Thanks for all the additional responses everyone. I missed out on the action today, as I had other stuff that had to be done today. You married guys know, when the wife says I NEED this done today, you do what you're asked to do. Happy wife = happy life. Hope you all had a good week and enjoy an even better weekend. Be safe everyone. To the one gent who PM'd me, I will respond this weekend. I haven't had time today.
Example today. 5 Min chart. Grey box is price range. Once it BO above the range (previous action not shown here). I started shorting then held during channel down to BO point (orange line) Then I started exiting. Had to leave so I could not stay and watch if it would trade to bottom of channel. But as subsequent price action shows it did. Reason for averaging in/down down on a losing position. Gap down on the open. I reasoned it would close the gap some but not all the way. Weakness evident. Overlapping bars....etc..
IMO, I will never be right exactly when I enter a trade. My first trade will never be the best price. I prefer to get in at 25% right away, so I do not miss it. Then either scale down or buy over time. Buying over time works better for me, up or down. I'm a position trader, not a scalper.
This is true ONLY WHEN it is not included in the trade plan. In Volpri's case, IMO, it seems scale-in, average down, whatever anyone wants to label the action, IS part of his trade plan from the outset. I also presume he has done the work necessary to determine it's usefulness/profitability to his trading as well. For many others on this board that is not the case. You can tell them by the ridiculous complaining about the "unexpected" trade gone bad or how monstrous drawdown is preventing them from taking on any other trades. Hope for breakeven is not a profitable strategy.
Yep that what they say. But professionals do it quite often. Buying as the market goes down. Selling as it goes up. Buying and selling from the newbies! Roflmao
I don't know when TDA rolled them out, but the MES on their platform is the same commission schedule as the bigs. The exch/reg fees are obviously lower, but TDA's comms-charge is identical. Just an FYI.