I started nibbling at high quality US and CDN equities that have been washed out by the falling markets. These are for my long term account.
I do not blame you, at some point we have to stop going down and we should be able to get a little run up after all the Hedge Funds are done selling, just be willing to trade your positions out if you have a nice gain P.S The huge down day I went 20% in with my IRA , I been in cash for over a year! We will see If I made a mistake, so far so good Take Care, Joe Baker
ES was the strong one today hit upper target plus ext. was almost hit by 2 ticks I dont think it will come to a surprise that this has been very hard market to predict as far as ranges go, and support and resistance with 700-1000 point ranges but like they say, " this too shall pass" We may get a sideways market within 800 or so points the levels will be easier to trade and fade so better trading is coming, just my opinion And I will try to keep you up to date with what I am seeing like I did with the YouTube videos, it has just been so crazy lately it has been hard to give an overall direction on market like I have done in the past Take Care , Joe Baker
Thanks Joe. Have a great weekend. The last two weeks have been interesting... huge fast swings in every directions, worldwide govt interventions, election noise, gahhhh! Thanks to teachers like you, my successful trades far outnumber my losers, something that has come with study and practice only in the last year. Very difficult to trade markets like this when you realize the implications of it all... and worry like I do. When my emotions are in control I lose. I could feel it, see it, another expensive lesson well worth the $. It's very depressing and much more serious than folks realize. This weekend I'll be at my salaried job, something I'm appreciating more and more. The lack of tourists in Hawaii is destroying our economy, folks are maxed out and pinching pennies. I see denial, bargaining, and a hope that things will return to "normal". The MSM has done a good job of soothing and distracting the masses. Scary times, worldwide.
LOL: My swing trades usu do not have stops. but with the extreme volatility I been exiting with profits and entering with good setups - going light with stops. At least my equity is not making wild swings and with a close of positions I get a bit more rest. That being said, I went bullish on Thursday with perhaps a bottom last Friday in place. I am back to swing trades, but I noticed the slight miss on targets with daytrades. Of course after watching for months these being very accurate. . .now that I was using them they slipped a bit - haha on me. Anyway, I am seeing a bit like you and am playing it as such. Again the levels are invaluable, as I am only 1/3 vested with my margin allocation of contracts and am on the lookout for the next good entry!gA paysense
One of our room advisors put this out to our members, I feel it can help! I think it was writen by Joe Ross STEPS TO WINNING Do you find yourself putting unnecessary pressure on yourself? Do you believe that you must succeed on every trade, or even on any single trade? Do you have a compelling need to be right about your trades? Do you find yourself trying to impose your will on the market? Finally, do you try to predict the future -- the behavior of the market? If you have any of the above problems (yes, they are problems) you are on the road to failure as a trader. Winning traders have put such thoughts and actions behind them. Instead, winners objectively observe market conditions. Winners make and follow a plan of attack, and let the market take them where it wants them to go. They stay calm and relaxed, and ready to anticipate what will happen next. Anticipation is quite different from prediction. Anticipation is flexible, ready to go either way. Winners find that they are able to freely enter and exit trades without worrying about the consequences. This carefree approach to trading allows them to see trading opportunities more easily, and allows them to take advantage of these opportunities when they arise. You can take concrete, specific steps to cultivate a winning mindset. ⢠Make sure that you get plenty of rest. This includes taking vacations away from the markets for extended periods of time. Realize that you are not a machine. You need refreshment. ⢠Reduce any psychological pressure that may use up mental energy. The most obvious way to relieve such pressure is to think in terms of probabilities and carefully manage risk. ⢠Be flexible. Look at a trade from different angles, and don't be afraid to explore every possibility. You may be wrong, but being wrong shouldn't bother you. Expect to be wrong often, so use tight stops. It's vital to be flexible when examining your options. If you rigidly adhere to one course of action, you may pay the price for it in terms of losses. Try to be as flexible as you are able to be, and you'll see more profits. Keep in mind that the greatest obstacle to flexibility is fear. When we think we are about to experience harm, we have to mobilize our resources and focus all our energy on the source of harm. The problem with doing that is that we lose our flexibility and become rigid. A rigid trader may fear that his or her plan is unlikely to succeed. Rather than carefully considering all possible adverse conditions, the fearful and rigid trader focuses on only one possibility and develops no alternative plan of attack should an unwanted, or unanticipated, event thwart his or her trading plan. Being a flexible trader means having no fear of looking at all the possibilities, and determining which are likely. Openness to all possibilities allows a flexible trader to change his or her plans if required, and recover from a potential setback. Traders are the most inflexible when they experience fear, so the best antidote to rigidity is to reduce fear. ⢠Fear can be reduced by managing risk. If you know that you can survive the worst-case scenario, then you'll feel calm and relaxed. ⢠If you trade with money you can afford to lose, you'll have little to fear and you can more easily examine all possible alternative factors that may impact your trading plan. ⢠Believing in yourself and in your ability to trade drives away fear. The more you are refreshed, the less you are under stress, the more flexible you can be. It takes calmness and assuredness to become and remain a winner in the markets. I thought it was good.