The trouble with people and why people are not wealthy who grew up in America is so much fear of being wrong, it is not the loss of the money as much as it is the fear of just being wrong, start a business after you spent 2-3 years making a Business Plan, spend 2-3 years making Trading Plan, but I suppose thank goodness people don't have patience and just feed experienced traders their money. I want to start a good farm/ranch in 5-6 years, this is going to give me much time to make a good Farm plan, I have not even enough knowledge of it even though I have the funds, but I would lose so much cash cause I know other people would take advantage of my lack of education of it. Much much to learn, soil content, wells, certifications, finding good vet, land prices, finding customers etc...No rush in doing it the right way.
Guy writes me yesterday he has dropped $150k in 9 months day trading, he has his Trading plan in his head, means no Trading Plan. He sold his business for a million and thought this was going to be so easy, why this thought of being so easy I don't know. Just cause you have some money means nothing!!! Told him to memorize McGee and Edwards chart book, maybe it slow him down.
I think the traders who last long do so consistently trends or a consistent way of trading in normal markets. I have never meet anyone who looks for wild sessions and last long, perhaps I stay away from these types as I see wild days to be days I go to the movies and don't trade. Lack of volume means undue slippage, professionals are not trading, you can't do volume cause you can't get out without losing much. I think most of the time markets show it's hand long ago of topping and bottoming, triple/quad tops/bottoms, Head & Shoulder patterns. When you check out May of 2015 and after head & shoulders, bunching of highs on the weekly, so then it just a matter of waiting and doing rollovers, when you see market bottoming, do something most wont, hedge your profits with options, when price gets high enough when most say trend has changed to up, short again, look for bunching or triple tops. If you suspect a huge more, can do debit spreads in case it not huge move didn't cost much and if move goes your way-lift the short of the spread. Adding options to how I trade has brought back some of the excitement back to my trading as after many years, this is boring, options allow me to think again and TEST something new.
It's Starbucks time, all have warm weekend.
Guy writes me yesterday he has dropped $150k in 9 months day trading, he has his Trading plan in his head, means no Trading Plan. He sold his business for a million and thought this was going to be so easy, why this thought of being so easy I don't know. Just cause you have some money means nothing!!! Told him to memorize McGee and Edwards chart book, maybe it slow him down.
I think the traders who last long do so consistently trends or a consistent way of trading in normal markets. I have never meet anyone who looks for wild sessions and last long, perhaps I stay away from these types as I see wild days to be days I go to the movies and don't trade. Lack of volume means undue slippage, professionals are not trading, you can't do volume cause you can't get out without losing much. I think most of the time markets show it's hand long ago of topping and bottoming, triple/quad tops/bottoms, Head & Shoulder patterns. When you check out May of 2015 and after head & shoulders, bunching of highs on the weekly, so then it just a matter of waiting and doing rollovers, when you see market bottoming, do something most wont, hedge your profits with options, when price gets high enough when most say trend has changed to up, short again, look for bunching or triple tops. If you suspect a huge more, can do debit spreads in case it not huge move didn't cost much and if move goes your way-lift the short of the spread. Adding options to how I trade has brought back some of the excitement back to my trading as after many years, this is boring, options allow me to think again and TEST something new.
It's Starbucks time, all have warm weekend.
