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Hello,
Today was the most frustrating day I have ever traded. I could not get a single swing trade going. How do I have safeguards in place for not blowing up on a day like today? Anyone here who is profitable long term, do you stop trading if your stop is hit 3x or something? Any advice on not destroying all of my progress on a day like today would be appreciated.
Thank you
That makes sense. I wasn't reading today right. I did not anticipate today would be a mini- FOMC day due to the Powell speech. Ie that the market would wait in a trading range all day until this speech, so that's a mistake. I bought above 1. I thought we made a double bottom with prior day low. Missed the wedge bottom second tested and did not buy above the signal bar until too late. Got screwed up on the pull back and started getting tilted. The reversal of 19 screwed me up badly as well. I misread almost everything that was going on in the first 30 bars it seems.
I've heard Al mention that if your stop gets hit 2 or 3 times consecutively, to just take a break for a little bit, since your probably reading the market wrong and your emotions will take over. Biggest thing is to stay objective and if your stop is getting hit over and over, it's hard to stay objective. Any details on the trades you took?
Might help you to have a pre market routine like checking for important news and if that's not done don't allow yourself to place a trade. Most of the pro traders accept the losses and stop trading after fe. 3 cc. You have to observe yourself and how such a rule would have helped you in the past due to your performance on such days. Those examples you can have as a note on your screen where you will see it directly to remind you of your rules.
