Yes, of course Mike is right, my apologies to you both. I don't want to distract you from the course you're on in the least and we all know trading is far from child's play and I meant using BT was child's play definately not trading! Just wanted to point out what a useful tool BT can be with other instruments: something to have fun experimenting with until you've mastered a single approach and instrument before expanding your horizons.
Price currently trades around 1145 and it's substantially outside yesterday's Value Area 1162.75-1169.75 (a narrow range of 7 points). If it remains outside when the market opens, the VPOCs will be as follows:
Depend on the strength of the selling initiative when the market opens, one may choose to Short OR wait for a Long opportunity IF and when some responsive buyers show up.
I had a troubled night. My petite head spinned for a few hours after eating some poison food. May not trade this morning. Will play it by ear.
Another Green morning to end the week. Actually, I believe this week has been ALL green LOL!
1. Preserve Precious Capital - I did two 1-contract Long trades (could be considered as counter-trend trades though PA does not work that way .. haha) and one 2-contract Short.
2. Trade Management: I am quite happy with the way I managed my trades esp the winning ones.
Emotion: Very calm throughout even the second trade was a losing one.
1. For the second Long trade - I was late (sort of chasing a little bit) and should have got out with 2-3 ticks profit. Will NOT chase in the future as there are always high probability trades waiting for me!
Additional Item to be added on my To-be Improved list:
1. How can I manage a 1-contract trade better, ie having a predetermined PT or let it go a little before entering a PT order (certainly SL is a MUST)?
Appreciate your sharing any tips with me. Thank you.
Beth (a Smiley again even I'm still a little under the weather )
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Enjoy a well deserved rest this weekend with the family.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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 following user says Thank You to Big Mike for this post: