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TOP 40

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Samir
Super Contributor
Hi. Profitably pulled out of topdwz yday at R1.19 with a 16% gain and got into TOPDWG at R5.75. previously, I was always guilty of selling once i made a minimum 10% after costs. I trade purely on luck and gut and want to be brave to hold on for bigger profits. Any thoughts?
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22 REPLIES 22
Nick_1
Frequent Contributor
Why not TOPDWI? Closer to barrier but unlikely to hit any time soon? Gut and Luck took me to the cleaners. Everyone goes through the same stages when trading. First it is all based on tips & rumours, Secondly u now start to know the market so u make your own guesses, (Both over time will take u to the cleaners), thirdly, u start to think that u must learn more about technical analysis etc. etc. as the gut thing is not working (Better probabilities but not there yet) and lastly, u come to the realisation that to consistently perform in the market u need a system, integrating risk managemen, money management, triggers and exists and above all discipline. Check ur current status against the 4 fases.
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Samir
Super Contributor
Nick, Didnt take TOPDWI because it never crossed my mine. Havent bothered to really understand waves and chose TOPDWG beacuse it was mentioned in a post previously. I've been through phase 1/lesson 1 when I lost in MKX after following the hype. I've been through phase 2/lesson 1 when I made money on BFS but realised I could have made more. I'm in phase 3 where I started trying to understand the charts and technicals. I got bogged down with the online education. I learnt a bit there-about charts, emotions etc but just didn't have the patience to keep at it. I think that by me raising this post, it is my way of acknowledging that I need to get involved in the technicals and/or fundamentals of the market.
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Nick_1
Frequent Contributor
Cool, selecting your wave based on a post u'v read looks more like u'v slipped back to the first level. Im not being critical, but only trying to warn u that no matter what, the market's gonna take ur monney in this fashion. I learned it the hard way last year cause Ive not been set up to trade waves on a daily basis. First trade went long at 16h30 and doubled my money the next morning selling at 10h00. Did the same that afternoon again long and again the same doubled again! (To top it all I did this with my whole portfolio and was mightely impressed with this new way of printing money) Needless to say quite a few trades later and Ms market's bought herself a new cabriolet instead of me :(.
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Tango
Super Contributor
Nick's right. If you don't have the patience to learn the rules of the game before you sit at the table to play you will lose all your money. In any other professional and technical endeavor you would study and practice for years before getting stuck in. But for some reason (bull market?) most traders think they can throw money into the wishing well and it will just come flying back at them.
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Not applicable
trading is very very simple but very difficult...
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B_man
Occasional Contributor
Remember that the market is always right, it is the analysis or set-up that is wrong. B.
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Samir
Super Contributor
Points noted members. I am risk averse by virtue of my academic/professional qualifications. I have never invested more than 10% of my portfolio into a (what I would consider risky ) trade. (This is only after the MKX lesson). I don't generally trade on tips. I keep my ear to the ground and follow my own leads b4 making a decision. Trading waves was a dabble with some of my spare change. I've only made profitable trades on waves but I know that will change as sure as hell as it did change when I had the first intro to warrants. I only trade waves when I know I am going to be at my PC all day long. Not to say that this will make me money, but allows me the opportunity to cut losses if needed.
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scandal
Super Contributor
guess i am keen to learn how to understand and trade the wave. New trader and not what info is good and what is noise. Am definately willing to aacknoledge that i know too little and do not really want to learn by loosing money. So anyone got and cool links for info..
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Not applicable
Playa this is a shool of hard knocks......
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DEP
Super Contributor
anybody shorting Top? What about topdwp?
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Nick_1
Frequent Contributor
Tempted to get out of my long before EOD. Still think we'll get to 23500 and slightly above before coming off, not too sure if I want to find out through an open position>>>
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Nick_1
Frequent Contributor
Jeez and as I typed the previous post, topi puts in one of those massive green bars! Might just get very close to 23500 today already! In any event I think that move made it clear, I'll close at around 20 to 5, cheers
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SimonPB
Valued Contributor
dep, why short what's going up? Buy what's rising & sell what's falling = easy money.
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Nick_1
Frequent Contributor
Was very tempted to let it run overnight, but got the high of the day on TOPDWI and now dont need to watch cnn til 23 tenite. FIngers crossed we see another 200+ on topi tomorrow to start setting up another short towards end of week. cheers, owt.
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Samir
Super Contributor
Nick, does the warrant and wave market close at the same time?
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SimonPB
Valued Contributor
Samir, yes both close at 4.50pm and both are priced off the near dated ALSI futures contract.
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Not applicable
Guys it still baff me if you look at the questions some people ask. It's so simple buy low sell high and ride the sentiments of the market.Now who like to pay me for this advise?(This is for the SSF players)
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Nick_1
Frequent Contributor
Sorry Samir, didnt catch ur Q, but I see Simon picked up the slack (Thanx Simon). Its strange but it seems as if the market is gonna break to the upside eventhough everyone feels it should be down? On price streamer the topi has been picked up from its lows, higher on every occasion meaning there's sufficient buyers left. Or so I thinketh....
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Not applicable
Nick we are going to see some weakness later this afternoon - whether this just be further retracement before the close remains to be seen. while I am not gonna be shorting anything I am not going to be buying before we see trend resumption (esp the golds as I think gold is gonna come under pressure before we see further strength)
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