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TopstepTrader

Living to Trade Another Day

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Here we are again sailing in the wind of massive end of month buying amidst a worldwide recession, less than stellar GDP estimates, earnings with declining revenues, and a severely depleted workforce. Nothing surprises me anymore. I suppose all we need is the Fed Chairman or ECB President to tell us that they will “do whatever it takes” to support the dollar and Euro respectively, and the markets will scream higher. We are so inclined to buy the rumor and sell the fact that this current formula, although may not really add up, actually makes sense. We've come to expect the unexpected.

 

I’m a trader and I’m looking for trades. Volatility and price action create opportunities, so even if there is no rhyme or reason to the movement, this flow allows me to increase my profit potential and find good if not great trade locations. The best way to be proficient in capturing these opportunities is to know how to trade the rest of the time when the market isn’t creating such large price movements.

 

Most of the time the markets don’t move as swiftly and definitively and the monotony can be tough to cope with. We find ourselves reaching for trades that aren’t necessarily there and displaying a clear lack of restraint in our trade execution. If your trading has been suspect, it may not mean you lack focus, but just seem to not care about losing. Going for broke and then getting mad at the market is not the answer. We know it doesn’t owe us anything and it certainly doesn’t care. We seem to believe “I’m right” and the market can’t possibly go against me. As soon as this emotion is triggered trading should be halted. You’ll tell yourself you're right no matter how wrong you are. Learn to be more satisfied with smaller profits and consistent, profitable trading will be the result. We act out of character because we’ve done well before but want more. This market, with limited resources, presents infrequent opportunities. We should only be looking for a few trades. Stay in the game and don’t force the issue. Greed is an evil you don’t want to know. Uncontrollable trading has never proved to be beneficial. If it has, it’s only been luck. We can’t rely on that. If you know how to control your trading during the tedious market days, you will know how to recognize major moves and be able to capitalize on them when they happen. Focusing on the grind will ultimately allow you to be more profitable more often.

 

 

Trade well,

 

Brian Welsh AKA Jayhawk

TopstepTrader Senior Scout and Trading Coach

 

Brian Welsh is a professional Broker and Trader on the floor of the Chicago Board of Trade. Brian also serves as TopstepTrader's Senior Scout. Brian is featured daily on the Live Squawk Radio during his "Chalk Talk with Jayhawk" sessions at 10:30am CST. Brian is also one of our professional Trading Coaches and is available for private coaching. TopstepTrader seeks to find and develop undiscovered trading talent from around the world. While in our program, those who display a strong trading skill and aptitude will be backed as a fully-funded trader.http://www.topsteptrader.com/

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    • Date: 22nd November 2024.   BTC flirts with $100K, Stocks higher, Eurozone PMI signals recession risk.   Asia & European Sessions:   Geopolitical risks are back in the spotlight on fears of escalation in the Ukraine-Russia after Russia reportedly used a new ICBM to retaliate against Ukraine’s use of US and UK made missiles to attack inside Russia. The markets continue to assess the election results as President-elect Trump fills in his cabinet choices, with the key Treasury Secretary spot still open. The Fed’s rate path continues to be debated with a -25 bp December cut seen as 50-50. Earnings season is coming to an end after mixed reports, though AI remains a major driver. Profit taking and rebalancing into year-end are adding to gyrations too. Wall Street rallied, led by the Dow’s 1.06% broadbased pop. The S&P500 advanced 0.53% and the NASDAQ inched up 0.03%. Asian stocks rose after  Nvidia’s rally. Nikkei added 1% to 38,415.32 after the Tokyo inflation data slowed to 2.3% in October from 2.5% in the prior month, reaching its lowest level since January. The rally was also supported by chip-related stocks tracked Nvidia. Overnight-indexed swaps indicate that it’s certain the Reserve Bank of New Zealand will cut its policy rate by 50 basis points on Nov. 27, with a 22% chance of a 75 basis points reduction. European stocks futures climbed even though German Q3 GDP growth revised down to 0.1% q/q from the 0.2% q/q reported initially. Cryptocurrency market has gained approximately $1 trillion since Trump’s victory in the Nov. 5 election. Recent announcement for the SEC boosted cryptos. Chair Gary Gensler will step down on January 20, the day Trump is set to be inaugurated. Gensler has pushed for more protections for crypto investors. MicroStrategy Inc.’s plans to accelerate purchases of the token, and the debut of options on US Bitcoin ETFs also support this rally. Trump’s transition team has begun discussions on the possibility of creating a new White House position focused on digital asset policy.     Financial Markets Performance: The US Dollar recovered overnight and closed at 107.00. Bitcoin currently at 99,300,  flirting with a run toward the 100,000 level. The EURUSD drifts below 1.05, the GBPUSD dips to June’s bottom at 1.2570, while USDJPY rebounded to 154.94. The AUDNZD spiked to 2-year highs amid speculation the RBNZ will cut the official cash rate by more than 50 bps next week. Oil surged 2.12% to $70.46. Gold spiked to 2,697 after escalation alerts between Russia and Ukraine. Heightened geopolitical tensions drove investors toward safe-haven assets. Gold has surged by 30% this year. Haven demand balanced out the pressure from a strong USD following mixed US labor data. Silver rose 0.9% to 31.38, while palladium increased by 0.9% to 1,040.85 per ounce. Platinum remained unchanged. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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