Sitting on the plane to NY reading this, there is a great page about a floor trader that reminded me of you gary I'll quote the paragraph when I'm on my laptop with internet. Using my iPhone in starbucks sucks
Just going to visit wall street now, see if I can catch any traders that stole my money when I was younger :-D
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" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
The following user says Thank You to greenr for this post:
Forcing yourself to trade when you aren't "on" isn't going to make you a great trader. Back off when you must, rest your mind, keep the powder dry, and then have faith in yourself that you will be ready.
There are so many opportunities that the market provides that no one can capture them all. The good news is you don't have to.
The following 2 users say Thank You to eudamonia for this post:
I don't really understand this price action. Not that I have not seen it before, but I don't get the function of it. If I had to guess, there is just a lot of confusion, and the two sides battle it out until neither is sure what to do. It is a form of consolidation, but not necessariily continuation.
Have been thinking the same thing all day and it's very quiet out there (both in blog/forum land as well as the charts). I got some trades early, but this is the type of thin market where it's easy to give back hard earned profits, so I just watch from now until close unless I see something compelling. It's also the kind of market that can turn on a dime.
The following 2 users say Thank You to josh for this post:
The rise and fall of liquidity...stupid players playing this get killed, market loses liquidity until the next round of fresh meat. Big players will never admit this, but they are too much of a good thing for themselves, slowly killing the market, like a parasite. More efficient they become; less the opportunity including opportunity for themselves....there is only so much fresh meat in a world of shrinking credit....even on a macro scale. Entropy rules..and not even Gman can do anything about it.
Ironically I believe, small agile businesses, with low costs (like you and me) can insulate ourselves much better than any of these big houses. First rule of business - control costs. Then even a small increase in value or productivity is a multiplier. Gman cannot fight you on this.
Trade by exception, when you have an advantage. People believe the king of the jungle is the lion, or the tiger. Ever seen a pack of hyenas. Or vultures....morbid images for sure, but they survive everything.
Even 2 years ago I would trade the TF or the YM, now - I couldn't be bothered, same with CL on most times, specially during RTH hours..I believe in my head (rightly or wrongly) the CL is a broken market like the TF. Swing trading is one way of mitigating this.
PS - I watched the entire RTH session today and all I saw was a minefield better left to more sophisticated traders than me. So kudos.
The following 3 users say Thank You to Deucalion for this post: