ES Journal Archive (2011)
- Thread starter Buy1Sell2
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Quote from JoshDance:
Early adopters (bottom and top pickers) have the worst of both worlds: they incur the risk of price discovery, thereby losing most of their trades (by simple nature of the trend going against them), AND even if they do pick the top or bottom of a move, they 95% of the time have to be tested and risk getting stopped out. It pains me that I still have these tendencies, but with enough bear days maybe I will come around to shorting, and then be able to do both effectively
Case in point right now (1:51pm)
If you had been so lucky/skilled as to buy at 1209 over an hour ago and were looking for say 20 points or so, you risked being steamrolled when you took the trade. But not only that, now you are taking heat as it trades below 1209. So, if you wanted to be long you could have gotten a better price, and would not have had to sit with the position for an hour.
Sorry about the horrible post, even I could barely make sense of what I was typing since the market was flailing and I was nervous about my entry. I'm going to try and hang in there for the top of the range we were in before. 16 evens maybe? I usually never hold that long so I'm not quite sure at the moment.
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