WTF is going on today

[Scientist]

Quote from dbphoenix:

There's a lot to be said for quitting by 1130 and having a life. If nothing else, it helps you stay sharp.

Absofundamentally agree!

~Scientist

 

[tradersaavy]

I find I trade best when I am doing other things than staring at every tick.

It keeps objectivity.

Set ups jump out of the screen instead of blank stares at the screen creating what looks like a good set up.

 

[Scientist]

Quote from tradersaavy:

I find I trade best when I am doing other things than staring at every tick.

It keeps objectivity.

Set ups jump out of the screen instead of blank stares at the screen creating what looks like a good set up.

Agree. That's why I was reading books ...

~Scientist

 

[tradersaavy]

Quote from Error 404:

Recognizing a day that shows itseslf to be hard (for whatever your personal reasons may be) is more than half the battle.

Say to yourself, "this is not my day" and just sit on your hands, and/or leave.



Sorry to quote this so many times but it is so important. I just recently became profitable in my trading and this is one of the biggest lessons.
On that same note, I have learned not to leave the screen for the day as the day CAN change. Like, today. I had one trade in NQ long at 1201 with stop under 1198 late in the day as a reversal type set up on a 1m chart. It kissed 1198 and you know what it did the rest of the day. A moon shot ! Wish I stayed in for a longer ride than I did though. Took 3 points and bailed.

 

[Kap]

Quote from Error 404:

Recognizing a day that shows itseslf to be hard (for whatever your personal reasons may be) is more than half the battle.

ooh, theres some wisdom, but by the time you've realised its not your day its normally too late, heres the important bit : " but not late enuff to realise trying desperately to scalp it back in the afternoon is gonna leave you deeper in the red".

The action is in the morning, "the early bird gets the worm" as they say, I was gonna play golf today, and now that expensive green fee seems a drop in the ocean.

Wipe your slate clean, tomorrow is another day...

 

[vonk]

If you can't put on the trade, place your stops and go to Starbucks, you're overtrading.

 

[cornholetrading]

Quote from dbphoenix:



There can be nice setups between 1130 and 1430, but more often than not, you'll get bored and start making boredom trades, giving back whatever you made in the morning, if anything.

There's a lot to be said for quitting by 1130 and having a life. If nothing else, it helps you stay sharp.

Those boredom trades can be tough. I think I need to get better at taking a break in the middle of the day when days get this slow. I will sit an try to pay attention thru the BS and by the time the close comes where there is at least the potential for move I am so bored to death and unfocused that I miss the opps.

 

[JT47319]

Incredibly easy day. 7 point range on the ES, very little risk except overtrading.

A little gap up, but otherwise it consistently ranged between obviously known values. After the Initial Balance in the first hour was known, the Upper Value Area and the Lower Value Area were each hit something like 6 times. Mild risk for medium reward of 4 pts.

Other than the final breakup, it was day for pit traders, not long-term players moving the market.

 

[OVERtheLINE]

Quote from Error 404:

Recognizing a day that shows itseslf to be hard (for whatever your personal reasons may be) is more than half the battle.

Low volume days are just something we have to muddle through. The specialists have their opportunities to screw us all on virtually every trade, but if we know that, it can be avoided.

Not trading is often the very best way to "trade" under certain conditions. It is always better to live to fight another day. Today, it felt good to be flat and have my screen shut down at 3 pm. (Of course, now the market is surging, but you "can't look back". Never kick yourself over "lost opportunities". New opportunities present themselves every day.

Peace,
RS

well said.....very well said

 

[trader99]

Quote from Scientist:


Hey man - I was down -$80 bucks / 0.08k today in total! Lost heaps on the stocks, just balanced it out on the futures (ES-up 1.8k) - If I hadn't had the +4.6k-day yesterday scalping NTES etc, I would've taken a holiday to europe or sth...

Gives me goosebumps, this job sometimes...

I would be glad if I was just down $80! Gosh, I'm down many multiples of that. But I know I'll make it back because I can. Right now, it's a pain in the ass though to think about it.

So, what did you lose on? I traded the future as well and made back some. Should have held longer on my long bond futures though.

What I should have done is NOT get in such a huge option positions.. I should know better. Oh well.