I'm glad some are willing to admit they didn't cash in big today. It was depressing me this afternoon, seeing all the celebrating around here, and knowing that I managed a net loss on an "easy" day like today. Don't get me wrong -- I'm glad for everybody's success. It's just that, looking back at the day's chart NOW, I can't believe how many shorts I tried today. Depressing.
Yesterday ( Thursday ) was what I call a school day. On day like this when things are out of ordinary I always try to see what indicator give me best signal, put it in a note book for future reference and try to be ready the next time. This time it was a "geometry method "signal at 11:15est which was close to perfection. ( considering ) Walter
I view such days as simply a bonus... what counts is consistency throughout the year, not the occasional windfall day like Thursday....
I swing trade and unless I am already in , I find it very hard to enter these large gap up on the opens. My only reason is on a risk basis since there is so much real estate below the gap that I now have to consider risk on the trade just being too high for my method. Its painful to have to sit it out but many times I do that. About mid day I will look for some stocks that are lagging but still have acceptable charts and risk and give one or two a shot.
Agreed. Trading is hitting singles with a few homers throughout the year. All adds up in the end, especially the singles. Good trading
I swing trade and I was in for a week on the QQQ, had a 1 pt. stop and looking to make 3pts and I am still long. DON'T FRET, IT ISN'T OVER YET. Still a chance to jump in on something, lots of things moving.
i totally disagree. i labored under the misconception that a 'consistent' return was the best way to trade. (taking $X from the market every day, or every week). sold myself way short doing so. markets simply aren't conducive to making a 'consistent' return on them. they fluctuate through periods where the going is good, to where it is not so good. it is imperative that you take advantage when the going is good. consistency is important when you're working at a job, it's fool's gold for a trader. there's nothing wrong with treading water, or losing money, while the going's tough. but you have to make sure you're ready to pounce when days like thursday come up. for probably the first time in my (short) trading career, i can happily say i was. luck? maybe. but maybe the trading shibboleths of the old timers -- who have made a dollar or two -- are worth paying more than just lip service to.
Feel free to "totally" disagree, Brother daniel_m!! What I do works just fine for me ... But of course, no one way of looking at things is a universal truth, so if playing for homeruns is what works for you, then so be it... it is a legitimate approach...