%% THOSE song words sound like they hinted for a PSAR, or spin it + win it/LOL[ I could not figure out which one came first, \ that song or PSAR\LOL WELLS Wilder has some great quotes \ ''IF you cant deal with emotion get out of trading'' I like the Cowboy Carman video/they are bull riding\like an inverse ETFs \LOL '' Holding On,thru the flood, thru the blood'' Speaking of videos\never forget what the New Mexico game warden said ''bears are tough\ ''Unforgettable video\black bear climbed up a power pole, accidently touched the top wires\LOL+ jumped down HARD on concrete + ran away/LOL. The New Mexico game warden said '' bears are tough''
In my experience nothing other than a complete break/reset works in a situation like this when you've taken a loss out of the ordinary. Following a losing streak it's very easy to become irrational and try to make back the loss. Usually only compounding your mistakes and losing even more. Your money is gone, so that's a sunk cost. Take a break and get your mind back to neutral and then slowly get back to it. Here's what Marty Schwartz have to say on the subject:
I keep several strategies but one I use, is to scalp 5 point from NQ (or 2 pts from ES) when condition gets triggered with a $400 stop loss. The irony, out of frustration I did (the opposite) for 5 trades and was stopped out with a 5 point loss (NQ) within seconds each time (looking for the reverse 20 point gain vs 5 point loss). Then went back to my original strategy and immediately got hit with a 20 point loss. Just seems like I'm on the wrong end of so many trades lately. Also frustrating that I'm running bad playing poker (all in expected win% vs actual). I just feel cursed all of a sudden. expect to lose every time I trade. Obviously, I will take a week off of trading and just follow the markets - but when I have done that recently the strategies worked perfectly until I entered again and then I started having higher than normal stop loss hits.
It is not your strategy, per se, it is the market itself. Your strat seems to be revolving around a slow, lumbering, narrow range market, which has not been the case for quite a while now. You have to increase you stops and targets by 5x in order to ride the volatility wave. Otherwise you will be caught up in overtrading. Does it make sense to have a 2 point ES stop when it can move 10 points in a few minutes at any given time of the session?
I like your question. Even in a slow grind market price tends to rubber band back and forth at least 2 points. In a drawdown, sometimes you just have to ride that beast, or run from it.
The beauty of my trades was when conditions warranted it, I'd be in and out of the trade in mere seconds/split seconds with a $100 profit, volatility made it even more accurate (I enter my trades with a buy stop or sell stop above and below the market and exit via limit order 5 points farther).
Your gonna get burned trying to scalp the indexes/etfs in this FUD market. It moves in a way that is counterintuitive and builds a ton of stress and emotions which leads to tilt. Swing/investing obviously not viable either. Russian invasion and inflation fears to blame.
%% THAT could work\planned deed\ ''do the opposite'' But sorry\ you did that\admitted ''opposite'' as a revenge trade or emotional trade.Both of those are the best way i know to lose money consistently. MANY times feelings are wrongs but i figure + feel those 2 types of trades[revenge + emotional] are the best way to lose consistantly. I never considered gambling for quarters in a pool hall related to trading @ all; even though market sometimes pay$ attention to .25 + Fed may also pay attention to .25,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,