Anyone who brags about nailing the exact top or bottom has unsuccessfully nailed dozens or tops and bottoms over the years. If they keep trying, they will eventually succeed. As I say, a stopped clock is correct twice a day.

Short term traders can brag about picking tops, but they’re also the ones who only made 2 points of a 10 point move. There’s nothing wrong with that. Many traders make a good living hitting singles, but it comes with the territory that if you want to patiently sit in positions to expose yourself to the possibility of nailing larger moves, you have to accept you will miss the turns.

This is why it’s so important to clearly define the type of trader you are or want to be and clearly establish a specific trading style which you can execute over and over. Then you accept what comes with the territory. If you’re a day trader, then hit singles and shoot for consistency. If you’re a swing trader, you’re winning % will be lower, but you’ll be compensated with bigger winners. Either way is a great way to make a living, but you can’t/shouldn’t do both. Figure out what is best for you and stick with that.

Also, one point I'd like to makeis that I've had some recent emails from folks telling me that they are not day traders (they are swing traders or position traders) and do not think BPT is for them. BPT IS NOT a day trading site, in fact most here work day jobsand don't day trade. We simply provide the research and trade ideas (which takes many hrs so you don't have to), you pick what you want to use. We provide long term analysis with our weekly charts, swing trade ideas, as well as short term day trade ideas. Decide what type of trader you are and filter out everything else. I f you are a swing trader, then ignore the day trades on the BLOGthat are posted by some members.