Stupid me. I got out late last night because I have such a day trader mentality. Missed out on another 5 points move. I knew from the chart it would go higher. Yet I was being a tick hound and scared of a small pull back. sometimes I feel daytrading is a waste of time! Some of my biggest gains with the least amount of stress was recognizing the sweet spot and holding it for a swing trade. I don't always get it right and I'm scared of the overnight reversals. The only good thing i gained from daytrading is I get out of losses fast when I see a reversal coming. I also learned to recognize some trends. It's been a long journey. But to get the big fat gains I have to swing trade. But there's more volatility that I have to learn to sit through. trade offs. Having said that, daytrading helped me recognized tons of patterns that are useful. And I did make a nice $ on this GC trade. It could have been a lot better. There's always another bus to catch in the market.more moves.
Laws of economics are not revoked. They MAY seem to be suspended for long periods of time. For day traders it is not important as they trade what they seem in the moment.
wow. Had I just held on instead of being a stupid daytrader and got out last night I would have been up another 11pts! Crazy! This morning I got in then took a small loss. Proud of that. It reversed. In the past I would not cut losses fast. Then of course it rallied hard. And I bit the bullet and got back in and made 3pts! Of course, it would have been better if I just did nothing(swing trading). While 3pts is less than 11pts holding onto a good swing trading idea, but I made back my small 1pt loss earlier this morning and had an extra 2 pts of net profits. More importantly, I'm very proud that I bit the bullet and bought the breakout. In the past, I would just stayed out and just watch the breakout. Or worse yet short it. LOL! Or chase the breakout and bought at the very top tick and get a nasty reversal loss. So I'm improving everyday. I will not get the perfect exits. but everyday I am refining and getting better.
Just to clarify. I captured 12 pts overnight. Then made 3 pts intraday. Had I just held from beginning to now it would have a total of 32pts. WOW. Gotta learn to be more patient with swing trades. But on the positive side, I'm getting better at trading everyday. Even now overnight I banged out profits on CL, GC, MNQs. hehe.
Get on the right side of a swing and yer whistling Misty. Get on the wrong side, like me, and yer hunkering down in a bunker waiting for the end.
Yep. Definitely need to add more swing trades in my toolkit. I'm getting better at intraday trend trading(not microscalping but intraday trends). But one good swing trade can be more than days worth of gains for intraday trend trading.
The reason I got out of my GC futures quickly was that last time I bought and held a breakout(this was with GLD call options) I lost a bunch. I've made money on several breakouts but lost on a few too. Now I remember why I subconsciously so afraid of holding GC futures for the long haul. Gold has a way of breaking out then get smashed quickly. You gotta be quick.
I don't see any correlation. https://www.barchart.com/stocks/quo...=false&axis2=false&axis3=false&isComparison=1