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Strategies & Market Trends : Classic TA Workplace
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To: High Country Trader who wrote (77627)7/19/2003 3:04:24 PM
From: bcrafty  Read Replies (2) of 209892
 
HCT, "the real money is from trading the longer timeframes"

I don't think too many would disagree with that.

But in order to successfully trade the longer timeframes one must first (a) get a good entry in the smaller timeframes and (b) not have his stops blown out by movement in those timeframes before getting ahead on longer timeframe charts. I have been trying to do this for years and my success rate is at best one in ten, therefore I end up doing more ST trading than I really want to.

For instance, say I buy an issue at $20 with a good money management stop of 5%. Unless my entry is good enough that the issue doesn't go it doesn't below 19 in the ST, then I'm going to stopped out and I'm back to square one. Even if I took a much more wide stop of 10% I only have one more point of leeway, and my entry must be almost as good.

The only way one is going to be able to succeed in accomplishing their entry, in whatever timeframe he is trading, is to have an almost perfect one that doesn't hit his stop, and would frequently have to be at the very beginning of a wave structure to do so. This is further complicated by the prior wave structure coming to an end in such a manner that one cannot tell what the succeeding wave structure might be, which seems to happen pretty often.

I supose the bottom line of my post is that in order to make "the real money from trading the longer timeframes" one has to have almost perfect entries and/or some pretty wide stops to successfully to so, and getting these entries requires more foresight than many realize.
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