You can see the scope of the market’s pullback since hitting multi-year highs last month, on the 30-minute SPY chart. Currently, the bulls are making a valiant attempt at resolving the consolidation up and out.
Instead of trying to nail each short-term top and bottom in this 3% broad market correction, the better approach has been to trade a market of stocks while the perfect timers got stung time and time again.
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My experience suggests the ‘perfect timers’ fatal flaw is the use of too much leverage. Think trying to play shortstacked…
good point
Too much leverage and not cutting losses will do it every time. Amazingly, this is true even if the overall win rate is a workable 55 to 60 percent.