The problem is you were on the gain side and I have been on the loss side the past two weeks.
We are asking you how we can "take advantage"? Should I short or long come opening on Monday?
Thank you sir.
I'm getting whipsawed, and I need advice/opinion
- Thread starter kmiklas
- Start date
We are asking you how we can "take advantage"? Should I short or long come opening on Monday?
Thank you sir.
Thank you for your coaching.
I trade of a simple BB 8sma 2.5Dev with a 12sma for direction, either the 8/12sma mid point is my SL or the BB outters, just trade it via M1 but works well on any, that adjusts the SL required, then I don't trade until I've got a SL of <20pts ( normally 12 ), most of the time it's 50+ if not 100 recently, only trading 1am GMT time when it calms down a bit recently
That's smart, eg you have specific rules for your trades. It's useful to work on designing clear measurable trading processes.
Big picture I haven't seen volatility like this in years and am excited about it, though worried about virus.... eg potentially alot of money to be made, if we survive
Look at charts like TVIX UVXY JDST NUGT GUSH OXY ERX just wow. I'm going to be daytrading and swing trading any of those taking out 2day highs.
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Hopefully the fearful experience you gained this week will not prevent you from making trading profit in the long run, since the experience you gained this week might be exciting, but does not fit 95% time of the market behavior.
Trade what you see, not what you try to predict. For example, trading breakouts (up or down) was not a good idea in general in this algo trading era, but the last couple of weeks it is a relatively safer way of trading than putting in large/medium/small stops. If the breakouts does not last, just hit exit at market and cancel all! Most of the times at the last 30 minutes of the market it works.
Interesting story: I went to my bank this week and asked for a loan for speculation. The loan officer told me that one of the things they look it is how well one traded during the mortgage crisis. It's a good indication of a trader's mettle in tough times. Traders today will be judged for years to come on how they traded during the Corona crisis.
The problem is you were on the gain side and I have been on the loss side the past two weeks.
We are asking you how we can "take advantage"? Should I short or long come opening on Monday?
Thank you sir.
The problem is with the PREMISE of your question... I don't need to know today!! And on Monday, I will be trading long AND short throughout the day.
Based on a 24 hr DAILY ES chart, I would be looking to buy at a price LOWER than Fridays close. Does that mean go short at Mondays open? Maybe. Considering the range Friday was extreme, exactly where that buy occurs is predicated on unknowns at this time. Certainly some clarity includes using a faster timeframe, which is what I use for trading anyway. If you can withstand huge drawdown, which you cant, and I have no interest in holding thru, It's a moot point, EVEN IF CORRECT BY THE END OF DAY. Thursday's closing price negates.
Again off a 24 hr DAILY ES chart... The above is based on an expectation of lower volume on a June basis up trend/move towards 2800-2900. Rollover will be complete by EOD Monday... that's important.
Ironchef... your style and my style are incompatible. That's not good or bad. It just is... each of us can probably learn "something" from one another.
TIL that banks give out personal loans for speculation, post-2008.
This
So your views were consistently wrong. You clearly don’t have an understanding on how the government is managing this. (I don’t either, so I’m not making these types of trades.)
Logically the same as asking why not just randomly double or triple your average trading size during normal markets and see what happens? Answer: it's just more risk than I am comfortable taking. Especially now, no one knows whether the S&P will be at 2200 or lower or 2800 or higher by the end of the week. Since there is much greater range of uncertainty...or should I say much less confidence on where prices will end up, it is logical to reduce risk accordingly. Also, based on price movement, you don't need to trade as large to produce the same returns. Also, unless you are trading an algorithmically-implemented mechanical system, trading large size tends to mess with your emotions and encourage one to make bad decisions. Bottom line, only trade size that you feel comfortable with regardless of what the market is doing. Risk management should always come before profit potential.