[AbeSmith]

Originally Posted by james_gsx »

We closed at the .382 for the YM, the ES is within .50 and .618 for a retracement. I was just waiting for the YM to hit .382 and look for a possible bounce Monday.

Abe, I would strongly suggest to turn off the TV. I can't tell you how much that helped me, I got to see the market the way I saw it without anyone else bothering me. It's okay to have the TV on I guess, just turn down the volume.

You have market internals to tell you what the market is doing, I would suggest you take the weekend to learn how to read those internals and apply them to your trading. It's okay you didn't take any trades today because you didn't see any setups, that's following your plan and practicing sound capital management. But don't prevent yourself from trading out of emotion, that will just lead to emotion while trading and you'll wipe out your account.

I have noticed some progress, just realize all traders go through what you are and at least you have the balls to tell the world. I respect you for that.

Thanks James.

[brownsfan019]

Abe - please turn that TV off. CNBC is of no use to you now or in the future. Their sole job is to keep you watching so you watch commercials. That's it. And to do that, they have to sometimes hype stuff of that simply is not there. And like others have said, it can easily put a bearish/bullish undertone into your trading whether you realize it or not - Example: On CNBC they were also saying that today had very high volitility and uncertainty. So I was not able to clearly determine the sentiment of the day, but now I see that it was a bearish day.

So CNBC said there was uncertainty, but you later saw a bearish day. Obviously CNBC didn't have a freakin clue and as a result it looks like you just watched some nice action unfold b/c CNBC told you so....

[GCB]

The only reason to have a TV is if the YM falls 500 points in five minutes you can check to see if the world is coming to an end. Otherwise keep it turned off.

Oh, you can also watch movies during lunch, but make sure you have alarms set to signal trading opportunities.

[OAC]

Oops ! I am guilty.
The last time I turned on the TV was when the Dow had a sudden drop of
only 200 points. It turned out a small plane had flew into a highrise in Manhatten

[brownsfan019]

To me, even a plane flying to a building is not enough reason to turn the TV on. Why? B/c there's going to be some major trading going on that I need to be a part of. I realize that may seem too opportunistic, but let's be honest here - the market does not care how or when it takes/gives you money. It does not care if you just had a bad day or a plane flew into NY city.

Just my take for why the boob tube is just not useful during the day in my opinion.

[torero]

Yeah, I went through that period of ears hanging on every word of the reporters and anchor people (hint: non-traders) telling us their opinions. I learned that what they say and what the market actually don't correlate. If they do, it's already happened.

[james_gsx]

I watch Formula One racing during the day if it's on, or LeMans

I wish there was a dedicated channel to that stuff, I don't really like Speed since all they show is Nascar. Sorry for going off topic.