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This will probably be the last video that I post in my journal about edge, reason being is that I'm starting to understand what my edge is. For me, its knowing- I can do this, like I really know that I can and why. I might not yet know how I will, but I have some pretty good ideas, and its really just a matter of finding one that works for me.
My edge starts with the idea- The aggregation of marginal gains. Its not an idea that tradercentric, its not something often referenced in the tradersphere, its the simple idea that over time small gains over time really add up. I posted a video about that too. My edge is that I'm looking all over for ways to improve my trading. When smart and successful traders said I should be disciplined, I listened, and asked myself, how do I become disciplined? Being able to ask myself questions like that is also my edge. My solution? I started changing bad habits into good habits. Everyday I managed to do so proved to me I can be disciplined.
But the biggest edge I've got is that I'm putting in the work, and really, that can be anybody's edge, it HAS to be. I don't often give advise because no one asked, but if they did, I would tell them this- Don't just go through the motions. Stop and really think about what it is your doing. Ask yourself what is edge REALLY? Ask yourself what's really going on.
So what I'm working on now is honing in on my charting edge- I'm getting all sorts of rules based and methodical, because that's really what chart edge is- repeatability, you can't have expectancy without it, but more on that later.
So far, so good. Second trade of the day. Trying to stay in this trade to my profit target. Its so hard! Hit my profit target for the day on the first trade so in order to teach myself "Stay in the trade" I took this one, when I saw that it was doing what it should, I moved my stop loss to in profit 1 point and am letting it rip.
Time will tell if I got out too early, but price action was telling me that leg is done and the chart pattern looks a lot like a double top, so I closed the trade for around $47.00. I followed my rules, read the price action, had a reason for doing what I was doing, not just reacting out of fear, so I consider this one a good trade.
Here is the first trade today, bought it off the pullback, $55.00 in 5 minutes. Got out before my target, but I was at my daily profit target and this kind of volatility spooks me.
Notice how this wedge is the same wedge on the MES? I do. To me putting the 2 together is a kind of confluence- confirming like- "Hey Mike, this is what we are doing today for real". I'm still searching for who I am as a trader. When I see price forming readily identifiable patterns like this across similar but separate instruments, and am able to trade them, it seams to say, maybe this is who you are, trader.
My only problem is that today I employed several strategies and methods, so which one do I focus on, or do I even need to? Anyway, might be done for the day and the week. Only had today to trade. It was awesome. Here's how it looks in numbers.
I am able to constantly put up good numbers over a span on time then maybe I don't need to have a specific method or just one strategy. Maybe by being able to read the price action, sticking to a plan and managing risk well I might be able to finally get this show on the road. Time will tell.
I was thinking about what you said about support and resistance today as I traded. I took this second trade based on it.
The yellow lines are my S/R. I have 2 questions- Are these really S/R, and if so would you have bought the level @ 4428.25, or waited for confirmation?
