Why this ugly S&P 500 streak cautions against chasing bear-market bounces https://www.marketwatch.com/story/w...-market-bounces-11658175867?mod=mw_latestnews This trader's lesson learned and learned well in California all the while cavorting with the likes of Julius Caesar's wives Calpurnia when she was a doll ........................... 3-piece suits out of London ................ now down to just T-shirts with holes in 'em, tattered jeans and tennis shoes. Happier? You bet Gave up the diet of Kings and went poor man's food? Yup. Lyrics describe This trader to a T. No direction HOME, Like a complete unknown scrounging my next meal Conceptual understanding, non-religious: Down in the gutter the only thing I know-ed was that GOD was shaken when Jesus asked him, "Father why have you forsaken me?" I ran with this concept but instead of routing it to God I sent it thru' Mother Mary. The response was swift. The tall Man that stood up to the centurion was Big J but the washing was done by M The Trader turned on a dime and never looked back
My position STOP from yesterday's trading end taken out at market open today. Yesterday was a lovely day for trading. May Mother Mary grant me many such days. The position stop gave back some of the gains but I'm always happy to pay for stupidity and tuition. Stupidity it was as I shoulda woulda coulda just closed the whole thing out near closing time yesterday. Tuition well spent. When I lose in trading my consolation is always in comparison to the plight of this poor fella here in the song ............. that type of loss has never happened to me, never will.
Trader styles: (1) Short-term traders (99.999999% of traders) (2) Long-range traders ( only a handful exist, I'm one of them) During this recent episode sideways market action which has brought on numerous calls by experts that the bottom is in, is one of the times I dig into the 5-min timeframe as shown yesterday and do my trading there as it is obvious that the market trend is stymied temporarily, so just earn m y money the hard way for the duration of the trendless nature of the move. Then when the market goes back to normal operation I go back to my forte as shown in the video below 0 i.e. the long range prowess, my pride and joy