I have been wondering the same thing. So far no trades this weeks. And probably won't get one today either. I have to leave in about an hour.
I don't change anything until I start losing. A lot of people are too quick to change and they usually give money to the markets. Sitting on the sidelines bored but still hanging on to my money is the best trade right now.
Hey Romik Hope the afternoon goes better for you. Heres a potential trade I'm watching. Expecting it to go up between now and 1330, it will be slightly below the HOD (Stop at HOD) and will pivot down and I expect it to go down to about ES 1305 but not take out yesterdays low at around 1400 to 1430. I guess this sounds like Renniks ball Expecting a slow narrow range day.
101% agree with that statement. Look at my performance so far today, not a pretty picture. I kept trading my main system, but based on a not so 'good' bar, not helped by the poor range as well. But what matters most is how well that system works over a longer period of time. I doubt a lot of people make any solid returns on days like today.
Thanks man, how r things? I do hope that there will be more range today, good luck on that set-up, I will keep an eye on it.
I agree as well, when I trade what I know I can trade, over the long haul I make more than I lose, but when I try other things I invariably lose. I tried a few different things this last month in addition to my reular trading in a bid to "make it easier on myself and have more free time" but doing that wiped out some of my gains. Today is tough, but if you chip away at your money by trading other things you may well go out of business. All the best
I asked the question because we are not machines and this thread is not talking about a mechanical system. As we all know mechanical systems will only work over certain market conditions and markets are changing all the time. Based upon that assumption I was curious if any discretionary basis is applied to a trade, such as nailing down the time period and looking for a pullback to enter etc.
I trade my system about as mechanical as you can get. And sometimes on choppy days my S/R numbers get hit and will have losing trades. That is where my 2 losing trades in one day and I am out comes in. Every now and then I will trade a breakout of a chartpattern. That is about as desretionary as I get. And I have to really see something before I trade it. I will take the losses as they come if I make the trades as they are supposed to happen. But I get pissed at myself if I assume something and lose based on an assumption.