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Old 06-28-2008, 10:08 AM
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David Waring David Waring is offline
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Join Date: Nov 2007
Location: Miami, FL
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Hi Rich,

Welcome to the community this post is a great conversation starter so I am glad to have you.

I took the angry face off for you when you post a comment at the bottom there is a place that allows you to select the type of icon you want if any to go along with the post. Next time just select one of the smiley faces or no icon and you will be good to go;-)

The first thing I noticed and liked about your post was the part where you say talk about the things that are holding you back. You would be surprised at how many traders have no idea of this even after a year and a half in the market, so the fact that you are aware of your areas of weakness puts you ahead of a large portion of the pack. The videos in my free basics of trading course were also designed to help with some of these issues, so I hope you find them helpful.

As far as your trading method goes it seems from what you have posted below that you have many of the ingredients for the recipe that you are going to use to trade, but are not quite sure how to put them all together. With this in mind, if its ok with you, I would like to ask you a few questions and see if I cannot help you develop your recipe a little further.

If you are willing to work with me a bit on this then as a starting point let me know the answers to the following questions:

1. The first thing from your post that it sounds like you need to figure out is what style of trader that you want to be. You say in your post that you guess that you should be a day trader but that you don't have the knowledge, skills, time, and nerves to do it correctly.

While knowledge and skills can be developed and nerves can be improved somewhat, if you don't have the time to watch the market consistently, and don't want that type of pressure, then my question is why not try swing trading instead of day trading?

2. If you do not mind providing me with a few more details, I would appreciate the opportunity to learn more about your strategy. I see that you have several indicators which you look at, but my first question here is are there any steps that you go through when analyzing a chart before putting the indicators on, or do you start with the indicators?

3. I feel that it is important to know why you feel an indicator works the way that it does so you can better understand what it is telling you about the market, and therefore when it is appropriate to follow the guidance of an indicator and when it is probably not giving you the information that you need.

With this in mind, would you mind providing a little more information on why you use EMA's, Bollinger Bands, and RSI with the settings that you have chosen? If its simply because someone told you to that's ok, just let me know and then we can break it down a little further from there.

My apologies for all the questions but from looking at these charts there were some very clear signs here that were missed, so I feel that it would be better for me to help you figure out what they were, than for me to simply tell you what I see. I also think that if you go through this process with me, I can help you tighten up your strategy a bit so you can further solidify your approach to the market and make better trades in the future.

Look forward to hearing back from you.

Best Regards,
Dave
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