Yes, but the idea is not to pay twice what it's worth. Unless there is some asymmetry between your risk and reward, then you're just treading water.
Michael, I apologize for that poor choice of wording yesterday. I was posting in haste... had finished trading for the day and was hurrying thru non-market tasks. For sure I did not mean to disparage any part of this program... not by any means Day 1 of 10 is complete for me. CL is chopping a <60 cent sideways range. Enough of that for today. Profitable, and win % is 50/50 One down... nine left to go
I make apologies for jumping into this thread previously. I would love to see this thread be just for Mav and Surf and their 2 cents on their day. We can open another thread for comments like my waste of time. Peace
when you make a soup its celery onions carrots for a base , then the meat ,maybe potatoes if you have them,even if you have them, you wouldn't add blue berries, would ruin the soup,words like "can't,hard to overcome, house money" shouldn't be allowed in your thought process while trading,like the soup ,your trading mindset can be easily ruined by just a few ingredients.....mindset should be setup,profit target ,loss limit
I didn't take any trades today. This morning was painfully slow. No volume and small ranges. We got some range expansion in the afternoon on the selloff in ES and Oil but didn't want to trade that. Hard to believe it's Oct. I suspect the market wants to see how this first Presidential debate shakes out tomorrow night plus the jobs report on Friday. The best trade this morning and one I "should" have taken was the long in the Euro. I was bidding for it but never got it. With the ranges as tight as they are, I'm not terribly motivated to pay up or chase anything. A lot of how I trade is based on volatility and volume and when there is neither of either, that's when you have to pass. I trade a lot like a poker player. Everyday the market gives you cards. You decide if you want to bet, check or call. Well, I checked. Another thing, if I don't take any trades by 10:30 am central time, I usually check. I don't like to start trading around noon. There was a decent short in oil going into the lunch time hour but I didn't want that to be the first trade of the day. As I said before, the name of this game is patience and discipline. There is no reason to be trading back and forth all day long taking random trades. Pick your spots and manage your risk.
I am only trading one instrument, CL, and I found lots of opportunity today. Another wild session, being down nearly 1k then back to even, then up 1k aproxand finally closing out about $730 pre commission and netting $455 on the session. we have the ADP employmentnumbers tomorrow, should be an active day. surf