[TheNegotiator]

To me, intraday trade 1-3 products. Swing/position trade anything given the product and it's current condition meet certain predefined criteria. There's nothing wrong with wanting to catch markets which are trading really well so long as you don't load up so your intraday trading really doesn't matter. Unless of course that's your primary style.

[zdo]

MMS, Was in here Sunday morning waiting for a tee time and was thumbing through J.M.Hurst's book and thought of you when I read this…

THE MOST DOLLARS IN THE LEAST TIME
…
To maximize profits… We must measure success in investing in terms of profit per unit time over the entire time of investment activity. To maximize this we must maximize percent per year return on each trade and approach 100% time usage of our funds as closely as possible…

… improved timing permits shortened trades…

… the nature of compound interest law is such that the overwhelming contributor to capital growth by this means is… How often the compounding takes place. In short – how short the trades are…


… but how do we go about keeping funds working all the time if we’re hopping in and out of trades every time we turn around. The answer is rapid selection and analysis… maintain a number of issues ready to go at all times – so that when one trade ends there will be a minimum lapse of time before the next starts… for psychological reasons the timing techniques to be developed must be such as to provide objective signals, created by actual price action…

… in pulling them all together, we find that we require:
1. A profit-optimizing investment philosophy, the elements of which include:
> Trading – as opposed to investing.
> Maximization of percent per year yield on each trade.
> Maximization of percent of time invested
> Minimization of trade interval
> Optimization of transaction timing

2 Fast and simple issue selection.
3. Fast and simple transaction timing analysis
4. Accurate and timely… price tracking

”

nothing new… TadeWinds summarized it even better above...
just confirms… leverage up that “scanning”!

[zdo]

and just for snicks

Scientists Afflict Computers with Schizophrenia to Better Understand the Human Brain | The University of Texas at Austin

[MadMarketScientist]

Originally Posted by zdo »

MMS, Was in here Sunday morning waiting for a tee time and was thumbing through J.M.Hurst's book and thought of you when I read this…

”

nothing new… TadeWinds summarized it even better above...
just confirms… leverage up that “scanning”!

HA so I'm taking the right approach ... just need to refine the methods I'm using

The take-away, at least for me, is that I need to create a better process and find better tools to help me. For example, instead of keeping money in a trade I *know* is going down (e.g. silver) so that its still in my mind, I should find a tool that helps me keep a watch on these trades. Something more robust than a simple watchlist - like a trade management system or something like that. I guess I have work to do ... its all about the process ...

MMS

[SIUYA]

Originally Posted by MadMarketScientist »

For example, instead of keeping money in a trade I *know* is going down (e.g. silver) so that its still in my mind, I should find a tool that helps me keep a watch on these trades.

MMS

I often have to ask my self the question - Do i need to be here, is my money better invested elsewhere - even in cash? I even sometimes just get out of a number of trades clear the mind and know that if with no positions I can very easily put them back on again (often at a better price). Clearing everything out can work wonders - I probably do it three to four times a year.

In your case MMS, as a suggestion the simplest tool for the silver.....exit the trade, and then enter two orders that will force you to watch it - or at least keep in on your watch page....
1st trade a buy limit below the current price at a level you would be happy with, 2nd a stop limit buy order above the current price (this can be trailed down if the market falls)

[MadMarketScientist]

that is a great suggestion ...thank you!

MMS

[sm1929]

MMS,

Ask your self what your method is and then create a checklist (if you can). Then no matter what number of charts you are looking at you'll have a criteria. This way if you move from Corn to Silver all you have to do is go through the checklist and see if the criteria to enter is there, if yes then enter, if no then skip and move on.

If you have a different method for different products (grains, fx, metals, etal) create a checklist for each one. When you're looking at Corn use the Grains Checklist, when you're looking at Silver use the Metals Checklist etc.

Also if I might add, if a trade is going against you it is OK to exit only if it is in your method to do so.

Make sure you know what market conditions your method works in. If it only works in one market condition then only trade when that condition is present (no need to dump the whole method). For example, my method doesn't work in all market conditions, so I stay out until the market condition that is optimal for me is present.

I hope this helps you. I wish you all the best of luck. Also, don't just consider day trading you can use 4hr or Daily charts. Remember that is where the trends are strongest.

V.

[Obsidian]

I do not think it is wrong. If I am done taking profit, I wait for the next opportunity but meanwhile I keep searching as well