I never understand how bias can be a way to trade the markets. The decisions are based on illogical assumptions without any evidence. Isn’t it the same as intuitive trading? Do traders support their bias with technical or fundamental analysis? I would really like to know more about it.
Days I hate..
- Thread starter Leob
- Start date
You would not hate the day if you had a strategy to exploit that day.
Not every day is equal. Trading a range bound day like it's a trend day or vice versa will lead to frustration and poor results.
My bias/expectation for the last few days (ES) have been range bound / consolidation, so I've traded accordingly. For the first two days of the week my bias was up / trend. And I traded those accordingly, too.
Of course, you need to be prepared to quickly admit and accept that your bias was wrong if it was.
I know there are some who say that you should have no bias and maybe that's the solution? For me, if I don't have a bias to lean on I find it hard or harder to have conviction in my trades.
Not every day is equal. Trading a range bound day like it's a trend day or vice versa will lead to frustration and poor results.
My bias/expectation for the last few days (ES) have been range bound / consolidation, so I've traded accordingly. For the first two days of the week my bias was up / trend. And I traded those accordingly, too.
Of course, you need to be prepared to quickly admit and accept that your bias was wrong if it was.I know there are some who say that you should have no bias and maybe that's the solution? For me, if I don't have a bias to lean on I find it hard or harder to have conviction in my trades.
These are my best days and almost everyday there is much in Indexes. Most of my signals are selling certain upcloses and buying certain downcloses. Most trades goes against common sense, but strict pattern identification, huge risk management and decades of experience, it like any job one does where end of day you are pooped and don't remember anything at "work". Just another day.
It not for most people and thankfully many keep trying it cause they are underfunded to do futures or stocks longer term. For me it is much more tiring as I am manually testing a new system I have built and getting rules finetuned for programming. 6.5 hours I am exhausted after doing 60-100 trades, eyes blinking, not stressful- just been doing it so long, I have Asperger's so I don't feel most emotions anyway, so don't get happy or angry, do feel frustration at self missing signals though.
26 Nov 2021, ES chart, Omicron news trading
arrow with F - failed/ fake signal
arrow with SO - stopped out
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I like the top chart the most.
Because the movement is decisive.
Which chart do you like the most ?
Is it the mid-chart?
The mid chart is the most choppy chart.
I can never earn $$$ in such a choppy market.
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"How the hell does he do THAT?" You may ask...
Lika dis richeer -> https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-2#post-5011924
I'd say it depends on how long you've been following a stock. Some I follow (chart and news) for months and get a pretty good sense of what to expect (net positive result). Those stocks I like the middle chart because of the many opportunities. For stocks I don't follow frequently, I look for the trend and would favor the first chart to tip my toe in. Although, it seems like I soon as I get in, the trend reverses so I never short an unfamiliar stock even if the trend is solid for many months. Latest case in point but on the long side, Chipotle (CMG), which, after a couple years of steady uptrend, reversed to post record downturn. The trigger? My buy, I know it!
26 Nov 2021, ES chart, Omicron news trading
arrow with F - failed/ fake signal
arrow with SO - stopped out
___________________________________________
I like the top chart the most.
Because the movement is decisive.
Which chart do you like the most ?
Is it the mid-chart?
The mid chart is the most choppy chart.
I can never earn $$$ in such a choppy market.
2020 was your year, 2021 not as good for you so far, change it up! Try this while your trade - https://en.wikipedia.org/wiki/Rally_capI'd say it depends on how long you've been following a stock. Some I follow (chart and news) for months and get a pretty good sense of what to expect (net positive result). Those stocks I like the middle chart because of the many opportunities. For stocks I don't follow frequently, I look for the trend and would favor the first chart to tip my toe in. Although, it seems like I soon as I get in, the trend reverses so I never short an unfamiliar stock even if the trend is solid for many months. Latest case in point but on the long side, Chipotle (CMG), which, after a couple years of steady uptrend, reversed to post record downturn. The trigger? My buy, I know it!