Registered: Feb 2012
04-27-12 05:35 AM
Quote from dv4632:
So what do you do if price enters key support level and reverses higher, leaving a lower wick into the support zone and the bar closes green. So you wouldn't enter a break above that bar. Do you wait for a retrace on a subsequent bar and enter later on, or forget the trade altogether?
The idea makes sense and is similar to some advice I was given a while ago...
I'll tell you the exact same thing I tell a friend that trades along my side on a daily basis, maybe you learn something from the statement.
Trading is not a pissing contest, it's not an ego trip where you try buying the absolute low or shorting the absolute high, but it's about managing risk to the best of your abilities while using that good leverage that is provided to you, many times at no additional cost. If missing a move bothers you I suggest multiple instruments to decrease such chances.
Hope that helps visualize where I'm getting at, the rest you must search for by applying it to your own system and making the best out of it.