What would you have done in this situation?
One of the biggest mental obstacles in trading is deciding when to reenter the market after a couple losing trades or deciding when to pull the trigger during an uneventful day (no one pushing the market in any direction). Look to reenter the market when it’s most beneficial to you based on price action. If you see fluctuations that are not to your advantage, it could mean that money has shifted elsewhere; perhaps into a commodity such as gold or crude oil. After switching markets, you can then focus on new profit targets, your stop and getting a couple of points. Let price prove to you that it wants to move and progress out of the usual fluctuating range. Once again, if price does not tell you that it wants to be traded, move markets and start anew. With this said, if you are able to monitor multiple markets at once (you have a large enough monitor or multiple monitors in your setup), this is highly beneficial.
The video in one of my previous posts demonstrates exactly what I’m talking about:
There are so many ways to use trading platformings like TradeStation and NinjaTrader. If you’ve ever looked at the built-in tools these programs offer, it’s easy to get overwhelmed with the sheer amount of data-driven lines, graphs, circles, etc. that are produced (and this does not include the third-party indicators that are out there!).
If you’re like me and want to follow price action as simple as possible, check out the Atlas Line from DayTradeToWin. I simply cannot say enough about this tool – open NinjaTrader, watch the direction of the Atlas Line, then trade accordingly! The Atlas Line is the only indicator that you’ll need; trust me. I’ve tried my own methods for quite some time and the Atlas Line is the most comprehensive solution.
Today, I participated in a free Atlas Line webinar from DayTradeToWin.com (http://www.daytradetowin.com/atlas/). This was a webinar I looked forward to as I have had success with the DTTW At The Open method. You can read about the Atlas Line here:
John Paul also offers one-on-one webinars (the one I attended was a public group) are also offered to show you how to best use the Atlas Line for trading.
Check out a video of the Atlas Line in action here: http://www.youtube.com/watch?v=xFomqi487G8
To take a look at the Atlas Line and receive notifications of the next webinar, visit http://www.daytradetowin.com/atlas/