by django64
Here is a little tip from the book High probability trading:
Some of my worst days were when I’d come in thinking I would only be shorting for the day because the market had been weak. On days like this I start out with a short and make money, and then the market looks like it will bounce for a little while. I start thinking, “I’ll make a quick long trade for a few ticks and get right out.” Then I end up buying and it doesn’t work, and so I’m sitting long in a market that I wanted to be shorting. I don’t get out as I’m waiting for the next “bounce” so that I can exit with a small loss. Meanwhile, I’m thinking, “Since I expect that bounce, let me double up,” which eventually ends up costing me even more. I have learned that trading the countermoves is just not worth it: The risk/reward ratio is pitiful in these trades, and I’m better off sticking to the direction of the market.
Hope you guys will make money today