TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
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 Post subject: newbie seeking advice
PostPosted: Sun May 01, 2011 8:46 am 
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Joined: Fri Apr 29, 2011 10:18 am
Posts: 1
hello,

I just wanted to give you an idea on where i'm at and where i want to go trading-wise?
I'm a newbie. I just opened a small trading account. I was up $300 early...got excited and now i'm down $800 from that point.
Looking back, a lot of my trades would've panned out but my stops were too small. The mental crap is starting to creep in.

I trade the ES mini and get my daily support/resistance zones from a guy i found on the web. The zones are pretty reliable...I just need to learn how to trade them better. I also purchased a signal (used in ninjatrader) from emini-watch.com. That too can be reliable but needs work on how i'm entering the trade.

So my current strategy involves mixing the two above. I recently changed from a 5 minute chart to a 2 minute charts. Hoping for better entries. And doing this while holding a normal 40 hr a week job.

I noticed performance record of "thestrategylab" and that got my attention. At the end of the day i still want to see if it works for me? Unfortunately money is a bit tight but i'm always hopeful of learning something new that can help me out. There's nothing i'd like more than to wakeup one day and have the confidence that I can trade profitably and earn a living doing it.
That's my end goal.


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 Post subject: Re: newbie seeking advice
PostPosted: Tue May 03, 2011 7:07 am 
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Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Hi Dougl,

The fact that you siad the s/r zones from someone is reliable...I'm assuming you also meant to say that you were up $300 while using those s/r zones and then lost $800 while using those s/r zones.

If I'm correct...can you tell me what your doing or post charts of a few of those losing trades involved in the $800 dollar losses while using the s/r zones.

Also, does he tell you how to trade the s/r zones or does he just provide the s/r zones without any trade management information. Simply, he just gives you s/r zones and you're on your own with whatever trade signal method you're using. ?

Regards,
M.A. Perry

dougl1965 wrote:
hello,

I just wanted to give you an idea on where i'm at and where i want to go trading-wise?
I'm a newbie. I just opened a small trading account. I was up $300 early...got excited and now i'm down $800 from that point.
Looking back, a lot of my trades would've panned out but my stops were too small. The mental crap is starting to creep in.

I trade the ES mini and get my daily support/resistance zones from a guy i found on the web. The zones are pretty reliable...I just need to learn how to trade them better. I also purchased a signal (used in ninjatrader) from emini-watch.com. That too can be reliable but needs work on how i'm entering the trade.

So my current strategy involves mixing the two above. I recently changed from a 5 minute chart to a 2 minute charts. Hoping for better entries. And doing this while holding a normal 40 hr a week job.

I noticed performance record of "thestrategylab" and that got my attention. At the end of the day i still want to see if it works for me? Unfortunately money is a bit tight but i'm always hopeful of learning something new that can help me out. There's nothing i'd like more than to wakeup one day and have the confidence that I can trade profitably and earn a living doing it.
That's my end goal.


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