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The following 2 users say Thank You to Big Mike for this post:
Mon - Encountered some technical/hub issues. No trade.
Tue - Missed 3 good signals. No trade.
Wed - 2 live trades, ie 1 BE and 1 +2 (per enclosed). Did miss 2 before taking action.
I'm glad that I took 2 trades this morning considering my turtle progress since starting the 10-trade assignment. Did try to catch a third one which did not mature. Well, more good signals waiting for me tomorrow LOL!
More on today's trades:
1. Both were valid signals and I did double-check with my checklist before entry.
2. First one went up only 1 pip and did not look promising. I bailed at BE.
3. Second one got stucked at 1.3227. Either it broke or went the oppostive direction I thought. I exited at +2 .. then it broke down without me. I adjusted my PT to 8 .. which was a few pips above the most recent LL .. could be hit IF I did not exit. Well, I am quite happy with my trade management.
Post-trade review for the second trade: If I am willing to risk 3 pips (1 pip above the bar before my entry bar), I may choose to stay in the trade and let it play out. The trade did not go against me much .. price simply stalled there.
Not very scared when I was in a trade. My heart did race a little before taking more deep breaths. Then focussed on managing it.
Let's see what happen for the next two days .. 4 more to go ..
Well, I believe you can guess the right answer. Just a reminder for myself .. I missed meaning I saw a signal (meeting my entry requirements) and I was reluctant .. thinking too much .. when I finally tried to place an order (for some of them), it's already too late .. ..
Good news: I did not place a sim trade as most of them worked. I ended up regretting more .. So, either live or SOH unless I am testing out something .. haha .. I don't want to fool myself with great sim trade performance. Either take it or leave it. I really believe only more live trade experience will help me at this stage.
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
Well, only had one good signal so far, ie when we had a LH .. I placed an order (1-2 pip extra cushion from the official entry) and did not get filled .. sigh ..
Price movement has been extremely slow so far .. maybe it's the contract switchover + Federal Budget Balance news in the afternoon + it's Friday!! Let's see if I may spot one before 11:30 am LOL!
A quick reminder for myself: I did more trades when I was on sim .. actually more willing to follow the entry rule .. not striving for an extra 1-2 pip cushion. Doing real ones .. I have been more aggressive in entering at a better rate. As a result I missed most or almost all!
Good news: Instead of just spotting signals and being very reluctant to place an order .. then regretted .. I started placing more orders this week .. even they're not filled. To me, I am getting better .. at least my fingers are exercising more .. smile ..
The next step will be: Place an order according to the entry rule .. or just 1 pip cushion and not 2 unless the market gives it to me .. Sooo, I will work on this .....
I walked through my entry requirements in my former post and not sure if I cover my exit rules .. very important IMHO. Trade management has been very discretionary and I am watching out for the following (warning to exit early) when I am in a trade:
1. Price gets stalled and not moving after entry
2. It goes against the trade instantly .. usually not a good sign
3. When the OB/OS indicator goes too fast and price only moves 1-3 pips
4. DX does not align with my trade direction anymore
5. When it's getting very close to the US market open and/or high-priority news
Please be advised that it's my every intention to complete the remaining trades before Christmas. I was thinking I might be able to do at least 1-2 this morning .. unfortunately NIL .. sigh .. Well, I will be patiently waiting for some good ones next week. I am going to do my very best to tame my psyche!