You are correct, although I am not the author of that post. I will incorporate when to not trade into my plan. Thanks.
It is covered by when to trade. At least for me it is. It has little to do with time. Although if you are part time I can see that being part of your plan. When to trade is the set-up. The set-up includes several criteria and if all of them are not met then you shouldn't trade. For instance some of the criteria is what the over-all market is doing, where are support and resistance, and what the volume is doing.
let me get this straight you are not profitable. but i am confused when i see your chart i see 1D and 1M......are you trading daily or 1 minute? since you say you are scalping i figure you must be trading 1M.. did you know that scalping is the most difficult and very few pros do that..... very few pros can do that....that is what all the pros say ..it is not me saying that. in fact how many pros trade 1 M? best of luck though i know luck cant save you. your problem : losing money. the obvious solution :stop scalping. do not like this solution ......keep losing money
Yeah I agree, just trying to get some gears going. I think that might be a downfall for a lot of traders. Feeling the need to be in the market all the time. Unless you are the jack of all trade/master of none kinda guy, there’s a lot of time I’m not in the market, simply because I don’t see any potential set ups. Also, I don’t have a lot of eyes so I can only see a finite universe in front of me, there could be a potential setup that I’m not aware of. right now is an example. The market keeps booming, with no healthy correction. This leads to inflated prices. With the way my contrarian mind works, I CANT buy trending upward stocks. Idk why, I just can’t. And it fvcks with my head because there’s so many that do. I only buy stocks that go down. I’m way more comfortable with this style. Thus limiting my advantages and opportunities to only a certain set up. this is why I’ve learned to trade options because I have a knack of trading non-directional consolidation trades. But yes when to trade could be in regards to when to not trade!
a plan should be based on the knowledge of market movements and dynamics a set up is plan.... but if you do not base it on market movements..... then you will lose.. that is why all traders lose...they trade set ups without knowing which ones will fail. Brooks gives set ups in the first chapter and proceeds to write another 10 chapters...why? what is the value of set ups....... in Brooks opinion? why did he NOT END HIS BOOK WITH THE FIRST CHAPTER?
in a booming market only shit goes down you have an investor's mindset NOT a traders. buy good companies when they go down......yes that is investing. buy good companies....when they go up that is trading. be clear in what you are doing
intraday corrections aren’t “healthy” corrections. since you seem to like semantics, a healthy correction is an -8% over a span of two weeks (avg), not your intraday meek -1.7% hiccups 1-3 days. and I said I buy stocks when they go down. I said nothing about the stock being a “good” company lol, in fact the company is most likely a piece of ish.