Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Started off the day with a great trade. Then got caught up (mentally) in a view on what the market "should do" for a while, and gave back profits. It took the market showing an entirely new dynamic to shake me out of it. But the good news is that once the new dynamic/environment/movement set in, I capitalized on it.
Pretty good day today, did a great job keeping losses small. Had a few trades where I only got profits on part 1, but that is just fine, I was giving part 2 a chance to run. Stayed the course and made my 1% for the day.
I had a nice read on a failure to continue lower as it "should have" to continue the flow, and took a countertrend entry long.
The problem was with my management of the trade.
I had nearly 20 ticks of profit... and greed in my eyes. Here's the entry and exit on a 2 range chart.
But notice the highlighted selling that took place earlier this morning on the 3 min chart in the area. Should have certainly taken at least half off at that level.
Both losing trades were against the flow. All winning trades were with the flow. Hmmm...... I think I've typed something like that before... maybe 50 times before. The problem is that I think I'm too smart to just go with the flow all the time. My amazing analysis is just too advanced for that simplicity. haha
Good first trade, long off support level. Then I mismanaged the next trade, and had the stop loss for part one way too tight. Price could easily retrace to that level, and it did, without invalidating that trade idea.
The next trade was pretty bad. I got back in, long, right at the previous chop level (resistance now) which is also the open level for the day.
Now as I'm stopped out, I immediately re-enter the long trade. Just ignoring everything and wanting to be right at that point.