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Old 08-22-2007, 09:52 PM
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Re: Finding Basic Setups For Discretionary Trading

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Thanks as well TinGull,

My problem is also that I try to keep it as simple as it can be, which is quite difficult if you try to trade with the stuff I mentioned.
You should check out my introduction thread, here

You traded different stuff, but we sort of went through the same thing. Funny thing is, most people go through the exact same thing. The good thing you've done that has enabled you to move onto the next level is you've identified the problem - yourself.

You can keep it simple, trust me. I went from as many indicators that I could fit onto a chart and now I'm down to price, volume, and internals. All three traders I was talking to who have been trading futures, options, currencies, etc all use price, volume, and internals. They keep it as simple as possible. Your trades should be mechanical and you shouldn't think anything of them, they are business decisions and that is it. But, as you know, it's easier said than done.

We can all tell you different things to check out, and you should check them out, but you'll eventually figure out what works for your and what fits your personality. If that means you have 10 different indicators then so be it - if it works for you then thats great. Personally I find I'm best at scalping, I don't have the emotional discipline to hold onto a trade longer than a few minutes. I find short term support/resistance and scalp the breakouts. I could show you 20 charts but chances are you won't make any off of them because you aren't me and you don't see things the way I do. But you could figure out your own style and chances are I won't make a dime off of it either because of the same reason.

If you're interested in some ideas to get you started that worked out very well for me then I would recommend John Carters Mastering the Trade. It's a good read and not too beginnerish .Then from there figure out what works for you.

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