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Day - swing trade corner
Dear traders,
we got big red daily bar. But we an't know that is over. Take a look at February market flush out. From that experience we can't say that bull market is over, but for sure it will need time to back (if will back),. I Hope that charts show support what we have now and honestly I don't know what support will hold, but I know what risk will be and what risk it is. It is enough high risk that today and tomorrow for sure wont be swing trade calls.I will watch for intraday possibilities and we will see. I like to note that this is extreme action and from my experience it is great to sit and watch, because market will back as always did. Right now it is smart to be patient and save account. I'm not hurt very much with last days action because I'm using really small risk and I hope others doing same. And if will be some calls I like to note that my risk will remain small. That is important right now.
-There are few ways right now. One is not trading and just wait. Second is to trade with small risk and see when market will back. Another is just to us smaller time frame for trading (day trades and scalps). Another is not to change anything. Now it is up to trader what will do, it is personal decision. In my opinion one think is sure and that is trading risk. It is higher than usual. You can just wait and not trade. That is ok option but there is one problem. You can miss another market move. When to back? I mean full back. That can be problem. It is, in my opinion, always good to be with market to feel it. I can say what is best for me. It is trading with small (I mean really small) risk. Then I can feel market. But that is me. Because of emotions that is very personal work, but also good to see other opinions and then make own decision. Risk management is very big part of this game. -
this is one answer what I sent to one member and I hope that will help to others too.
Wish you all good trading
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Note:
Trading the Market’s open can be very unpredictable and risky. As a reminder, I will not take any new trade that sets up during the open or within the opening five minutes. If a trade sets up during that time it will be cancelled and I will look for another set up and trading plan. Simply put, any trade that sets up on the open is no longer valid. I prefer to wait at least five minutes prior to taking a new trade. The first five minutes are highly volatile and subject to many false moves increasing the risk greatly. I just want to make everyone aware of the increased risk if you choose to take a trade during this time.
PLEASE NOTE:
The primary focus is to find Swing Trades. I look for intraday setups that have a potential to become swing trades.Since traders area diverse I do post additional ideas (day trades, position trades and scalp trades). It is up to you to decide which trades are appropriate for your trading style. I do NOT personally take every trade (I don't trade scalp and fast trades). Your success depends on YOU taking trades you understand and like. I am always available to contact for additional trade explanation.
TRADING THE OPEN
During normal market conditions our regular setups generally do very well regardless what time they are taken. Trading right at the open always adds risk. It is recommended that new trades not be taken for the first 5 minutes the market is open. I will treat each new trade that sets up during this time as a gap trade and wait till the stock comes back and takes out its 15 minute high or low.
Trading is risky. It is our job as traders to reduce this risk and increase our chances of success.
IMPORTANT:
Take only the opportunities that you really like and understand. Always enter a trade with a trading plan. If you have any questions, please feel free to ask me. There is a much greater chance of success in your trading if you understand the trade. That is very important. Taking just a few trades is enough to be a successful trader. Over trading is probably the number one reason new traders fail. I personally mostly take swing trades. Please remember to keep that in mind!!!!!!!!!!!!!!!