- The most efficient use of time is to trade flawlessly to the extent that you know how.
- Scalping between levels in the direction of a larger trend is a viable strategy.
- Only execute on the crème de la crème.
- Consider the context of the overall market & the issue’s place in the grander ecosystem before trading.
Overview: This was a great day for me, and while I sold the exact top of a move, I’m able to enjoy the happenstance without remorse because I executed well according to a predetermined plan and strategy. The lesson, however is not lost on me, that to consider the grander context of the market is imperative to trading safely & well. Along with this lesson was further confirmation of the viability of the strategy I’ve been employing. Namely: Scaping between levels in the direction of an established trend on larger time horizons: Riding the waves in in the direction of the tide. So far this has served me well, and now that I’ve graduated to—and begun to employ—a scaling out tactic, I believe this is a strategy that has the potential to soon sustain me for months & potentially years to come, all while I continue refining it & learning other potential strategies. I can trade with more confidence knowing that—based on the statistics of my last 8 trading days—so long as I stick to my methodology & discipline over the course of a number of trades I will more likely than not walk away profitable. This seems to be the name of the game, and I’m daring to hope that I’ve distilled my first ‘strategy’ that is a viable pathway to profitability. In this same vain, the viability of this strategy depends on my capacity to identify & execute on the most promising setups. I must trade only the crème de la crème; stacking trends & multiple confirmations justifying entry. And if I cannot find such setups, the most efficient use of my time is to not trade. The only way to trade is to trade flawlessly to the extent that I am able. Any thing less than the best of the best is simply a waste of time. This is not for the sake of being a perfectionist, its just the nature of this discipline, that you are punished by lost time & capital when you bring anything less than the your best capacities to the arena. The most efficient use of your time is to trade well & review well. By being methodical & thorough, and doing so slowly, you are moving the fastest. This is the reality of the profession. To learn quickly is to learn thoroughly.
-You must consider the context of the overall market before entering trades. You must understand the context within which the instrument you’re trading operates in the grander ecosystem.
-Only execute on the crème de la crème. Stack trends & confirmations in your favor and only execute on the clearest, easiest trades.
-If you cannot trade flawlessly to the extent that you know how, you are wasting your time. The most efficient use of your time is to trade flawlessly to the extent that you know how. Which does not mean you won’t incur losses. It behooves you to trade well, so you’re not bogged down with the work of having to deeply scrutinize & distill lessons from your mistakes & can thus have more time to trade. It is efficient to trade well. If you cannot trade well, the most efficient thing for you to do is not trade.
-Scalping between levels in the direction of a larger trend is a viable strategy.
-Trade 1 Key Takeaways: You must pay attention to the trend of the overall market & understand the context within which the instrument you’re trading operates in the grander ecosystem of the market. