As someone who's run a trading business for 15 years... IMO people who claim to be "done by noon", etc... Are completely full of shit... it's just not adult thinking.
For me when I scale in at a percieved level, Im hoping that my order fills at an exact level then retraces/rebounds, sometimes it is but most times not. Here's an example, if I expect the market to stall during an upmove to say, ES 1320.00 I'll put an order to sell lmt at 1319.75 if it fills then moves slightly against me I'll sell another at say 20.50 then put an order in to cover my initial short at 19.50. I'll do this only for only two or so scale ins (depends on mkt feel/intuition as well) before I know Im wrong then flatten everything. If in the example the mkt pulls back to the 19.50 level and fills I am now out of my first ladder. It covers my cost of that trade plus a tiny profit and I'm now holding on to a winner with the short at 20.50 The levels are key, if the levels of inflection or s/r are off my scale ins obviously will not work. This can work well with lots of practice just watching the DOM and sometimes nothing else, does for me anyways.
I said 'like' to be done by noon, not 'am' done by noon, in otherwords it part of my daily goal as well. Why do people insist on taking things out of context! wtf?
nope..if I knew an easy way to make $100k+ per annum I'd do it.....Every time I try other things I lose money...despite them telling how easy it is..go figure.
I "like" to be done by 9:45 am.....but never happens. ------------------------------------------------------------------------------------ As someone who's run a trading business for 15 years... IMO people who claim to be "done by noon", etc... Are completely full of shit... it's just not adult thinking.
I am like this. I suppose I come across as an angry, hateful person but I love every minute of every trade. Don't mistake the intensity for perpetual anger/sadness, it's just that the business is about eeking out every last tick, and that intensity sometimes leaks out in various ways that don't always make sense.
I enjoy a roof over my families head, beans on our plate and light after the sun goes down... If I could lay on the beach never staring at another pixel again, achieve my goals while sustaining our standard of living, it would be a good trade ;o)