I've noticed less volatility and less volume than normal. Other than that, it's been business as usual (same opportunities in a longer timeframe). I've got to believe overnite positions are lighter than usual due to the Iraq talk. In my own overnite trades, I'm buying puts/calls to hedge my futures position. I remember the first war and how tough it was to trade. Hopefully the Iraq situation will be cleared up sooner than later.
Well, if it really were that easy to make money everyone would be rushing out to become a daytrader. Remember, you are going against conventional society's wisdom. Different systems work for different markets, I believe. Part of the job is being able to preserve your capital long enough to figure out what works when. Don't get too down on yourself and keep your chin up buddy.
Yes, I agree, especially the last few weeks. There are still good trading opportunities in the first few hours of trading, but the afternoons have not yielded too much. Volume should start to increase after the holidays. And, hopefully, with it, greater follow-through. In the meantime, my trading systems are still profitable. I just haven't been taking any new trades after 12:00, and have therefore had fewer trading opportunities per day. But that's just fine with me. Market conditions will change.
"Blame others, not yourself" Was that supposed to be a joke? Here is a great example of the notion that trading is 80% pyschology and 20% trading. When you place the blame (responsiblilty) outside yourself you also give away all your control of the situation. I realize the person who said it seems to be a better bitcher than a trader, but unfortunately it is all to easy for unsuspecting souls to get caught up in such gibberish. Don't let it happen to you. I've come to a harsh conclusion for many traders suffering out there right now. Most of those who learned how to trade in the late 90's can't trade this kind of market because they simply never experienced it before. But, that's exactly the type of market that was here before the "hayday". I respectfully submit to those in that situation and trying to blame anything but themselves to start reconsidering. The guy I learned from actually loves this kind of market and he trades multiple time frames including intraday. Think what you will, but remember: many traders made a ton of money today implementing simple and old ideas.
This very proposition of mine is still correct even when it is quoted partially. See they are doing exactly this to me. Go ahead, insult yourself b*tching, not me.
I'm still learning this game, but found so far in this market two things to be true: 1) Trade (or fade) the trend in the first 90 minutes. Get out if it doesn't feel like it's going to follow through. 2) Last hour has been good for scalps only. 3) Wait for the big days, go fishing on the choppy ones.
bundlemaker, I agree in part. It is a lot harder to make money now than in the bubblemarket. For one thing, mistakes are punished severely. Holding overnight has become perilous. But I don't think it is as bad as the '92-'94 market. As I recall 5 or 6 points was the typical range in the S&P's, of course each point was $500, but it was very hard to make money with that narrow a range. Now we have very tradeable ranges most days. What works seems to change from week to week though. A guy had a journal a few weeks ago and he basically had a 30 minute breakout strategy. As I recall he got chopped up a lot. That strategy has been golden the last couple of weeks.
I disagree. Yes, you can make money in the morning and in the afternoon, but the remaining window can also be exploited if you know how to do it. Most people just prefer to do what others told them to do. It may work and it does many times, but so can other ways. Of course nothing works all the time and it seems to me that this is what many here expect. Even in the morning you can have false breakouts. I am really surprised that this opinion is so strongly established and gets perpetuated. Any time is good for trading if you are flexible enough.
Some systems work in some markets, only a few work in virtually every market - just need to join the few. But in the mean time , stay focused and keep risks within reason so when your system is back on track you still have funds to work with.