Poll: Your June 2023 results
- Thread starter rb7
- Start date
Hate this market. Low volatility choppiness whatever it is. I gave back half the gain accumulated in 3 weeks in 2 days. It's not bad trading on my part either, it's trying to eek out a gain from a small loss by increasing size a few minutes at market close and did not pan out. My weakness is i don't know when to take a loss but this market is tricky.
I have no interest in coming in here to hack on someone which is a popular pursuit among many on ET but a couple of observations: Yes, June has had above average periods of ranges as opposed to trending behavior, ranges require different strategies than trending markets. A trader has to recognize what kind of market conditions are present, you can't force strategies that are only effective in other phases of market cycle. You say "It's not bad trading on my part.." but you say you added to a losing position at market close, a very volatile time thus turning a small loss into a big one. That is the definition of bad trading.
Then you say you don't know when to take a loss but "this market is tricky". This could be interpreted as you have a problem with taking losses as suggested by your adding to a loser into the close OR you don't have a trade plan with defined trade management rules...both are problems.
Some market conditions offer better opportunities that others but it does what it does. If conditions are not suitable for the skill set or strategies of a trader than it's best for that trader to wait for conditions when they are. Blaming market conditions for a losing streak serves no constructive purpose.
I didn't read it as averaging-in, but rater martingaling it.
Your criticism is noted. You are not wrong but to a developing trader like myself time is money. Also i don't pile into a losing trade i bet big in deciding moment and it just didn't work out. There is no T/A analysis at closing time for example this last friday who could guess the outcome of the last candle.
After business expenses (ie. payroll, data, admin, etc), and 5 trading days of 2 or less trades (<= 4 sides), June 2023 was a breakeven month.
In these parts, that's known as below average.
Dog Days of Summer are here until they aren't.
In these parts, that's known as below average.
Dog Days of Summer are here until they aren't.
Which is why I avoid taking a position before the close. If I am in a position and it has done nothing wrong but has yet to reach a target or a stop, I may hold it and close the positions if it has reached neither right before the close....similar for taking a position into an important economic news release or Fed statement. You could be right on the direction but still be shaken out on the volatility...not worth the risk IMO
Thanks for the advice. I realize that it's better to just eat the small lost and wait for the next day to play bigger with better setup to recoup everything with extra. I often forget that because of the weakness i mention...just have to learn to be patient and haste makes waste.
Losing 3 weeks of profit in 2 days should happen only once.
Personally I set a maximum daily loss and stick to it.
At worst I'll blew up 1 or 2 days worth of profit.
Call it a day and come back tomorrow.
Next step is to avoid making stupid trades
Either risk too much or stop too tight.
Such as not hitting max daily loss.
I blew up too many account on a bad day.
A bad day is tough enough. No need to make it a disaster.
Especially since bad days come more often than we would like.
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