Back to www.cobrasmarketview.com |
Tuna1889 wrote:Elliot Wave is like economists. They always agree after the fact but too many possibles for the future. If you put all the economists end to end around the world they would all point in different directions. EW counters are the same way.
Yes sir!!
raw beef, that's not palatable.
Great post because so true. I'm still new at this too and my list of what has burned me since I started goes like this:jarbo456 wrote:for anyone fairly new out there, i'm a good example of what happens when you over-trade your account. held 20 SPY puts into this morning, up 4k to start the day. tried to catch the counter rally, but the bulls were still sleeping. failed and stopped out of the trade at -500. saw what looked like it was going to break below 118, shorted near the bottom at 118.15. stopped out again, -500. then did 3-4 more frivolous trades pretty much in counterpoint to the range formation of around 119.04-118.66.
net net, screwed up my 4k profits, and cut them in half.
lesson...overtrade = overkill.
i have my own system in place for trading, but i benefit A LOT from this board, sometimes helping me confirm, but more often keeping me aware of aspects that i don't always think about. my particular view is to keep your system fairly simple and repeatable. if you can do that, then i think you can move towards the higher level "optimization" process which is where i feel like cobra is. even with that being said, sometimes, like this morning, your system says up, you think up, and the market goes down and vice a versa, over and over again. i've been at this for 8 years, 5 professionally, 3 for myself, and i can tell you that you are still vulnerable to even the basic mantras of profitable trading.
hate myself for pissing away what i generally target as 2 days of profits, but...we learn and learn, and learn again.
i'm short a small position into the weekend.
good luck trading, and thanks for everyone out their's time and efforts in posting up their ideas, thoughts, and most especially charts.
have a great holiday weekend,
john
You pretty much listed all issues I have with tradingStrikePrice wrote: Overtrading
Greed
Not following my system
No System
Too tight Stops
Too emotional
Not Paying Attention
No goal
Lack of Plan
No analysis of Mistakes
Preconceived Ideas
Going Against Pros (Why being here at Cobra's board rules!)
Have a great long weekend guys & gals!
Can you be more clear about your count. I run a short-term count and have S&P in Wave 5 down from 1231. It sounds like you're talking a larger degree and an Alternate Count that is Bullish. My larger degree count is Bearish and it's heading to 1160 area.ramram wrote:Does anyone think wave 4 is done? and we head up on wave 5 to about 1240-1250 range
Gold and silver are playing into the hands of those that are thinking either safe haven or QE3, aka more inflation. Gold has already taken but silver hasn't confirmed the move, so now that it's over the $43 range it should hit $50 or even more.heavenskrow wrote:WTF I DO NOT UNDERSTAND SILVERS RALLY TODAY!!! IS silver now acting as a safe haven??? Even when the dollar is starting to breakout??
(I understand silver and golds fundamental long term....but dont understand this intermarket move currently....)
Sitting here stumped......
I didn't give target, the chart is for direction only.JustTrading wrote:Hi Cobra,
Could you please update your thoughts about whether you still expect another push up before wave 5 down... your target last night was 1150 then wave 4 up. do you still hold this view? Also what is your view about todays selloff....does it feel strong to you? Thanks much!!
pady - my issues list is the same as yours except - too much listening to TV business news. i never watch it anymore.pady wrote:You pretty much listed all issues I have with tradingStrikePrice wrote: Overtrading
Greed
Not following my system
No System
Too tight Stops
Too emotional
Not Paying Attention
No goal
Lack of Plan
No analysis of Mistakes
Preconceived Ideas
Going Against Pros (Why being here at Cobra's board rules!)
Have a great long weekend guys & gals!
Have a nice one...
pady