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I'd like to ask all the successful traders is it even worth trading chop days or hours to make a small but consistent frustrating gain, or to only trade that steady angled trend? Am I reinforcing bad behavior by grinding on chop If I make most of my profits on the trend?
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Can you help answer these questions from other members on NexusFi?
Maybe chop is a bad word for what I'm getting at. I find that I can make money on both of these down trends, but the first one provides better accuracy. Its frustrating to wait for the first one, but It's equally frustrating trading the second one that occurs more often.
Here are the charts revised with the x and y axis
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
I ask because generally I see traders that are taking 10+ trades a day, long, short, long, short -- those are the guys getting killed by 'chop'.
When you step back and trade bigger charts, reduce your trade frequency, reduce your size, increase your stop and target, keep your risk the same or even lower it through sizing or proper product selection --- I think you won't worry about chop any longer.
Besides, trying to answer your question "Is it worth trading chop days?" is more or less impossible. Please define for me a chop day and at what point in the day you arrive at that conclusion. Then run a thorough backtest and I would bet you exclude just as many good days as you do bad 'chop' days.
Of course, the market is in a range far more often than it is trending. But on a 4-range chart, even a range day can have the appearance of a volatile trend day in some markets.