Its simple, you made a guess as to whether or not price would continue to fall w/o any price data from today's mkt, besides premkt. When it didnt happen, you lost sight of trend. As a daytrader, I seek trend FOR TODAYS ACTION after the first few price bars. I saw long, so I looked for long entries. You saw choppy, I saw something different. I do not make guesses as to what will happen, I watch price and see whats its doing and then play according to that.
Sorry, my support was broken. See if the big boys want to rip this market a new asshole in last 2 hours.:eek:
If you can't trade in a trendless market you shouldn't be trading. If you want to earn a living trading you have to be able to trade ALL market conditions. Study all market conditions and just trade what happens. Read, "Trading in the Zone," by Mark Douglas. Best book I ever read on trading psychology!
Strategies for a trending market and non-trending market are completely opposite. When there's a trend buy strength, sell weakness. When there isn't buy weakness and sell strength. In order to really learn how to trade you have to go thru a major bull market and a major bear market. Take notes during each because history does repeat. There's nothing wrong with making mistakes as long as you learn from them. The problem is....traders usually make the same mistakes over and over and over.
No kidding! I mean, markets only trend something like 15% of the time historically, so that leaves 85% of the time for trendlessness. If Garcia cant figure out how to exploit these types of days/weeks, he shouldnt be on ET, he should be on some investing website. Trading is about being flexible and understanding that different mkts call for different approaches, not complaining about not being able to trade w/o a trend.