I have at times thought you a braggard but I'm really impressed with your honesty. We all get it wrong more often than we are prepared to admit. Making that admission only makes us learn even more.
So many times over the past 11 years I have wanted to chuck in the "trading" towel.
To be perfectly honest - I hate being a trader. NO - I don't hate it - I absoluely loathe it - but have to do it until such time as my new internet business is established and my book is on the Amazon best seller list and I can complete a proposed housing subdivision. You may therefore gather that I do not let the grass grow under my feet - and in the last instance - literally and not metaphorically. LOL
Having said that I am finding the following to be a very good trading tool. Before you enter a trade, become the donor of the reason for entering, exiting or remaining neutral.
So many people ask me about particular stocks - including my Brother who is on Wall Street - believe it or not, but he is a Trusts Lawyer basically with one of the major banks.
I can go to a chart and tell him all the relevant points - resistance here - support there. Rising support and resistance here and there. Volume - being as it is indicating buying or selling.
Too often it becomes a matter of "take my advice, I am not using it"
If you put yourself in the seat of having to give an explanation to an enquirer as to why you should or should not enter or exit a trade based on your TA - Gann -Astrological or whatever you use to trade then you will make a much better trading decision. There is no way on God's earth that I will be dissuaded from TA over FA when it comes to making an entry or exit in the main though there are exceptions to every rule.
I am still of the opinion that the chart will tell you everything you need to know - though not in the case of CDU today LOL - I'm not feeling much pain as that stock has been nothing but a pain in the butt for the last 4 years and my holding now is miniscule. It is a company I had such high hopes for. You just can't get it right on every single trade so therefore have to be prepared to wear the flack.
This thread though is about the XJO so you have a better chance of getting the trend right on an index than you will ever do with an individual stock like CDU - especially when you have been waiting 4 long years for a Jorc. I still have not got the bottom of the reason for the tank today but no doubt it will surface in the fullness of time.
Anyway back to the point.
I am truly at the point of giving up trading not only because I hate the useless hours it consumes which could be much better spent in creative pursuits, like painting ceiling roses and replastering walls and gardening or lunching with friends. I also need to focus on my very much adored, frail and ill Father who may not be with me for much longer. I am his designated carer and I daily watch him deteriorating before my eyes.
I'm sad and I've digressed much on this pathetic little vignette but my basis for saying all of this was as follows.
Pretend you are giving advice to an enquirer regarding your trade, knowing that that enquirer may just take your advice. Giving of that advice makes you have to think about your entry and exit strategy and your stop position.
It is especially good if you are time poor like me and have a whole bunch of other outside influences you have to deal with.
Being time poor has brought me to this understanding and enabled me to more comprehensively set entry, exit and stop points.
I wish you all good and safe trading. The future is not going to be rosy IMHO but just keep working whatever it is that works for you. Any plan faithfully followed is better than no plan at all.
(20min delay)