When not to trade?

Scataphagos · Aug 10, 2016

BONECRUSHER said:
I know a good reason...the setup has lost it's "probability to profit" because "everyone" (except the little guys) is WAITING for news to come out.

Even that is not a good reason. "Setups" occur because enough people see them and are willing to play their perceived possibilities. Failures occur because perception changes... but that's a different argument.

Cswim63 · Aug 10, 2016

You shouldn't not take a good setup even if it's hard unless there are other extraneous things going on in your situation. If you're angry you probably shouldn't trade. Yours truly is particularly prone to that.

Scataphagos · Aug 10, 2016

Allow me to put this into perspective for all viewing this thread.....

"PASSING" ON TECHNICAL SETUPS/INDICATIONS... REGARDLESS OF YOUR RATIONALE... IS A MISTAKE A HIGH PERCENTAGE OF THE TIME!!

One caveat... Most of one's plays should be "in tune" with the prevailing psycho. "Fading" the prevailing psycho is OK at certain chart points, but should be done... if done at all... "like walking on egg shells".

Cswim63 · Aug 10, 2016

Scataphagos said:
Even that is not a good reason. "Setups" occur because enough people see them and are willing to play their perceived possibilities. Failures occur because perception changes... but that's a different argument.

Failures occur because bigger otf players come in and swat your perfect setup .

BONECRUSHER · Aug 10, 2016

Scataphagos said:
We've all had such an experience, I'm sure. But I argue that it's not the "day" which was at fault, it was the trade initiation and stop discipline at fault

I still review these "days" and they still continue to be net losers for my style. Gosh...it's only a couple of days off a month.

Scataphagos · Aug 10, 2016

Cswim63 said:
Failures occur because bigger otf players come in and swat your perfect setup .

Yeah, it happens... which is why you exercise "stop discipline". Though they do so sometimes, not always.

Scataphagos · Aug 10, 2016

BONECRUSHER said:
I still review these "days" and they still continue to be net losers for my style. Gosh...it's only a couple of days off a month.

Let me suggest... review your "no-trade" days and see how many technical setups prevailed vs. losers. You're likely to find the "day filter" made no difference at all.

K-Pia · Aug 10, 2016

Do not trade When you want to trade.
The market ain't there to fulfill your desires.

Cswim63 · Aug 10, 2016

I took a retracement in the AUD this morning back to the .25 level. I wasn't crazy about the trade because it was getting late. I got out with a 2 pip profit after taking 15 pips in Cad in basically the same setup. Aud just wasn't moving. So I dumped it. Then it sold off hard immediately afterwards. But I took the setup. Are you happy now?

BONECRUSHER · Aug 10, 2016

Scataphagos said:
Let me suggest... review your "no-trade" days and see how many technical setups prevailed vs. losers. You're likely to find the "day filter" made no difference at all.

Scat...it sounds like we both trade for a living and for a long time (1994 for me). You must realize that saying such "absolutes" for every single trader out there has to be questionable. There is not one way to trade successfully...your're starting to sound like Buy1Sell2. I often go weeks without a loss (1or2 trades daily), but I trade 30 yr. bonds mostly to do this. I'll just say...you do what you do and I'll do what I do.