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Catching Big Waves - a trader's journal of surfing the the markets
Bias that is supported by your charts and/or indicators. Not freight-training. Bias believeing "it has to go back up" will kill you. Bias combined with waiting for it to show me something, at least in my current thought process, is something different.
If I traded on strictly a daily chart, "trend" for the day could be the complete opposite of if I traded strictly a 30 minute. That is more what I mean by bias.
Today I was way off base believeing the market would turn, but I only bought when it first met the criteria that I feel can lead to a turn. My "bias" caused me to miss some great short trades, but it did not cause me to necessarily fight the market. I guess I more meant to say that "bias with patience and confirmation" is something that I still believe in.
But, @tigertrader, @researcher247, and others, do provide some appreciated stimulation to question that belief. If I really knew what to believe, REALLY...I would trade full time today. I am pushing for that very hard, but still held back by the fact that it may always be nothing but the unknown, and so I try to make it more and more "known".
How is one to trade without believeing in themselves and their own experiences? Somewhere we choose a path to believe in, and then stay on it or take another. I have not found very clear directions as to which path to take, but I do learn to recognize the ones I have been on before, and those either attract me, or push me away. And that IS what I would think "experience" is. No?
Can you help answer these questions from other members on NexusFi?
For starters make the market get you out, not your P&L, and yes you can and must learn when and when not to press, and add, to your trades. Its the key to the Kingdom.
To get an idea of what I am referring to, first read my post #1289 in ES SP500 Spoo-nalysis, where I saw the potential for such a scenario developing. And then read #1291 to date, and you can see that I recognized the possibility, that such an event was occurring, and how I traded it. I actually ended up with more on, than I had on initially, even though I took some profits along the way.
When I see a reversal, one that I am familiar with seeing and calling a possible reversal, based on how I have elected to filter the market, and if that reversal occurs in a "zone" that I feel may offer the power to change direction, how am I to know if this...
Don't tell anyone, but you are talking with a guy whose mother was so into "esoteric" that I may or may not have;
1) meditated on a regular basis, 2) "rebirthed", 3) had more than one "healing crisis", 4) worn magnets and "pulsors" to correct my energy flow, 5) Worn these metal pyramids on my head to direct energy...
(Of course, I was under tha age of 10. Once I got a girlfriend I was too cool for that nonsense)
Esoteric is mild compared to my childhood. Speak to me brother!
Last week’s rally started out rather innocuously only to develop into a somewhat furious rally, and then a curious one, as the market continued to melt up on relatively light volume throughout the week. This was despite the ECB’s and Bernanke’s …
