Big fight here at 4 % down. Could be a bottom.
5% down is 2825.
5% down is 2825.
ES Journal - 2019/2020
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The one benefit we'll remember of the Trump years, though I don't know that he deserves credit for it.
This is where Trump does to the USA what he did to the Trump Taj Mahal in the 90's ... now as then he is way over his ability in terms of his ability to manage a crisis. This is what happens to parabolic bulls when you elect reality tv gameshow hosts as President.
If the market were down 1000 points day after day and Obama was President, this president would be calling for his head.
MAGALOL
More than HWB of the rally since 12/2018 ... I think we go all the way back and then some eventually ... but this would be as good a time as any for the institutions to take their foot off the gas in the hopes of getting higher prices for the shares they still intend to dump shortly.
That story just sounds all too familiar, vanzandt. I'm sure you're not the only one who experienced something similar.
The 'make it back' mentality is a very dangerous one. I find that after a larger than normal loss, the only thing to do is take a day off and scale down size. If not, you're set up to lose even more. And yes - it takes discipline.
I have a similar story in that I was really good trading one lots on ES and had a pretty sweet one month run. Scaled up. Took a big loss on day 1. Then on day 2. And you know the rest. Didn't blow the account per se, but enough to do permanent damage.
In this environment, you can easily decimate an account in a few minutes if you lose control.
It's always good to remember that as day traders - we don't make our fortune in one day. It's a long series of profitable trades and days with excellent risk management that's the key. And compounding.
Anyway, I seem to be ranting here as I'm done trading for the day.
Yeah.
I think we can hit 5 % down today.
But what I think/predict and what I trade ain't always the same. So just watching and taking notes at this point.
Nah, I am with Volente and the rally. BB bounce on the weekly chart....
I don't know, man. Normally, and based on statistics, I was expecting the bounce/rally earlier this week, but so far nothing.
While this market is way overextended to the down side, we've seen nothing normal for this entire week. Thus, I'm keeping an open mind.
We're currently finding resistance at the 50 % level. If we reverse off here, we should make new lows on the next push down and hit 5 %. IMO.
I was recently asked how one should get started trading the emini - should the newb start with mini or micro? I said now that now that you can trade $0 commissions with with limit orders I'd reccomend a newb taking $25K and daytrading a 10 lot of SPY or QQQ at Schwab. Work up to 500 shares, and once you can do that effortlessly and without fear, then you are ready to trade a mini.
Of course, he complained he only had $5K. And you know, that shouldn't be a problem except for the PDT rule.
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