-2.50 Choppy again. didn't trade the last hour. Doing some review work next couple days. I need to understand my exit rules better and understand what I think I'm gaining by not always following them. I'll see a TL break and wait to see if it's a fake break or it will hold. Cost me some points today waiting as price then continued past the break. Emotionally felt fine today.
In reviewing my written exit rules and what I did today I actually followed them. Basically, I'm not supposed to exit on a TL break unless there are other signs of weakness in the trend. Today had quick deep reversals without any apparent weakness prior. About all I can say is given the context of some S/R I possibly could have looked to exit at a level. The bigger difference to the pnl would have been taking an entry I should have. But all entries taken today were within plan. I'm giving myself a "B" for the day. I still plan on doing more review work though.
Be sure to celebrate the victories We do..., what we focus on - as you know Good Job Tomorrow - Do it again..., and more of it RN
Up a couple points yesterday. Held one trade way too long expecting continuation. MFE of 8.25 and exit +2.00. Not good. Doing lots of review of my charts and exit rules. There are market environments where I should hold for bigger targets and times where taking lower targets makes more sense. See if I can work that in to my current exit rules. Then it's me having to accept that every trade is not going to be a homerun. I've had this problem before. I think I've just about got it sorted out mentally. Have to let go and realize that lots of small targets add up to nice gains.
My exit rules are fine. My targets are too optimistic in ranges so I need to pay more attention to S/R levels. Mostly it's like I said before , need to accept what the market gives and not hold every trade for a homerun.
Nothing much to report. Some good trades, some bad. Better on exits this week. Spending time studying the HTF (5 minute) to make sure I'm trading the proper trends and when the odds favor my set ups. Lots of review work last few days. Been trying so hard to strive for consistency that I'm over analyzing set ups and missing or freezing. Trying to make sure set ups are exactly right when instead I should be just trading the basic concept that I have written. Heading out of town for the night in a bit.
“If you let go a little, you will have a little peace. If you let go a lot, you will have a lot of peace.” ~Ajahn Chah One of the many bassackwards paradoxes of trading We must give up some control..., in order to have complete. Travel safe J RN
I like most new to trading got caught in the low TF trap for years. It takes a lot of strain on the back etc. hunched over the screen on low TFs. With my set up all my charts are on 15 min and if I spot an opening I drop down to 5 never lower or the noise gets one in/out too quickly. Try it. Of course you will have to widen your stop/TP to compensate.