After years of trying to time market tops and bottoms for who knows what reason and failing consistently on it, I've decided to start doing the opposite today. Note tone may be humorous, but content is serious. I'm just bored. It started with the premarket hours as I was trying to time countertrend top. Even though I knew that the trend was likely up. It seem easier to me to try to bet on the top. Only my risk management sucked. Then I took a nap. I woke up and decided I'm going to stop doing that. At the open, I will make one trade when I see the signal. I will place my stop. Win Fail I don't care. Either the trade will work or it doesn't and I am done. Turns out the trade worked and I let the profit ride as far as it can go and I exited. $200 instant profit right away. Not bad. Would have been much better if I had gotten into the trend right from the start. But I was sleeping and I have a rule about sleep and not trading. At the least I try to obey it. But really bummed that the market was trending while I was asleep. I hate those days. When you know it'll go up but it goes up overnight and you miss it because you needed your sleep for the morning. I actually woke up at the middle of the night and saw the trend developing. Again, I have a rule about sleep and not trading so I didn't do anything. On my to do list, I need a system to compensate for these scenario. Trade with the Trend. Be Like a Leaf in the Wind. Go where the wind takes you. Be like a crocodile. Anyways, the profitable trade felt easy. Maybe it was just luck and favorable market conditions. So is trading this easy or am I missing somethings???
Depends on the instrument. If you want free money, trade the ES. Buy short term dips or Buy breakouts. Of you like a challenge, trade FX or stocks or whatever as they can go where they want!
It can be that easy, choppy markets ofcourse picking tops and bottoms would work better, need a compromise. Keep it easy
Trend trading seems so easy when it's working well. You will encounter periods of ranging markets and one after another the trends will fail. TL;DR: It's not that easy.
It can be, if you understand the difference between trending and ranging and don't get caught up in all the arguments over same. This morning in the NQ, for example, a long signal was given within seconds and price moved 30pts in only 15m. That is not a bad way to start the day.
You need to trade the chop with the short term direction only, that way get chop you make a little, get trend and realise that make a lot, get direction change then lose a little, but 2/3rds of possibilitys make you $$$$$
I don't know. Statistically, I keep undershooting when I tried timing chop, pullbacks, top, bottom etc. I would like to enter and hold on a trend but difficult to tell sometime when a trend and chop. More often then not I tend to get shaken out. And then there's the scenario where you can be right on direction but wrong on timing. I hate those.
It's easy till when it is not easy then it is so many horrible words you never knew existed coming out of you.