Yeah you're rocking for sure! Just your words about 100 years of combined experience (I thought TRADING experience) scared me... P. S. I just turned 30 this year so you guys have a lot more experience in general than me, not just trading... Guess I'll take things with less stress with some age wisdom too.
the market only has so many tricks... and not that many. When you can recognise almost instantly what they are up to and can catch the reversals at top and bottom... the stress is gone. Once you have them at extremes and PIB you decide how you want to play... they can't throw you off or out. But when someone doesn't have the know-how, best buy a book on traders psychology to help cope with the stress of bewilderment and unexpected losses. Chop, noise, spikes, falling knives, news, mush charts, trend days lol. This is just a big game, and I love it. Stress? Nah!
It is also luck involved. Just as the market is testing the TL after the retail sales, ECB opens its mouth and spews out the garbage about increasing interest rates. Mkt short euro and 200 points later here we are. We would have bounce off the TL the first time but my guess is without the ecb BS we would be below it right now. My guess is this market will get itself nice and long euros into tomorrows number and bang the number will be better than expected. This is a typical top being formed. It can take awhile as the euro bulls refuse to give up. The reasons the dollar fall over the last year are no longer as strong as they use to be. I use these opportunities to short. Great thread I really enjoy it.
Yoohoo, Yeah, with more knowledge of the game there is less stress... 1min is not as scaring for me as it was just several days ago...
Luck? The more I learned the luckier I became. Now every day I'm lucky. Before the news I'm lucky. Tops & Bottoms I'm lucky. Guess I'm one lucky guy. Give me 18 hrs a day and I'll make you lucky too
Whatever I have been doing this for 20 years so I know the game. The right play was to go long around 60 (tl failure first hit), the 200 points is nothing more than lucky timing of the tl hit and ecb talking shit. The market will try to keep this going higher for the rest of the afternoon, suckers rally for those late to the show. The next leg down which starts later tonight.
I am not disgruntled, all I was pointing out is that luck plays a factor at times. Good and bad luck. How you manage the luck makes you a good trader. Charts I live by but news has a tendancy of of interrupting the direction of the short time frame charts. This morning luck was on anyone who went long near the trendline. That luck if you were a good trader lead to huge gain. The point I am making is fundamentals lead to the huge move, technicals got you in a few minutes before. Smart trader saw the two together and stayed in for the long run and not 20 points. A good trader may not have been in the market before the ecb talked because they could have said anything and the market could have moved 200 points down. Luck played a role in this move. 90% of the time if I am shortterm trading I will never have a position before news, it is no better than gambling. Those that were long ahead of the ecb talk where gambling and got lucky. A new trader should not had a position before the talk. JMO