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Yesterday was notrade for me because of the veteran day. I am trying to avoid these kind of day, when the market is not doing what he likes to do. I am not saying I was right, but the market was a bit choppy on smaller timeframes. So here we have to concentrate the zones, and time, and less for the price action on smaller timeframes.
My easy to calculate on market open zones played out well but ofcourse you need some market sense to understand what will the market probably do.
(1) Long for sure. No need to trend down on quite day.
(2) I am investigating this picture as I told. At least to do not go long... We will see
(3) Easy piece of cake trade. Really timing perfect, no need to go further or flush out the market. So this is the time to go long
(4) if you are not done here, than that is an issue You have to make a judgment call Trend down, or go back to range? Reason to go down further? Not too much. Reason to go back to range? That is a normal behavior. So skip the choppy price action, and play out the easy way in this case. If you not right, than something smelly going on anyway...
PS:
(3) Perfect picture, if you are following @Underexposed thread about MACD and width pictures
I have almost every trade log. Almost means almost, only those not when I nullfied my trading account. Anyhow, I was just browsing around, and I have been found these beauties from 2013:
If I count right 12 entry... It is sometimes goood to look back, and make us remember what not to do again...
But as I told you, I love gambling:
And I can do it in 10 minutes as well
But everybody can improve, and nobody has to loose as many as I have been lost in the begining. Choose a @TopstepTrader combine, and burn demo account money, instead of yours, if you would like to put a stake into your demo trading. If not just simply use SIM. And as my good friend @daddy says: "Screen time screen time screen time..." will help you to improve And ofc a good journal here at nexusfi.com (formerly BMT)
My mind and my body was not in harmony. Missed the usual entry, because I was betting trend down. Paid my price.
But, BUT. Changed team, when all picture has shown me I have to change the side.
Enter without confirmation
And make the day to BE
Now I have to go to get the kids, my wife had some issue at work. Trade smart! I call it a day....
PS:
Takeaway for today: Don't make a bigger looser from small one. I was not feeling the mood, but my mind was in the right place and time. So I was ready to go withdraw, and accept my missed picture (cost me 300USD) and do not try to beat the market if I am green.
If IF the picture is not working but you are trading right, than you have bigger chance for some clarity. But if the picture is nice, and you are trading wrong, than even if you are going to trade right, the picture could be dismissed... So go away!
I met a friend today. He was one of my old customer and he used to work high position. He was a good man, nobody liked him because he was strong and agile. Then he got fired, but he got enough savings to do not think on hard work again. Anyway after 5 years past he looked like much younger and stronger than those years. He was asking me about how is my life was going on:
"I am trading"
"I see, and what else do you do?"
"Nothing, I am concentrating only trading..."
"Where is the money come from than" - I was thinking so you think that to live from trading is impossible. Good start...
"Not from me, I am still learning. My wife forcuneatly has a job so we can manage our living..."
"Ah, so you are looking for a job"
"No I am good."
"Hm, you should looking for another opportunity. Trading is not good for living"
Than he started to speak about books which is ensuring his position about trading is not for living. And you know what. I totally do agree with him.
It is a most easiest thing to say this to someone. He want to save some money. DO NOT LEARN TO TRADE, do not even think to put any money to the market, because you will lose it, but never ever think on that you will able to trade for living. The thing is that, I am really not able to guess what is the best characteristic for trading. I have read a lots of books, but no one can really say it. If you are strong, you could be a teacher, if you are clever you cloud be a scientist and so on and so force. But no-one will say you. He be a trader, you could make any money on the market.
The sad side of the story, if you feel that you have to try it, and if you are failing, most probably it will hurt you. Yes it is sad, but the good news is that, it will make you stronger
But my point is the following. If you become a successful trader none of your old friends will understand that what you are doing, and how you are doing. But if you fail, everybody could claim that: I told you so!
Hi @matevisky, your point is so true. I think to be a good trader since it does take most of us 4-7 years to make a living out of it. I mean 4-7 years of nothing but living and breathing only trading. You must be a strong person mentalily and you must have a strong intercircle of strong people around you who got your back when things are not going as hoped. Again, great post, and way to walk through this small road carefully, its fun seeing you succeed. Keep up the good work.
Here is one of my favorite life index. I love this one, because it could tell me a lots of thing about me. Unforwcuneatly I don't have clean data from the past, and was not able to get it either, but the bigger stones are there... As almost every instrument in the beginning it was 0 and the peak as you can see is 114-117, now it is falling back hit the 100, where didn't bounces back, just crushed it over, after a long fight.
And the million dollar question: What is your opinion go short/long on this one? Or w8 for the breakout below 97, than go short, or w8 for the retest at 100 than go short, or simple just hit long because of the double bottom area at 97.8?
I don't have better chart for this, so please sorry about that, but I really would like to see some analysis on this from you guys (do not take it too serious. Every decision will be made by me at the end, and I will keep you updated what happened with this instrument!)
OK, since we don't know what it is, put a buy stop just above the curved line: buy it on an uptick.
If it drops below the current range, cancel the buy stop and sell market.
Don't blame me if this doesn't work out, nor if this analysis doesn't really say what to do.... I would trade it as a range and wait for the breakout. I would not trade it before that.
Since this probably isn't something that is actually traded, who knows what to do? But that's my suggestion.