Quote from mrnate22:
Nodoji,
You're absolutely right.. I can read the market but I'm not trading based on my ability and it because of my stupid emotions.. it's always in the way of my trading. I'm grateful for many advice that was given to me here but I've done them before and my stubbornness still wins.. Maybe I'm not meant to be a trader..
I mostly trade stocks and I'm a daytrader.. I look at different timeframes but my main one is the 5 min. chart..
Day trading a 5-min time frame isn't easy because it requires a lot of focus. Price might consolidate for 10 minutes or 60 minutes. You have to fight the urge to manufacture something out of nothing during these periods, yet at the same time remain focused enough to act without hesitation once price tips its hand.
What might be helpful to you is an exercise where you act as if you're teaching a class on day trading and describe what's happening with each price bar that prints. Describe the market environment to your "class". When a setup forms, identify it and describe why it's valid (or why it's not valid, if you use filters).
It will be more difficult to trade out of plan while you're doing this.
I sometimes Skype with some other traders and it helps relieve that impatient feeling where you just want the market to make a move and it refuses to do so for quite a while, and you're certain every little move means you're about to miss out on something big. There's a flat 20EMA, and price is breaking out of a narrow range by a tick in both directions, slowly destroying the morale of impatient overtraders. Thing is, most of the time the market finally tips its hand on the smaller time frame (such as a 1-min chart for 5-min traders), and you'll be able to get in on it with far better odds in your favor if you're patient and wait for those little patterns to appear.
Read Bob Volman's book for a superb and comprehensive analysis of these small time frame patterns where the market tips its hand quite reliably.
Немає коментарів:
Дописати коментар