Majority for sure should heed those words, but for you, its pretty elementary when it comes to break outs that fail, would it not make sense to just go the other way? I guess if you fall into the category of one wayness, than you probably do what you normally do.
Not sure what you mean. My crystal ball is broken so I don't know when a breakout will fail. A series of failed breakouts with triggered stops will cause problems, that's all I'm saying. Markets can be non-trending for long periods.
Yes for sure and on the lost cash and all, but on the Crystal ball, 30+ years ago I missed the black Fridays crystal ball give away, so I had to learn the hard way since. I think what you may find helpful is the time element. I hope that helps, I'm usually gone by now and I'm late so cheers and good hunting.
Sssshous!!! That is THE secret. Seriously: How longer you can hold something, the bigger your reward can be. An example: enter on a early hour session pullback/breakout for today, whatever your system is, cary overnight when you have a profit, start looking at a bigger time frame when your profit keeps going. From entering on tickcharts and exiting on yearly charts, you choose. Lose small, win big, do not worry about getting the whole move up or down. That’s amateur play.
For my timeframe it was close to 100%. I'm a more of a scalper. However, profit wasn't the goal for trading today because I was more focused on risk control. It's the biggest problem for me right now. But everything else is looking fine system wise. The trend was an unexpected surprised.
%% True; but he got the profit part right + ''should have gotten in earlier'' i dont like to get in early, in the market early that is. Another reason i dont like early, never could make much off a 3 minute chart; but i never would /should beat my head , if i found out market makers could profit off smaller time frames
Trading is far from easy, or simplistic. -- You have alot to learn and develop, if you think or assume so. Predict/trade/manage the daily DOW/SPY chart for 10 years. With ever-increasing bigger/aggressive trades/plays...and then we'll talk. Separate the Wheat from the Chaff. Hunt for the true Elites. Trading is not just about showing off a beautiful and simple and direct upward or downward daily chart and saying I traded this successfully. It's about collective experience and adversity and judgement calls. -- Not many people live or survive long enough to tell those tales. You will inevitably fail as a trader if all you have in your arsenal head is just trading with the trend. There's so many other variables and considerations that are percolating that you're missing or not considering. Trading is like putting together a puzzle...that is constantly rearranging and detaching its pieces as you solve it and put it together. Make Trading Great Again, High-Five`. Merry New Year
Just ignore the nay sayers here -- they just are not elite. Trading is extremely difficult until your learn the secret. After you learn the secret, it gets lot easier but still keeps you on your toes. Do not get carried away with one trade. Work towards learning the secret.
The secret is, not over complicating it and getting yourself all confused, try to go as simple as possible. While being aware, of traps and pit falls, example.... A Double bottom, will likely hold, pro's create that, a triple bottom is where retail gets the confidence and sees it they don't see doubles, so retail pile in, create a small move there way, then Pro's pull the rug from under and drop it as quick as possible to slip stops. You have to be thinking constantly, this bottom held 3 times already, is it worth risking a 4th ?? Stop thinking, that's when your no longer trading!!