second entries are safer so your risk is slightly and reward may be less also....but you can take bigger positions
Why trading is sometimes difficult for me
- Thread starter heavenskrow
- Start date
here you could have waited for confirmation from the market: you could have entered on the close of the 4 bar [the big up bar] after the bar you actually did enter on. Learn the lesson: always say..."aprez vous",as the french say or "pehle aap" as we say here in India: it means 'after you'
let the big boys enter and then you follow.
see in this trade i entered at the yellow arrow short...it is also a support level so do not be in hurry to enter...of course i may be wrong this is live right now
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i know no one can buy the bottom and sell the top...and yet all the vendors say they will show you how to put tight stops
Speaking for myself only, I teach my clients how to use the modeled Trading range and volatility for a particular instrument (Spread combination) in order to set both profit targets and stop-loss levels at the time of trade entry. It’s a very systematic approach. There is no “standard” stop-loss for me - each trading instrument models differently.
thankfully so.....i have 30 years experience in position trading but 10 years back shifted to day trading because i found position trading too capital intensive,had nothing to do for months at the time [ i remember i was playing a video game fr 3 months when i had a position in stock futures;i eventually closed for 300% position, ] but in looking at all the material on the internet..found it dubious to say the least
It's because of two traders having different/opposite mindsets, thinking they are doing right thing.
The market is taken where it is taken by institutional traders/investors not pip squeak retail traders.It's because of two traders having different/opposite mindsets, thinking they are doing right thing.
Just MHO: When you are so good at picking entries, you should automate your system, just like handle123, so your emotion/psychology won't get in the way.So frustrating.... here is a few examples from today.
Bought at yellow arrow, if you look at the tape from before yellow, every tick up was getting rejected..... so of course I wasn't so sure on my entry although I believed I had a high probability, then initially it did go up a lot but got rejected and similar to the past few minutes, the sellers stayed in control at my entry so I got wishy washy, and 2 bars after entry, you can see it breaks support level that I had set for myself..... but then it closed above the area....and 2 bars after that again, finally starts showing strength and blasts off..... I could of been 2 contracts deep but sold 1 for very tight loss, and the other i couldnt hold long at all because the psychology of the past price action led me to believe the smarter money was still selling....
Then at 935 PT, I sold due to my edge..... and some confirmation with price action..... well sure enough we chop forever, and the psychology of holding on to a position is making me wishy washy again on the position. My entry wasnt top tick, so as it goes against me I'm debating if I am even right at all..... Then it starts going down and I'm feeling good about this position as I believe market will go a lot lower from here....However market holds support levels in which it bounced off around 11PT. (I know there is a possibility the market can bounce from here, but my belief is that this should go lower) but then sure enough.......market went all the way back to my goddamn entry I held from 935..... so now my 10 pt winner went all the way back to entry for 0 profit. And as it goes about chopping at resistance(LH), it finally sells off at the close.....
What am I doing wrong? I have relatively decent entry spots. Just the psychology of holding onto a position, trade management(when market comes back all the way to your entry even though you believe it should go further), and dealing with chop is frustrating.
How exactly should I be attacking a trade when I never know if I am "right".
Do I just need to realize that I need to play my own hand and stick to it?
Do I need to realize that there are traders with a lot more capital(millions-trillions) who don't know what the market is doing and hence being the ones causing these chop situations?
Do i need to realize that the market is simply a battle of bulls and bears with both good reasons for placing a trade, and to just be patient until the "idiot sheep" finally realizes where market should go
or Do I simply need to be committed to a certain direction/play/side of the market and attack when "the sheep" are selling when I want to be buying?