it all depends on your risk tolerance..i am currently trying to get a working setup for very short term trading..as in several minutes..not seconds like the auto traders.. it is not easy..i have ditched my 4k monitor as it was not helping me..and have gone back to 2 x 24" dell monitors with 1200 x 1920 in portrait mode..i am finding this setup a bit better.. the problem with holding and no stops..well..is now very OBVIOUS for anyone who was long since new covid19 variant..the volatility is actually a bit too much at times..and better to take it easy until things quiten down a bit..but not too quiet! so..at the moment yes..price can come back and put me in the red..but that is why i am only interested in trading the charts in front of me..as long as it looks ok..then i am not worried about little bit in the red..as the levels will not always hold..which is exactly why you need a fast setup to reverse trade..and reverse again..if required.. it is that simple..but psychologically it is very hard..as you all know we all want to be right..and price will come back..but if you don't play what is in front of you..you might just find yourself waiting a very long time for price to come back..just like that silver trade that was mentioned recently.. so..practice makes perfect..but practicing without understanding..and adjusting as required..is about as much good as.. "pissing up a rope" steady as she goes!!! typical example as per trade taken not too long ago..no more "private journal" stuff as requested
Thanks! The red arrow is where you got out of your long...; I assume it was a hard target? (price showed no resistance on that level)
at the moment it is very hard to trade..i have just put back my 4K monitor as i need to see the bigger picture at all times..as in 2 days at least..i can quickly change the bigger timeframes..unfortunately it looks like a 10 point stop is now a minimum..and even at that your entries have to be very selective..trading the ranges within the bands is ok but need to watch the breakdowns and be prepared to reverse if they dont hold..look at yesterday!!!!!
i have added in the 5 point lines as i think they can help with the ridiculous auto trading that is driving all this madness!!!
I'll go ahead state the obvious, since this thread is very old, and devolved into a guru contest. OP left many clues. 95% lose at short term trading, 5% win. Money flows from the many to the few. When one trader loses, another wins. Therefore the 5% manipulate the 95% (much like in society) toward falling into their innate traps of human nature. The 5% take the other side of the mistakes the 95% keep making. This is as much as I will say. On the flip side, since trading is ultimately a social contest, the study of sociology can be adapted to see it from two perspectives: functionalist and conflict perspective (for real, this is what they indoctrinate you into when you take the classes). OP was trolling everyone with hints to see it from the conflict perspective, and here is the functionalist perspective: the market pays you to keep it alive. If "monkeys" had the kind of money the 5% do, they would destroy the market by destabilizing the price, sending it off in huge trends, cornering commodities and creating mayhem for the hedgers who actually need the market for good business practices. The 5% do the opposite. They correct the mistakes the 95% keep making, over and over and over........
Man... this is the first interesting post focused on the topic of the thread in a LOOOOOOOOOOONG time.
Fascinating! Can you shine some light on this: it sounds more like one basic principle to trade (e.g. an "always in" approach); "we keep buying and holding when price goes up; presumably big money does the opposite" and if not: is it possible for us, retailers, without an enormous amount of money; to benefit from these mistakes too? Thanks!