Day Trading the Dow Jones
- Thread starter Slepoy
- Start date
I will always welcome comments here on my ' journal ' which are helpful and constructive, but vacuous comments such as this one will never be welcome.
Not in the market at the moment, but curious how experienced you are?
I remember (and this is something I seem to have seen in other new traders) being very attracted to the short side when I first started out in the markets.
These days it's the other way around and I've become much more reluctant to go short. Even if I have a downside target I may very well wait for price to get there and go long instead of shorting the down move.
Second week of trading. Did a month of backtesting and have settled on a system, for now. I don't think I'm attracted to the short side, it's just that the trading opportunities I've had so far have been on the short side. The main up moves seem to have been during the London session which I don't trade.
So the price is stalling right on the S1 pivot. Tempting to take profits here, but it does look to me like it may well fall further today, so I'm holding for now. I took profits way too early last week on a big down move that I got pretty much from the top, and don't want to be guilty of doing the same this time around. I think 580ish could be on the cards today, maybe even lower. Hope I'm not guilty of being greedy!
Just to share a thought. I read in a book that the best traders are not the ones who constantly look for the big moves, but the ones who take what the market has given them and wait for the next trade. Yet here I am holding my position in anticipation of a bigger move when I could already have taken over 100 pips on this trade, especially when I really haven't got a clue what the price will do this afternoon.