I was short all day, got killed in ETH session, and kept stopping out for small gain then missed the whole melt down. And right, sometimes having a big bias just fked with your head
I believe the biggest problem for most traders is themselves. Obviously, you still need some type of tradeable edge to execute, but most struggle because they refuse to maintain a structured approach. I think automation is nice in this sense if you can pull it off, I just find that difficult because it's hard to program realtime market context / structure.
it happens! yeah, it can lead to both horrid days and insane profits depending on the market action! I used to trade with a guy online (@Laissez Faire knows who I mean) who was kind of a perma bear, but he caught some insane runs where he'd basically say 'more to go!' despite us being down 3% 2 days in a row and he'd add to his shorts! Million dollar days. But man, he also gave a hell of a chunk back during them rallies when the market is going up yet he had strong conviction in lower prices! (although surely not all of his profits as he was very very good with his timing on trades so usually he'd be able to get out at breakeven even when he'd read the day/bias all wrong) That strong conviction is something i've never had in any trade! A big missing ingredient in my trading vs the people who are way better than me. Similar to how some have 'targets'/a level a price will hit that they are basically certain of. Would help me some! Yeah, that's the goal I guess. My own noobie method is automated in the sense that I have a good idea of what trades I'd have taken on any given day if I wasn't at the screen. There's an element of discretion with me, but most of what I look at is kind of automated. I missed the action today, although from looking at the charts I know i'd have likely been chopped up for the first part of the day, but then i'd have caught a very nice short in the 2nd half. As it is, no trades. I slept and listened to scam-baiters on youtube!
I added a couple of grand in the afternoon. I played it way too cautious and way too small. This should have been a $100K day. I've never had one, but I want one, and this should have been it. All single contract NQ trades today.
It's always harder to navigate a bear market or major down leg due to the vicious counter rallies. A big picture outlooks helps, but still nothing easy about it. If it was, we'd all be zillionaires.
And if I were to tell you we will have a sharp rally tomorrow, would you flex your big balls whether there's a gap or not? And might I also add, you and I are not the only ones. #5870 #bigballs