I do the same. (That tends to work out quite conveniently for me, anyway, given my time-zone.)
When not to trade?
- Thread starter Jamie J.
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I do the same. (That tends to work out quite conveniently for me, anyway, given my time-zone.)
OK...my non-trading day criteria is part of the methodology.
That's what I've been trying to tell Scat. It's all part of the method and has been for a long time. Thanks.in reality all criterias are subjective, until they become part of the method
trader decide what criterias he makes objective by including it in the method and what not (by setting it aside)
Semantics but aren't we all here opportunists by definition?
Difficult to be sure exactly what you're asking, but let me try to explain with this example....
Let's say the ES makes a "matched low @ ____", but you decide to not take the trade (assuming your strategies include playing "matched lows") because "the RSI isn't oversold enough". The RSI in this case is a "filter". The fact that it's not oversold is objective by traditional understanding... whether it MATTERS in this case is "subjective".
If it turns out that the "matched low" criterion was correct... passing up the trade because the "RSI was not oversold enough" was a mistake.
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To trade the way I trade, I believe that things come back to be shot at a second time. If I miss it, so what? There's always another pattern, another instrument. That's not an excuse to be lazy. It just means to stay loose. My worst trading problems come from being locked in and then new information comes in saying this trade has lost its mojo. That means either contrary selling/buying or just chop or time running with no progress. If something is telling you this trade just isn't working, you probably should beat your stop.
I must ask the question...how many of you disregard your "book of setups" and still enter the price action momentum sometimes because it's too irresistible? I haven't done this in many years. I consider myself a grinder.I suppose it's pretty debatable the extent to which the labels "opportunist" and "grinder" are necessarily mutually exclusive.
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