<i>"My thoughts exactly Austinp. Yesterday was really wild and difficult to trade. Glad to see someone killed it though!"</i> I don't know that anyone really "killed it" in eminis. Some people made some money... but much more was missed or lost via unrealized gains which whipped out than got booked. For all those in other threads who espouse how they are loving this wild stuff and making tons of money, where are the blotters in P&L thread to back such eager boasts? There are a lot of traders getting wiped out right now. Any broker can confirm that. Discipline breaks down, frustration sets in and traders pull stops to avoid taking umpteen small whipsawed losses. That's when the big surge rolls against them, blows out account and they're done. Extremely dull markets and extremely volatile markets are equally tough to trade. One offers nil profits, the other offers massive potential profit AND potential loss in equal measures. It requires the utmost degree of discipline and skill to navigate this, imo. Good news is, we build long-term careers in normal market action. This insanity will not last much longer.
Well considering the cicumstances you still did really well. Hopefully the VIX comes down a bit, but that's just me. I know some people love this environment.
Good points. I wasnt trying to imply that people should have made a killing, especially after reading your recap on how the price action played out. And I agree about the hindsight thing.. Good thing I am still messing around on a sim.
AustinP I agree with you but I must say that the last couple of days were just amazing to me, days where if you have enough diciplane it's really hard to lose money. Here's an example of one trade I made today, a perfect PA trade, and a good one, I must admit, in terms of entry and exit too edit: It got cut in the picture, entry was at 105.70, exit at 104.98 (7 Points trade that took about 20 seconds, you gotta love this...)
Not meant to criticize, but why not wait till the pullback for entry on those, instead of the first leg down?
I'm looking for critique or anything that will help. I didn't wait for pull back because I have no idea how high it would 'pull back'. 1385 is where it stopped, but I had no previous knowledge of that...
Then your stop needs to be the previous swing high. You must protect your stop if you do not want that process to continue.