panaspor, Several comments on what you wrote. One, I can feel
you pain. Losses, even paper losses, weigh hard on one's psyche.
What usually happens is that losses are realized at the very
bottom, right before a reversal take place. Others like take their
wins and they create pressure on you -- this pressure is very real
and physically felt to sell at the bottom to maximize their
profits. I am not good at handling that pressure myself, you have
to decide how much is bearable and unbearable for you.
Two, cutting losses short is a necessity, as market moves from
resistance to resistance, which could be far apart. It may retrace
your entry point, or it may not. You trade to make money, not to
pay someone for a ride at your expense. Most cup and handle
patterns last at least 7 weeks, that's how long it takes for the
losers to realize their losses. It could be longer. November lows
are March lows were 4 months apart, for a good reason.
Three, you should trade charts and not Elliot Wave stories. With
my due respect to Matt and Steve, they change their stories about
what current wave the market is in way too often to be reliable in
trading. Sometimes they are mistaken, not often but they do
mistakes. You should learn to look for yourself rather then depend
on their looking. Operating on their knowledge has a limited
applicability, unfortunately. You should develop your own, if you
are ever to succeed as a trader.
Four, I reckon that paying a small fee to have all the trading
tools necessary is cheaper than to pay a lot more in losses for not
having those tools. It should be obvious. If you found this site,
you are to learn trading for real or move on another site in
disgust that they don't tell you what to trade and when.
Five, for each trader there is a limit amount that he can
handle. Below that amount one makes gains, above it are steady
losses. That pattern is consistent, and it depends on your size as
a being (operating size). If you know your limit, you would be wise
not to exceed it most of the time.
Good luck with your trading! I hope you can reverse your
losses.
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trading fundamentals
SPX 5 min chart.png Maybe? that's a 5 min chart so ...
Posted by junkmaylbox on 23rd of Mar 2009 at 10:42 pm
panaspor, Several comments on what you wrote. One, I can feel you pain. Losses, even paper losses, weigh hard on one's psyche. What usually happens is that losses are realized at the very bottom, right before a reversal take place. Others like take their wins and they create pressure on you -- this pressure is very real and physically felt to sell at the bottom to maximize their profits. I am not good at handling that pressure myself, you have to decide how much is bearable and unbearable for you.
Two, cutting losses short is a necessity, as market moves from resistance to resistance, which could be far apart. It may retrace your entry point, or it may not. You trade to make money, not to pay someone for a ride at your expense. Most cup and handle patterns last at least 7 weeks, that's how long it takes for the losers to realize their losses. It could be longer. November lows are March lows were 4 months apart, for a good reason.
Three, you should trade charts and not Elliot Wave stories. With my due respect to Matt and Steve, they change their stories about what current wave the market is in way too often to be reliable in trading. Sometimes they are mistaken, not often but they do mistakes. You should learn to look for yourself rather then depend on their looking. Operating on their knowledge has a limited applicability, unfortunately. You should develop your own, if you are ever to succeed as a trader.
Four, I reckon that paying a small fee to have all the trading tools necessary is cheaper than to pay a lot more in losses for not having those tools. It should be obvious. If you found this site, you are to learn trading for real or move on another site in disgust that they don't tell you what to trade and when.
Five, for each trader there is a limit amount that he can handle. Below that amount one makes gains, above it are steady losses. That pattern is consistent, and it depends on your size as a being (operating size). If you know your limit, you would be wise not to exceed it most of the time.
Good luck with your trading! I hope you can reverse your losses.