month so far
frustrating Friday
- Thread starter Eddiemorra
- Start date
I don't know WHY Friday's are so hard to trade. I am demoing right now and so far almost ALL of my Friday's are losing days. There is very few Friday's that are profitable. I dunno if it's the low volume or the short trading hours. I just dunno.
I can totally understand the frustration for you guys who are trading live. You guys think it's worth it to trade on Friday's? Should I just skip trading on Friday's when I go live?
I can totally understand the frustration for you guys who are trading live. You guys think it's worth it to trade on Friday's? Should I just skip trading on Friday's when I go live?
obviously one could have made a killing it they knew it was going to crash
But it's different in realtime when you don't know what's going to happen unfortunately
Try to take a longer/bigger view approach of the market day. Try not to get frazzled by relatively smaller bumps in the middle of it. Premarket chart said/predicted it would fall overall, and it did. You also have to keep in mind why a market is moving down or up...and not just trade purely on chart. Wait for the reversing trend to break certain levels...as more of a clear evident sign. If it doesn't break those levels, then that means the current trend has further to move.
I don't like to give specific trading advice. I'm more of a philosophical person.
Each person/scenario is different
...you have to know who you are, and what game and style you're trading.Try to take a longer/bigger view approach of the market day. Try not to get frazzled by relatively smaller bumps in the middle of it. Premarket chart said/predicted it would fall overall, and it did. You also have to keep in mind why a market is moving down or up...and not just trade purely on chart.
I don't like to give specific trading advice. I'm more of a philosophical person. Each person/scenario is different...you have to know who you are, and what game and style you're trading.
Is there any other market information material besides pre-market chart that I should read to get an overall market sentiment to prepare for trading? I trade the Crude Oil CL. Thanks.
That's why I said I dunno in my post. Would you have any advice as to how I should trade Friday's to be more profitable besides avoid trading on Friday's? Thanks
Yeah you either need to be more accurate with your trades i.e. better win rate or you need to improve your average profit/average loss ratio i.e. bigger winners and/or smaller losers.
Try trading less, perhaps using a filter so that you become more discerning about which trades to take. Also, when you have a winning trade, resist the urge to exit and hold it longer, hope for bigger profit. And cut your losers quicker.
Better accuracy with my trades: Agreed! That's the dream. But I don't know the secret that some apparently have to achieve this. As of now, I only really have charts.
Trading less: This is probably good advice. At least it will lessen commissions.
Holding winners/resisting urge to take profits: I always seem to get this wrong. If I take profit on a trade, it will then fly off relentlessly in my anticipated direction. If I 'let it run' it always hits my stop. Without knowing what the market will do, it's hard to get this part right.