It was said that 99% of the traders out there failed to make profits.
I pondered hard over this statement and realised that whatever tools I am using, it is equally available to the millions of traders out there. The same for the financial information which I read on CNBC, SCMP, etc. Nothing that I have is one level above others.
Then, when I look at the charts, for a long time, I have also convinced myself of buying at support and selling at resistance and gaps get filled up. From this chart, we can see that 3x the support failed with the last one breaking past the support line before staging a rebound.
Just because it has worked in the past, it does not mean it will again. 19 Feb to 7 Apr 2025, this must be the shortest bear market in history. Could we witness more of such rise and fall in the coming future?
Most would hesitate to go LONG now for one of these reasons :
1) it is reaching the resistance level soon and likely profit taking so price may retrace. Let's wait.
2) Donald Trump and team is getting sued on the tariff matters , volatility is expected in the market so price may move sideways for a while
3) The US market is overvalued per many analysts out there, PE over 28 or 30 and the fall is going to be great like 40-50% downfall. Wait some more or taking partial profits
4) My friends are making good money from cryptocurrency and the profits are huge, I should ditch SPX and followed him
The list could goes on.........
I am still LONG on the SPX and is now awaiting for opportunities to accumulate. What is stopping me is the gap and resistance which I am afraid of. In my mind, I am thinking it is better to get it cheaper , right ?
Guess I am looking for a catalyst or better reasons to convince me to go LONG.............
Like to hear some others views
I pondered hard over this statement and realised that whatever tools I am using, it is equally available to the millions of traders out there. The same for the financial information which I read on CNBC, SCMP, etc. Nothing that I have is one level above others.
Then, when I look at the charts, for a long time, I have also convinced myself of buying at support and selling at resistance and gaps get filled up. From this chart, we can see that 3x the support failed with the last one breaking past the support line before staging a rebound.
Just because it has worked in the past, it does not mean it will again. 19 Feb to 7 Apr 2025, this must be the shortest bear market in history. Could we witness more of such rise and fall in the coming future?
Most would hesitate to go LONG now for one of these reasons :
1) it is reaching the resistance level soon and likely profit taking so price may retrace. Let's wait.
2) Donald Trump and team is getting sued on the tariff matters , volatility is expected in the market so price may move sideways for a while
3) The US market is overvalued per many analysts out there, PE over 28 or 30 and the fall is going to be great like 40-50% downfall. Wait some more or taking partial profits
4) My friends are making good money from cryptocurrency and the profits are huge, I should ditch SPX and followed him
The list could goes on.........
I am still LONG on the SPX and is now awaiting for opportunities to accumulate. What is stopping me is the gap and resistance which I am afraid of. In my mind, I am thinking it is better to get it cheaper , right ?
Guess I am looking for a catalyst or better reasons to convince me to go LONG.............
Like to hear some others views
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.