Wednesday, February 07, 2007

Daytrading and facing reality.........


Today, even my grandmother could have made some money on the first bar trade just looking to fill the small gap. But Monday was fun if you like to trade the first bar, because it was a loser. I have been trading it for years and it was a loser and yes you will have losers if you trade.....and that is just the way it is. But,
do you just sit there like a bump on a log after getting run over or do you just take the idea you have researched and do your best? We have talked about looking at the third bar breakout for a reversal. Monday, that would have been a way to at least get some money back.

Tuesday, we had one of those voided setups, where the first bar high and low was taken out on the next bar. If you waited for the close of the second bar you were again fine....but sometimes in the real world, it been heard that some might just front run the close. Either way, I think you would have been faced with a loser.

Again what do you do now, after two days and having two losers do you dare take the trade today.....I guess it depends if you have done your research and know the number of losers you can except. If you haven't I bet you didn't take it today and for that you deserve just what you got.....NOTHING!!!!!!

2 comments:

Haze said...

sure is nice to have you blogging again!

adam said...

Nothing ventured - nothing gained!