I have come across some great traders that walk away once they place trades... Not being cowardly, just accepting personal faults. After all, how is your presence likely to help the trade (PROPER stop in place)? If the answer is not CLEARLY yes, then walk away for a bit.. these have been my better trades. At some point it is better to stop driving past the liquor store everyday... change routes...
Hi dear, how do you wanna ever be able to risk and make over $50k a day, with this super short trades. Go on longer times, look for bigger moves.
thanks guys. BTW, is there some kind of law of trading that says the closer i think i am to "getting it" the more likely i'll get slapped back to beginners level. Getting chopped up today. sheesh. 50k in a day ? Nice ! I need to dream a lot bigger.
I got skinned today as well... THE unemotional way to have read today would have been (premise being uptrend requires new highs): 1. Daily High from yesterday not even approached before failure.. 2. Morning drive up did not hold overnight high.. On this basis any intraday failure (2264 from opening area) should have been at least tried short.. I did at 2259 but had been beaten up in the early chop I didn't let it run.. I will be watching 2220 area for confirmation of new downtrend or 2285 for continuation up. So far we have an inside day (I include overnight trading).. IF one can derive plan from Daily and Hourly chart you should TRY to trade in that direction only.. otherwise we get jerked around endlessly..
Cluttering your thread BUT... In your given time-frame there MUST be a logical reason to be able to trade AGAINST successive bars heading (shorting 54's or 63's today) into a level that LIKELY will hold due to a HIGHER current. The lower the time-frame the more lies price tells and therefore the more I lose when I am blind to the bigger picture.
thanks rashid. feel free to post here anytime. I was entering too late today. mostly had direction right just wasn't getting the follow through. A couple nice profits held too long. Once again left for lunch and missed last hr drop. Interestingly when i was getting chopped up i thought i was trading badly. Looking back now most of the trades weren't as bad entries as i thought. The 2246 support area held longer than i thought it would. I should have realized that sooner and stop looking to short near it. Think i may have been trying too hard today. Need to go with what the market is offering.
Hey, how do you do ? Dream so big you can, there is no limit in money making in trading ? I say it now the last time, stop scalping and go on longer timeframes then you will make money, believe me, i know what i am talking about, and maybe in a few years you are able to make 50k$ a day with 1 or 2 trades, or of a duration of 2-3 days, whatever.... Scalping is so super difficult and you cant make big money with it, if you compare it to the longer time frame stuff. Of course there are traders who can make it, but they are very rare and you need the right personality for your own trading style if you wanna be successfull.
No band practice last night so was able to get to bed early. Also traded from home today so it was a nice way to start. On a positive note i had best green day in awhile. A few months ago days like today i would probably have been chasing a lot and lost. I've reached that Pogo moment .. "i've found the enemy and it is I " or something like that. I can't hold winners. I should have had easily another 30 points just by holding a couple trades i was already in. Steel cables, power of now, i'm not doing it. My 5th & 6th trade were losses so the next trade i'm pretty sure i exited just to make back the two losses plus a bit more. 1st trade probably thinking of early in the week losses. Happy to be plus 13.75 for the day but i really need to focus on exiting my winners based on something more than 'that's enough , i'll take it". and i am looking at higher time frame. the problem is not so much analysis as discipline. I think. Anyway i like most of my entries , a couple were forced, so i feel progress there. now to get the other side of the trade PnL attached. charts available on request
Nice! I notice you were smart enough to quit while you were ahead. Were you comfortable today? This is HUGE and is the reason that even when I have a good day but was under stress I still doubt my future in trading. Being positive with big dreams is great BUT if from day to day there is heavy stress in trading, either A. long term you will lose money, OR B. the stress will kill you... Great day..