another day of few small profits, worked out well with my planning. only if i could plan it like this most times
Prits187
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Today I went with what I thought and it worked out well. But feeling ill have to wait and see how the market opens tomorrow, but I have a feeling it's going to go up a bit in the morning then start to drop. But like you said, market could go anyway it want so let's just ride with it.
Best of luck
JamesPowell
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Excellent guy, I am so glad for you. :)
Good job.
JamesPowell
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its not going to be what any of us feel its going to be what is real. Fact of the matter these markets go where ever the supply and demand take them. The real question is what will you do when this market does what it does. All the markets have been in long term up trends for quite some time now and that is likely not to change just yet. Having said that, if i was stuck on the wrong side of this market i would be looking for a place to get out of it. One way to look at things might be to consider the two consolidation areas. The upper range broke down and made another range. Respect the ranges and play them accordingly. Regardless of what we feel if price breaks down below the lower range call in the dogs and get out. If price breaks out above its current range your exit would be the bottom of the upper range.
Prits187
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Iv only been trading for last 6 months. Iv made some huge loss but that's my lesson learnt. Now I go for small profit. I believe people call that scalping?
JamesPowell
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yea we all take our lumps i guess. Cant take many big losses though. That should be number one rule. No big losses. Plan out all your trades and stick to the plan. If sticking to the plan is the plan then whether you get stopped out for a small loss or a profit what ever size then you can never be wrong. One thing is 100% in the financial world and that is that you will have losses. Thing is you should be the one deciding what that loss is and not the market. Three questions, entry, stop loss and exit must be answered prior to putting on a position. You put that in stone then when your plan works out, however it works out you are correct. Makes your life much easier. The other thing is you have to ask the right questions to get the right answers. The question is not how do the markets work. They generally work by taking yours, mine and everyone else s money that will give it up. The real question is how do the exchanges work. Start with that question. How are orders filled etc. These markets are all about the buy and sell orders and nothing else. The buy and sell orders may be about the news or fundamentals or earnings or economics etc but we really do not care. What we care about is the orders themselves and nothing else. You learn to find those orders. Then and only then will you get the upper hand in these markets. This is a hard game my friend and 95% of us loose, give up and quit. If 95% are using the same tools and same fibs and same moving averages as you are what makes anyone doing so think they are going to do any better than the other millions of people before them? Good luck to you, i think you may get lucky and get back above water. If you do, take a deep breath and figure out the game before you jump back in. If you don't you will give someone else all your money. :)
carman
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There is next week important marco eco news.
ECB President Draghi Speaks
German ZEW Economic Sentiment
Core Retail Sales m/m
Retail Sales m/m
Fed Chair Yellen Testifies
PPI m/m
Fed Chair Yellen Testifies
Building Permits
Unemployment Claims
Philly Fed Manufacturing Index
Prelim UoM Consumer Sentiment
So i think there will be volatility next week.
If news is good SP500 can break new records. Dax can go back to 9900.
Prits187
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I feel it would be good news overall, due to them being in finals in football so people would be drinking and spending money.
I'm thinking to spectatefor first few days then dive in for some positive action for me. Best of luck for next week.