The market (YM Futures) is gaining ground from this 5-min chart from the Globex market.
Looks like a positive outcome today is possible due to some encouraging news coming from Europe.
The best way to trade for a long position today is to wait for a pullback after the open and analyze the price action.
Gauging the S/R price is the right area to put on a trade.
Let's see the action if there is a probable to trade, otherwise, we'll stay on the sideline.
'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**
Monday, October 10, 2011
Sunday, October 9, 2011
The market (YM) made a three day move upwards last week.
But the way I can analyze this daily chart is that it might stay idle for a few day(s) possibly by Monday or Tuesday then will stretch its trend from there.
It might take a while to move from the range, 10500 (support) - 11500 (resistance).
It is still a traders market from this area but it is still a good area to make a long position with a good price stop to make it sure not to incur (big) losses.
For the long term investors (fundamentalist) is not yet time to make a bet in the market due to unforeseen/unpredictable events that is coming from the economy of other countries.
But the way I can analyze this daily chart is that it might stay idle for a few day(s) possibly by Monday or Tuesday then will stretch its trend from there.
It might take a while to move from the range, 10500 (support) - 11500 (resistance).
It is still a traders market from this area but it is still a good area to make a long position with a good price stop to make it sure not to incur (big) losses.
For the long term investors (fundamentalist) is not yet time to make a bet in the market due to unforeseen/unpredictable events that is coming from the economy of other countries.
Saturday, October 8, 2011
Traders Ask: How does your posture affect your trading? Oct 4th, 2011 | By Bella |
Hi. My question concerns body posture when sitting at a screen for hours a day.
I’ve learned i need to be very aware when trading of what’s going on in my brain, what I’m seeing and how I feel and think about it, and what baggage from life might be influencing my mood.
Often though I also realise that my body is there with me too too, often being sadly neglected..
Maybe I’m slumping, hunching shoulders and back. I’ve tried different kinds of chairs, soft and hard regular ones, a special kneeling posture one, now I’m on a large inflatable pregnancy ball. it’s an ongoing search for how best to look after myself physically. I spend a good bit of time doing physical stuff outside trading time but it’s the hours spent on screen when I’m not sure I take best care of my one and only body!
Any advice to offer on how you guys deal with this aspect of a traders lot?
Thanks
Dr. Andrew Menaker responds
Being very aware of what you’re thinking and feeling is a critical component of self-management.
And self-management has a huge impact on how we make decisions. As we move from one mental state to another, our body, including our posture, and breathing, plays an important role. So, learning to tune into your body is a big part of self-management.
There is an abundant amount of research in psychology, medicine, and in business that shows how
posture plays a role in communicating emotional state and influences our decisions and actions. In fact, many technology companies have departments that conduct research on user interface and nonverbal behavior. Microsoft calls their department, Decision Theory and Adaptive Systems Group.
We have both a central nervous system (brain and spinal column) and a peripheral nervous system
(nerves that extend throughout the body). The two systems communicate with each and have a profound impact on decision-making and behavior.
Try this. Spend a few minutes sitting slouched, with your shoulders slumped, legs stretched out, chin
dropped toward your chest. Next, spend a few minutes sitting up straight or slightly forward, raise your chin and lean your head slightly to one side. Notice a difference in how you feel and the type and quality of your thoughts?
Not only does our posture impact our internal state, our body can also act as an emotional warning
system. And if you think about it, that can be very helpful in trading. We may be following price action, order flow or something on the chart as an indicator to help us decide what to do; we can also use our body as an ‘indicator’.
Being aware of your emotional state is an important part of learning how to control your actions.
Many people have difficulty tuning into their emotional state. Focusing on physical sensations throughout the body can help you become aware of your emotional state. Tense shoulders, butterflies or ‘pit’ in the stomach, clenched fist, muscle twinge, ‘nervous tick’, heart rate variability, and depth and rate of breathing can be examples of an emotional state reflected in one’s physiology. Our emotions are a form of self-communication, when we learn what the message is, we can often make better decisions.
In my work with traders, I sometimes recommend a standing desk, instead of sitting, for traders that have an attention or focusing issue.
Many people, including traders, report that regular practice of yoga helps them maintain body awareness as well as reducing stress.
Possibly the single most powerful thing you can do with your body is to become aware of your breathing and change it, if necessary. When trading, anxiety and tension can overtake us, often resulting in decisions and actions that our not in our best interest as a trader. As traders, we must learn to use all the tools available to us, including our own body, to make better decisions and learn to take control of our actions.
Here’s a simple but very effective technique I refer to as “breath first aid” because it can quickly alter
your internal state and influence your decisions and behavior. Take four long, slow deep breaths, filling your abdomen (not your chest) with air. Pause for a second at the end of each inhalation and exhalation.
And if possible, inhale through your nose and exhale through your mouth.
Dr. Andrew Menaker
@popdoctrader
Dr. Andrew Menaker is a full-time trader, with a PhD in psychology and has worked as a consultant and coach with institutional and retail traders since 1995.
I’ve learned i need to be very aware when trading of what’s going on in my brain, what I’m seeing and how I feel and think about it, and what baggage from life might be influencing my mood.
Often though I also realise that my body is there with me too too, often being sadly neglected..
Maybe I’m slumping, hunching shoulders and back. I’ve tried different kinds of chairs, soft and hard regular ones, a special kneeling posture one, now I’m on a large inflatable pregnancy ball. it’s an ongoing search for how best to look after myself physically. I spend a good bit of time doing physical stuff outside trading time but it’s the hours spent on screen when I’m not sure I take best care of my one and only body!
