difficult to switch trading strategy

Discussion in 'Trading' started by trader_david, Sep 8, 2009.

  1. I was good at momentum play or breakout play, bascially a trend follower. I normally jump from one symbol to another one, it is pretty easy for me to catch those fast movements. but after i upgraded my account to future account and I just want to deal with one symbol, I found it is hard for me to trade range-bound days or those consolidation days: when I saw the price moved to morning high or morning low, even I know it is a consolidation day or range bound-day, I still will go short when it hits morning low or vice versa, kind of so natural, it created lots of small loss. like today, I was trading NQ, based on my experience, it is a consolidation day, I told myself many times, if NQ rallied in 10minutes in the opening, I will go short, but when I saw it is shooting to 1665, I could not pull my triggger, then when it went down to 1645, I felt it is a good short, of course i did not short it, then when I saw 1650 (hit 3 times), in the fourth time, could not resist to go long at 1650, then stopped out at 1651.5, even did not get hurt, but look back, it is a good short, not a good long.

    of course it is easy for me to go long OPXA, after I was stopped out, I saw OPXA was shooting, jumped in at 4.8 and sold it at 6.7.
    could not believe myself, why I could not do fading in a consolidation market? anyone has remedy?
  2. 1) You don't have the temperament nor method to do it consistently right now.
    2) Try to develop a method that properly defines an intra-day low/high price for you that you can confidently trade against along with the "J-Hook" that lets you know when you ought to reverse the position. :cool: