[mitsubishi]

Originally Posted by khamore1 »

here is a quote for you: when in doubt get out

The opposite of doubt is certainty.Probability lies in between.Where does that leave the cliche?
The only time to get out of a trade is when the probability is against you.

[Tams]

Originally Posted by khamore1 »

here is a quote for you: when in doubt get out

the problem is,

we were so certain we were right,
that we would go long in the face of an impending avalanche,
and when the slide begins,
we were so sure that it was only a minor correction, and that the market will go back on its upward trend in no time.
when the slide did not stop, we find justifications to allay the doubt,
when the doubt finally takes hold, we are already 3 feet under.
the wishful trader would look for a small rally to get out,
which never happened.
By the time DOUBT is confirmed, the trader is 6 feet under.

[mitsubishi]

Originally Posted by Obsidian »

I never thought that I have to be in the market everyday. Sometime not trading is the best trade. Markets give us plenty of opportunities, missing a couple of them wouldn't kill you...

Being flat is definitely a position.However,being flat is often,as you say,a missed opportunity.If trading is viewed as a job (which is the way i view it) then the OP is unemployed.
When i miss an opportunity,i tend not to just shrug and say oh well,there's always another trade.I tend to think that i am not doing my job as well as i aim to.While i am not losing money i am losing time.And time cannot be reclaimed.
Personally,I have a very low threshold for tolerating excuses to justify my mistakes,as to why i missed an opportunity,or why i broke a trading rule,or why i took a profit too early or let a loss run past my stop.

[khamore1]

RGUDGEON
"Is it better to sit back and do nothing when the market is like this or should I just look for setups and work them regardless of having no direction from the market"?

To.Mitubishi, and Tams

My answer: “when in doubt get out” was to the above question and intended to rgugeon I think it is the best course of action for him

Rgugeon even answered his own question “at least I did not lose any money”

And here is another quote for you Mitsubishi. “A trader become a real professional when he/she does not feel bad if they missed a trade” The biggest edge any trader has is: they don‘t HAVE to trade all the time

[Obsidian]

Originally Posted by mitsubishi »

Being flat is definitely a position.However,being flat is often,as you say,a missed opportunity.If trading is viewed as a job (which is the way i view it) then the OP is unemployed.
When i miss an opportunity,i tend not to just shrug and say oh well,there's always another trade.I tend to think that i am not doing my job as well as i aim to.While i am not losing money i am losing time.And time cannot be reclaimed.
Personally,I have a very low threshold for tolerating excuses to justify my mistakes,as to why i missed an opportunity,or why i broke a trading rule,or why i took a profit too early or let a loss run past my stop.

Sure we all have different trading style and system. I like to be in the market when I have high probability of winning according to my strategy. If I am uncertain, then I just leave it alone. Sure I lose time by missing opportunities, but I don't get any extra risk or stress.