Mooning! 1 % up doesn't seem like too big an ask. 6110. Possible reaction here at last week's close and this week's open just below 6100.
Not a hard prediction on my end. Just looking at historical figures and approximating. 40 % would be an absolute shocker, but who knows... Yes. It's really great. It's amusing how little has changed in the game of speculation since that book was written. I got stuck as life happened, but I'm slowly going through the rest of it. As for Livermore, I guess he was subject to his own humanity just like the rest of us. Kind of nice to read, actually. It's one thing to know what to do - doing it consistently is the hard part.
Totally agree. I think a large part of the problem is that, unlike in most professions, often bad decisions get rewarded and good decisions hurt. For example, you double down on a losing trade (bad behavior) and the market not only bails you out at the last moment, but you end up with a very nice profit due to a larger position reward. Other times you honor your stops (good behavior), only to be low-ticked and end up with a loss on a position that 10 minutes later is showing some nice profit. If "bad" behavior (breaking your own rules, etc.) was consistently punished, after a while, we'd all trade, maybe not like champions, but at least to the best of our ability.
If I would only do what I know to do I'd be a million dollar a month trader. FWIW, I'm nowhere close.
Well, in most professions you're still paid if you're sloppy or have a bad day/week/year. Day trading in particular really requires you to bring your best game on a daily basis and to completely detach from what happened yesterday or last week. FWIW, for me, the biggest mistakes lately relates to staying disciplined enough to only trade at certain times. Specifically, not trading while at the office (I don't even have my own office at work), during the Asia session (I guess my win rate there is around 20 %) or when I'm otherwise busy with other stuff or worn out. Like you say, the problem is that this stuff works at times and you're rewarded for bad behavior. I skipped trading at work today, so maybe there's hope? “A man, if he is both wise and lucky, will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original mistake. The family is so large that there is always one of them around when you want to see what you can do in the fool-play line.” - J.L.
There’s no way this can be stopped. Going to the absolute moon and beyond and nothing can change this.
when does the santa rally start and we can get some 'proper' up days, and not just these piddly little +55 days on the ES??!!