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Another leg down on this swing on the S&P futures took it under old support
yesterday. I'm still short from last week in one of my accounts.
In another account I was day trading yesterday. At the beginning of the day it
was hard work and I wasn't getting anywhere so I packed up. I came back at the
end of the day and jumped on the run into the close. I spoke to a new trader I
knew who was talking about things.
I thought to myself what is the difference in what we are doing today. I think
it was that he expected something to occur and demanded it like a trade union
official and I was looking for opportunities. When they weren't there I left
and came back later to see if things had changed.
I'm day trading FX right now as I write. Its early in the morning and I'm on
a move on the EURJPY. Why am I trading it? because the opportunity is there. There
is some momentum.
With day trading I walk away if things are just not happening for me and return
when there are opportunities.
Many others expect things to happen because they are ready they expect the market
to be ready at the same time.
When I beat the head trader at the IX show he said to me "So you'd like to take
that trade then would you? I said "no, I'll tell you when I want to take it."
He expected that because we were discussing it I'd just take it immediately.
What I did was wait for the opportunity, when it was there I took it and beat
him. when we first talked the potential was there but not the opportunity.
With day trading you wait for the opportunities and sometimes waiting can be
the hardest thing to do.
Here is the S&P at the moment.
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