I am of the opinion that every trader suffers from some kind of problems and some kind of discipline issues. It is good to know the rule that you break the most, because only once you know it, you can work on it. However, it could be really tricky to work on one's weaknesses. For example, my biggest weakness is I find it very hard to hold on to trades in ES when ES breaksout in a sharp way. I take the trade in the direction of the breakout, book some profits and then reverse. This has caused me huge losses on big trend days. And I find it very hard to control this tendency of mine.
I think apple leads the way, but it seems lately that as apple shrinks in size its influence seems less and less pronounce
We took out stops below 2770 and then bounced. If price can't break above 2779 and use it as support ( instead we used as resistance) then its possible we break another leg lower with a 2755 target
This is still early days with this journal, but your performance this time is much inferior to the last time. Sorry - not trying to dishearten you. Just saying what I thought. Why is it so? Last time you were absolutely GOD like in consistency and making money!
Well I was hoping this journal will be more about NQ and less about my own results. Either way I think its too soon to make that conclusion.
Another whopper of a day for me. After a day like tuesday, the objective for me is to just string out winning days and renew that mental capital. This is how I'm going to defeat the side of trading that I struggle the most with.
Good morning, hope everyone had a restful weekend and ready for another week of trading. I just started on a new book, "The Pyschology of Trading" by Brett Steenbarger, and so far so good. I'm looking for price to hold or stay above 2779 for this rally to to continue. We broke below it briefly to take out some stops but popped right back above it. This is the action I'm looking for when price trades around key levels. Take out some stops and exhaust sellers in a pullback then resume the upside trend. Taking out stops is important because the market needs to "create" new participants to jump back in and drive the market back up. Upside price levels I'm targeting are: 2804.25, 2810, 2823 If 2779 level does not hold then I'm looking to short immeditately with downside targets of: 2770.25, 2761.5, 2750