 2006, 2:05 pm
Re: New trade
Joe -- Friday, 15 September 2006, 4:36 pm
Re: New trade
Rob -- Friday, 15 September 2006, 5:02 pm
Re: New trade
Joe -- Saturday, 16 September 2006, 8:26 am
Re: New trade
Rob -- Sunday, 17 September 2006, 11:58 am
Re: New trade
Joe -- Sunday, 17 September 2006, 3:14 pm
Re: New trade
Rob -- Sunday, 17 September 2006, 4:01 pm
Re: New trade
Rob -- Monday, 18 September 2006, 1:38 pm
Re: New trade
Joe -- Monday, 18 September 2006, 7:55 pm
Re: New trade
RobT -- Monday, 18 September 2006, 8:57 pm
Re: New trade
Joe -- Monday, 18 September 2006, 9:29 pm
Re: New trade
Steve Foote -- Tuesday, 19 September 2006, 5:54 am
Re: New trade
Joe -- Tuesday, 19 September 2006, 8:03 am
Re: New trade
Rob -- Tuesday, 19 September 2006, 8:19 am
Re: New trade
Joe -- Tuesday, 19 September 2006, 9:38 am
Re: New trade
Joe -- Tuesday, 19 September 2006, 8:47 pm
Re: New trade
Joe -- Friday, 15 September 2006, 12:25 pm
Re: New trade *PIC*
Spike -- Friday, 15 September 2006, 12:02 am
Re: New trade
Rob -- Friday, 15 September 2006, 12:05 am
Re: New trade
Jeff Koski -- Friday, 15 September 2006, 1:03 am
Re: New trade
Rob -- Friday, 15 September 2006, 9:03 am
Re: New trade
Tom Loge' -- Wednesday, 20 September 2006, 5:27 am
Re: New trade
Alan Cumming -- Sunday, 1 October 2006, 8:37 pm
Re: New trade
Rob -- Sunday, 1 October 2006, 9:14 pm
Re: New trade
Alan -- Sunday, 1 October 2006, 10:10 pm