Any advice to offer on how you guys deal with this aspect of a traders lot?
Thanks
Dr. Andrew Menaker responds
Being very aware of what you’re thinking and feeling is a critical component of self-management.
And self-management has a huge impact on how we make decisions. As we move from one mental state to another, our body, including our posture, and breathing, plays an important role. So, learning to tune into your body is a big part of self-management.
There is an abundant amount of research in psychology, medicine, and in business that shows how
posture plays a role in communicating emotional state and influences our decisions and actions. In fact, many technology companies have departments that conduct research on user interface and nonverbal behavior. Microsoft calls their department, Decision Theory and Adaptive Systems Group.
We have both a central nervous system (brain and spinal column) and a peripheral nervous system
(nerves that extend throughout the body). The two systems communicate with each and have a profound impact on decision-making and behavior.
Try this. Spend a few minutes sitting slouched, with your shoulders slumped, legs stretched out, chin
dropped toward your chest. Next, spend a few minutes sitting up straight or slightly forward, raise your chin and lean your head slightly to one side. Notice a difference in how you feel and the type and quality of your thoughts?
Not only does our posture impact our internal state, our body can also act as an emotional warning
system. And if you think about it, that can be very helpful in trading. We may be following price action, order flow or something on the chart as an indicator to help us decide what to do; we can also use our body as an ‘indicator’.
Being aware of your emotional state is an important part of learning how to control your actions.
Many people have difficulty tuning into their emotional state. Focusing on physical sensations throughout the body can help you become aware of your emotional state. Tense shoulders, butterflies or ‘pit’ in the stomach, clenched fist, muscle twinge, ‘nervous tick’, heart rate variability, and depth and rate of breathing can be examples of an emotional state reflected in one’s physiology. Our emotions are a form of self-communication, when we learn what the message is, we can often make better decisions.
In my work with traders, I sometimes recommend a standing desk, instead of sitting, for traders that have an attention or focusing issue.
Many people, including traders, report that regular practice of yoga helps them maintain body awareness as well as reducing stress.
Possibly the single most powerful thing you can do with your body is to become aware of your breathing and change it, if necessary. When trading, anxiety and tension can overtake us, often resulting in decisions and actions that our not in our best interest as a trader. As traders, we must learn to use all the tools available to us, including our own body, to make better decisions and learn to take control of our actions.
Here’s a simple but very effective technique I refer to as “breath first aid” because it can quickly alter
your internal state and influence your decisions and behavior. Take four long, slow deep breaths, filling your abdomen (not your chest) with air. Pause for a second at the end of each inhalation and exhalation.
And if possible, inhale through your nose and exhale through your mouth.
Dr. Andrew Menaker
@popdoctrader
Dr. Andrew Menaker is a full-time trader, with a PhD in psychology and has worked as a consultant and coach with institutional and retail traders since 1995.
A trader lives two lives.
Trading is a psychological battle. Trading is unique because it constantly introduces you to yourself, as an astute Canadian once told me. Your life can manifests itself in trading and if you aren’t careful trading will take over your life.
The problem with risking/losing too much is that it makes every risk seem worthwhile. Much has been talked about rouge trading lately. Risk is forever and constantly linked to opportunity. A rogue trader is someone who loses. But in reality they never changed. They just happened to be on the wrong side.
They capture risk instead of realizing it up until that point.
The difference is that when you are winning you are partially protected by your view of opportunity. When your back is against the wall you can only see opportunity. My experience tells me that in fact bad can get worst and it gets their with regularity.
Hope and opportunity is not a trading strategy. When you only see opportunity or profits, you are not seeing it correctly.
You swing for the fences with their money not yours. The risks are less and with a reason. Opportunity should not be a bright light your drawn to like a moth.
Have your limits and stick to them. Don’t let your lives blend into each other and you will be less likely to have this problem.
The problem with risking/losing too much is that it makes every risk seem worthwhile. Much has been talked about rouge trading lately. Risk is forever and constantly linked to opportunity. A rogue trader is someone who loses. But in reality they never changed. They just happened to be on the wrong side.
They capture risk instead of realizing it up until that point.
The difference is that when you are winning you are partially protected by your view of opportunity. When your back is against the wall you can only see opportunity. My experience tells me that in fact bad can get worst and it gets their with regularity.
Hope and opportunity is not a trading strategy. When you only see opportunity or profits, you are not seeing it correctly.
You swing for the fences with their money not yours. The risks are less and with a reason. Opportunity should not be a bright light your drawn to like a moth.
Have your limits and stick to them. Don’t let your lives blend into each other and you will be less likely to have this problem.
Friday, October 7, 2011
An ugly trading today as shown from this 5-min. chart.
The market (YM) really made a very wild swing.
It leaps vertically before the open, then drops like a wild "crazy" horse, climbed up steadily, and abruptly loses its strength into the close.
That's how I can described the trading today as shown from the chart.
Today's market will make you crazy looking for a good setups, looking for setups today will really test your trading discipline.
The way the charts show, you can be stopped out often unless your stops are not wide enough because of the long wicked legs.
The market today was driven by the news and lots of noise, that's why volatility was rough.
A very wild market indeed!
The market (YM) really made a very wild swing.
It leaps vertically before the open, then drops like a wild "crazy" horse, climbed up steadily, and abruptly loses its strength into the close.
That's how I can described the trading today as shown from the chart.
Today's market will make you crazy looking for a good setups, looking for setups today will really test your trading discipline.
The way the charts show, you can be stopped out often unless your stops are not wide enough because of the long wicked legs.
The market today was driven by the news and lots of noise, that's why volatility was rough.
A very wild market indeed!
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