Discussion in 'Trading' started by newtothis, Sep 24, 2008.
what the f**k is going on
I'm up 500, down 300, up 200, down 600
shit this is rocky
The attached 5 mins chart of the YM should answer your question ...
If you don't see two Higher Lows (HL) followed by two Higher Highs (HH) then we are still going down
I'm still looking for it... in the mean time I short....
Doesn't sound like you have a solid plan in place, a successful trader (usually) isn't bouncing around like this and feeling confused. Sounds like you are getting lucky when you are up and unlucky when you are down
It is behaving exactly as it should according to my prediction. One you will understand it, you will not right what you wrote.
As I said weeks ago, voltility is here to stay for quite sometime, until this credit crisis is resolved (years away) we are going to see more triple digit days than ever before. Get used to them, its great for trading....the market in my opinion is looking a BIT oversold at the moment. However new lows and dow 10k are possible over the next 2-4 weeks.
look at this
I made money today, but still way to much volitility today
this is better
+ SLD 1000 CHK Stock 40.750 USD NYSE 11:11:23 5.00
+ SLD 1000 CHK Stock 40.600 USD BATS 11:36:14 5.00
+ BOT 2000 CHK Stock 40.550 USD NYSE 11:38:35 10.00
SLD 1000 MEE Stock 42.29 USD NYSE 14:21:07 5.00
BOT 1000 MEE Stock 42.00 USD SMART 15:08:04 5.00
+ SLD 1000 MEE Stock 41.251 USD ARCA 15:19:51 5.00
+ BOT 1000 MEE Stock 40.950 USD NYSE 15:54:21 5.00
What you make or lose in a day at this point isn't significant in terms defining you as a trader. You sound like a guy, like many of us are and were, who is just getting lucky and unlucky as opposed to having a defined plan which creates consistent success. As long as you aren't blowing out your account, being up 500 down 300 down 800 up 200 just means you need to work on your approach.
Believe it or not, its not volitility thats killing you, its lack of a solid plan. With a solid plan, volitility is a god sent.
I'm not trying to flame you, just pointing out what seems obvious to me. And...you are "newtothis" so you are admittedly.... new
No need for a complicated plan. You just need to take profits. When you're in the money and about to hit support or resistance take half off, and set stop at break even for the rest.
swordman your right I don't have a plan, or a system
I usually try to follow trend lines or the overall market predictions
truthfully I did not think the market would hold up like this
I thought it would be a down day about 200 points.
people in congress couldn't make up their minds about the bail out plan
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