If your performance in this market has been pathetic, it may be appropriate to revise your strategy or move to another playing field like the ES fututre market - it's been very kind to me in July.
In case anyone does not know, IN2WIN is trying to promote a service for his calls via Yahoo! Messenger. All of his posts here are designed to get people interested in "looking over his shoulder", and then he will no doubt begin charging for his services. Just a head's up...
Being that I just became profitable about 5 or 6 weeks ago and had my first losing week this past week, I am learning that the summer time really can test abilities. In analyzing my trades: I NEED TO SIT ON MY F**K**G HANDS AND WAIT FOR THE TRADES. I guess there are just fewer of them during the summer. I am used to trading (in my style) about 4 - 6 times per day. I play reversals only. Perhaps I need other tactics or maybe look at currency or bonds ? Any comments ?
Any particular times of the day you do better than others? I found myself well ahead by 10:30 only to give allot back during the rest of the day ( I trade ES and high beta stocks primarily). I wanted to keep trading through the whole day just to work at it and increase my skill level and experience but a first traded size (which for me is 20 contracts) in the am and then after about 10:30 traded 1 contract. When I was still losing even on 1 contract I went to paper after 10:30 (and still losing but at least keeping what i make on the am trades which has been very profitable for the month or so since I have been back to trading). Good luck, Mvic
Could not agree more. IMO this market is not that bad at all. No, its not just printing money for you like a year ago this month, but three are plenty of opportunities every day. Its good though that you can recognize that your style is not working for you right now and you want to take some time off. But just a little perspective, there are a lot of people out there doing very well these last couple months, maybe it is time to look into trying something else. Also I think it is VERY easy for an office not doing well to feed off of itself, either good or bad. I know our office has been doing very well of late...so you would never know that people think this is a "bad" market. Just a different perspective.
No. Being that I trade reversals mainly, I usually find one as the morning trend (if there is one) reverses over lunch time and usually a late day reverse, like after bonds close. I trade NQ only.