If you’re going to try and be fancy by going counter-trend, make sure you do this…
Or better yet, just stay on the right side of the trend. As Market Wizard Ed Seykota says, “The trend is your friend.”
Lucra® by Mindie Kniss and Sean Stephenson
Success coaching for entrepreneurs and traders, plus online courses on coach training and professional speaker training.
Hi Mindie,
Believe me, you have a lot of company with these types of trades. So do not feel too bad about it. We all do some crazy things at times. Thank you for sharing this. It helps.
Thanks Ricardo, it’s my pleasure.
Thanks for sharing
No worries 🙌🏼
Thanks for sharing, Mindie.
I have been there/done that any times. For me, I will unknowingly fall prey to the “trader’s revenge” psychology that sets in after having missed a strong move in one direction or another. So my mistake is thinking I will just counter-trend trade since the market should turn at any moment, and that psychology gets me into trouble so many times.
As I think about it, the trade you tried and that I fall prey to is not really a “counter-trend trade” but is really a “scalp” setup, meaning you are trading against the trend but you are only looking to get between 1 and 2 points profit and get out quickly before the prevailing trend continues.
Thanks for your honesty and transparency in sharing not only what you do right but also your mistakes, helping us all to learn more.
Yep. I know exactly what you mean. 😉
In this case, I was looking for a bit more than a scalp since the price action was at the top of the Keltner channels. Was hoping for a bit more of a retracement, but oh well… 🤷🏻♀️