wontrader
@wontrader1CANSLIM trader, good at risk management but still working on superperformance
Political tweets are great at getting people that agree to continue to agree and people that disagree to become defensive and harden their opinions.
When stocks have had a big drop they need a long time to repair. Wait for confirmation of new stage 2 Uptrend. When stocks have had a big move they can drop fast. No need to wait for stage 4 but it is wise to do so.
Great mindset lesson. Medvedev down 2 sets to love said: What would a great champion like Novak do in this situation
I keep a watchlist of all my recent set ups that triggered, whether I took the trade or not. This watchlist provides me with more valuable feedback than the many market indicators out there. Because it tells me if my strategy is working. And that is all that matters.
The recent behaviour of ARKK is a perfect example why I was drawn to Wyckoff's advice to follow price and price only. Kathy is obviously very smart but the market thought otherwhise.
I got this idea in my head I wanted to trade. I knew no traders. It took me years to find the stategy I really believe in but it was worth it. Now I just work on getting better and being the most disciplined trader out there.
The opinion I trust the least is my own. I never have conviction. I take a proper set up and then let the subsequent action guide me. It is all planned,either my expectations are met or not and I act accordingly.
CUBI, another example of break out and then reversal and shake out. This is the theme.
In all my set ups I look for potential moves that occur soonest, fastest and furthest - with priority in that order.
Wyckoff was one of the greatest students of price action ever. He taught that price, volume and time tells you ALL you need to know. Unless you disregard all news, tips, rumours, business analysis, fundamental statistics, you will not achieve the best results.
Ideal buy points have 2 characteristics: tight risk and supply vacuum. Tight risk is easy to spot on chart, recognizing a potential supply vacuum takes a trader's feel. And that takes years to develop.
I don't get the arguments on twitter. It is not about who is right or wrong. The goal is to keep watching free of opinion and to consider every bit of new market information. Make your best judgement and have the courage to go with it but quickly reverse if wrong.
One can find set ups and one can find names that are acting great but the question is: are thinks working on balance?
Superperformance is my goal. To achieve this I have found some one great and now I learn to think like this person. I sacrifice all other processes.
Have conviction in your strategy, not in the names you hold or plan to trade.
Finding true market leaders is great but the opportunity for swing traders lies in taking proper set ups with a proper risk vs reward opportunity and turning one's edge over as much as one can.
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