to be fair to bone , he has a point...……... if there is strong trend up ….then it is better to be looking to buy. in historical charts it is easy to say..... you sell at this resistance and you close here. it is also pertinent that all these trades would have needed to be scalps to be profitable. it is a fact that among professional successful traders, only a tiny few are scalpers. I think it is this that bone was referring to
Hello padutrader, Are you a scalp trader? Do you prefer high probablity which required bigger risk? Or low probability , big reward and small stop loss.
my method is my method. i am still perfecting it. identifying leakages and stopping them. my biggest leakage was trading eurusd. i still blow accounts...…….that is why now i have stopped trying to follow market all the time. i stay out of market more now. my metod is more about watching the speed of moves closely, about keeping a close eye on time and price: both must not be divergent...…. that is helping me think clearly and helping me see what the market is doing. there are signs when ranging is likely...…. i stop and relax and watch when market is in between trend and range i do nothing. i do not think about the traders equation because i do not trade all the time. when the market is like in the blue box in the chart below i do not trade
develop a feel for the market. if you spend enough time trading you develop a feel for the market...…. i am not a big fan of things like probability risk......i have found human beings far more risky than markets.... but you need a feel for the market.....you cannot apply rules, formula....if the market is not acting as expected or is jittery, do not trade.... do not trade all the time...do not spend tooo much time with markets in a position.....a position makes you blind to what the market is doing.... stay free......to think..to OBSERVE...the market does not make a move in secrecy..... if the market is jittery the probability does not change...
what I meant to say is that the only thing that matters is the trend..... everything else is just a distraction
Try that exercise Selling at Weekly Resistance and Buying at Weekly Support for the past eleven years as was the intent of my post.
So what is weekly resistance and weekly support. Arbitrarily, the weekly and low? Of course that would be a losing game for those going short overall. But so would buying support compared to just being a long term hodler, less overall return especially after factoring in weekly commish. Anyway my crystal ball did not tell me to do either option. Must be why I am a trader, and not an investor especially of the hodler type.
in trading be polite. allow the other fellow buy or sell first. do not be a leader, a genius,..be a follower.…..