I agree with all that. Take profits regularly and don’t be scared of taking losses. Keep a detailed journal. I will send you my essential reading list. As I said yesterday, you have to only find a competitive edge on one product and hammer it until it doesn’t work.
It’s funny this is the area I expected the pullback from, but, it is taking forever. I am prepared for it to go back to 2700. It is really easy to “call” a trade, but, the mental aspects of trading: self doubt, ego, FOMO, discipline challenge you. Ultimately, anything can happen.
gold long 1288.26 long.
Could well be a good example of a poor trade as I am chasing a bit.
Although I think it recovers
gold long 1284.29.
That my lot
Gold Auto Buy 1985
Thanks for the yips guys, can I just ask which trading options you guys prefer and why, CFD’s or spread betting?
It’s a great question. For me, it depends on personality, market volatility and expectation. Let me be frank. Until a year ago I would not touch Options. I really hated them. Then in Feb 2018 we got the 10% correction. My normal process of trading volume profile with a 4 point ES stop and scaling 70% at 2 point, just would not work with the VIX above 30. I knew that and stopped. I then spent literally 11 months trying to figure out how to play a 20% correction. I wanted leverage plus a time component. I knew, the area I wanted was 2300 and I also knew the DOM would be impossibly thin plus the VIX would be above 35. The stats on 20% corrections are phenomenal. Most people freeze because the market scares them. Options allowed me to risk a relatively small sum, leverage and buy a few days time. In this game, you don’t make money incrementally, typically you make 70% of your money in 2-3 months of the year. For me, I have made more money this year, than I have made in all of last year, purely because I visually and mentally rehearsed my process for the 20% correction.
Sorry for being verbose, but, if you all go back to 9/11, you had a similar thing. What happened immediately afterwards? The market rallied 37% in a virtual straight line till the year end.
If you get one off exogenous shocks, it pays handsomely to buy the fear. It’s quite easy to mentally prepare for. Get a friend to drive a bus towards you at 60mph and tell him to slam the brakes on 120m before it hits you. All you have to do is have faith. Just don’t get your wife to do it.
Gold BUY Limit Auto Order placed for 1280
well different day altogether
up to 2% today rise possible
brimming with trade-war resolution optimism.
I’ll wait til Tuesday before I adjust my positions
These Puts expired worthless. It was a very aggressive attempt. Possibly showing a lack of patience on my part. I’m prepared for S&P to go back to 2700. A close above 2700 will invalidate the idea.
VIX cooling will then come in to play - one scheme goes out another opportunity knocks, VIX goes near 17 and I’ll be long
Yes, the market has consolidated for 5 sessions at 2620, the push further up yesterday.VIX is not falling that much. I’m prepared for the S&P to go back to 2700. A close above this level will invalidate the idea.
Got some money for TESLA next week
VIX didnt hit 17 went as far down as 17.35 last week
Gold more Long positions if it continues to stay above 1280.
Sold half the VIX 25 Calls exp 13/2 at 0.6
Stop back to 0.45
Remaining half sold at 0.63. 37%
S&P Futures touching support yet ?
I have support at 2625 and 2620. I think the main thing is to scale out on the way down. The other thing is, I believe, what will drive the market is the data coming out of China.