Plans to stop early for the day, given the holiday?
I hope you get to have the opportunity to spend quality time with your family and friends this holiday weekend.
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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The chart above shows a thick horizontal red line where my initial 1 contract entry got stopped out. had I increased my stop distance, I could be in this trade with a single entry and no losses. That is something I am working hard on; allowing greater stop loss limits for longer targets.
The way I traded this actually increased my risk somewhat, because I took a heavier position after I believed I witnessed a washout move. But, in defense of the move, at that point I believed I had much better confirmation.
Low volume creates whippy action, I had talked to myself about that since last week, and so the stop out was alomst expected. I am not sure how to conquer that within myself yet, but am working on it. Slowly.
I just bought "The Inner Voice of Trading" by Michael Martin which I plan to finish before Monday. I am a work in progress, but making progress.
I may have exitted too early, but that upward spike looked way to panicky. But, sitting here, flat, that was a beautiful wave. Solid white, straight lined, gorgeous. Even with the initial stop out, I am very happy with my original entry decision. It took my money, but that happens. I still love the trade. Watched for days, executed with patience. Good job GaryD.
Last edited by GaryD; November 23rd, 2011 at 12:15 PM.
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