Markets are in their IPL league. Just because one day you booked a loss because of the strict trading rule, you cannot keep quiet when the markets offering you good trades.
Day trader’s job is to TRADE, but with a proper understanding of markets and the volatility associated with it. We hear from many of the new traders that, markets are volatile. And the same opinion is formed since day 1 of COVID. Are markets not good enough now ? or do we lack our understanding of markets.
Let’s be a debate, but looking at the price action and the sentiment in and around the economy is very common. Whether you have COVID factor or ECONOMY, markets do its job.
Then what we should do?
Ans: Simply follow the markets and trade as long as trades going perfectly. Well, one day maybe a loss due to poor entry and stop loss in place. The more consistent you play, the more strike rate you get.
I will try to put answers in the form of charts. These are self-explained.
The conclusion is-
If you dont bet, you cant win.
If you lose all your chips, you cannot bet – Larry Hite, Market Wizards