For those who successfully trade the S&P and S&P mini's. Is today(Oct. 18)a frustrating day, or a trader's "paradise"? It is not a strong up or down day.It is a "narrow"range bound one at the moment(1:00 pm eastern)
Yes, today was a difficult day to trade. The first hour or two, kept getting stopped out. Was looking for market to either break through it's support or rally and continue higher. Had a couple of trades that nearly led me to think that I would be better off on the sidelines today. But then the next few worked out, and the rest of the day went fairly well from there. Had to work for my profit, was behind the market much of the way. My plan finished on the upside, though. Tomorrow's a new day.
Redart11: âIs today (Oct. 18) a frustrating day, or a trader's "paradise"? It is not a strong up or down day. It is a "narrow" range bound one at the moment (1:00 pm eastern)â I didnât have difficulty with today but thatâs not meant to imply Iâve not had difficulty with consolidating days in the past. Iâve also had difficulty with extremely strong trending days such as the recent 10/3 skyrocket in the NQ. My point is that the type of day doesnât necessarily inhibit the quality of my signals. The one area of my trading that is directly tied to days such as today is the degree of profitability. In general, I attempt to strike equilibrium between holding on for potential profits and preserving gains once a trade has moved into my favor. To profit from longer extensions often requires a wider trailing stop. Luckily, I was able to determine very early that the market was likely to chop around and I altered my trade management to favor that type of environment. Thatâs not always the case, of course, and on days such as today I can end up giving up quite a bit of what was on the table.