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Thursday, January 5, 2017

Trading Recap 1/5/17

Today ended up being better than yesterday. It was a similar story though. Bullshit trades in the morning and then working my way back to positive and actually having a decent profitable day. But the bullshit trades have to stop.

Some new things to also remember and work on:
1. RULE #1 FOR ME: UNLESS I SEE THE TRADE RIGHT AWAY AND "AM EXCITED FOR IT" THEN DON'T BOTHER. CHANCES ARE IT WON'T WORK FOR ME.
2. Don't use the tick chart unless what it is saying aligns with the 3/5min chart.
3. It's much better to wish you were in a trade than wish you were out of one.
4. Unless you are very clear about a S/R level then don't bother with it. If it's not major or at least clearly defined then don't bother. If you have to squint and look at different angles to see it and think about it then don't bother.
5. Just trade the setups you see from rule #1 above with bigger size and that is it.

Misc:
You must keep a calm focus throughout the session. You must avoid thinking in terms of PnL and shift your attention to what the market is doing. Avoid talking about generic things like missing moves, just focus on the patterns you see and do those better.

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