Does losing money sting at first? Of course it does. But for aspiring traders, it’s necessary to become successful. That’s the lesson that San Diego-based trader Rod R. learned after joining TopstepFX.
Technology has changed many aspects of our lives; one area that has seen massive improvement is the world of investing and trading. There’s never been a better time for the individual investor to participate in financial markets.
But it’s not all good news. The ability to trade nearly 24/7 and at speeds never seen before has a couple of disadvantages as well. Let’s discuss them here in Part 4 of our series on Not Gifting Money to the Markets.
Twice this week, I’ve been noticeably “scared” to enter a trade.
The first time was Monday, when I noticed an opportunity while watching the Market Forecast with TopstepTrader’s Senior Performance Coach John Hoagland. As he does every day at 8:15 AM CT live on TopstepTrader's Facebook page, John brought up the Crude Oil chart. It showed Crude was selling off hard to $51.26, slightly below a double swing low at $51.33 from January 17 and January 28. It was a clear opportunity.
But I missed it.
As the chart above shows, the price even came back to test that level two hours later. You’d think that this would be a great opportunity, but instead it just confirmed my thoughts that the market was “heavy.” The market looked heavy. It looked like the support was going to give.
It didn’t, and with the benefit of hindsight, we see that prices rallied that day $1.50 and have been rallying ever since. Opportunity missed again.