i you cannot teach a old dog new tricks.....i have been at it for 10 years in day trading and 25 years in technical analysis but my execution skills are a problem also i do not want to trade longer term because i need the excitement and occupation on a daily basis. i am 61 years old and am not sure how long i can continue so i just trade small for fun.i am a pensioner who loses a little of the pension every month to have fun so it is really nice for all of you to help me but.....
Because you are essentially trying to guess the future. Unlike the stock market, most other markets (e.g. commodities, forex) don't have a long term bullish bias. The further away you deviate from 0%, the more unlikely it is.
i have seen i always have the right idea in trading but invariably the market gives some price action which changes my mind and i change my bias. i think the main problem is deciding time frame. this price action is valid for which time frame? there is always price action which is noise and deciding what is noise and what is not noise,in the context of the time frame you are trading is the critical part: what is noise to a 4 hourly trader is a bull market to a 5 min trader. if you do not know this you will be like me.So i have to focus on this aspect because my chart reading is not bad
But you are doing so badly when you could be doing so much better. You could have more money, which enables you to have a more pleasant life and have more fun. You could surely find something more fun than daytrading. Day-trading is not the only way, and may be not the best way, to fill your hours.
that is why i am continue to learn; this forum has really helped because i am for the first time in my life interacting with good traders. we have to decide what time frame we want to be because then and only then you can decide what is noise or not noise.
All people who fail in TA tell this. Just like all people who cannot read tell that reading does not work.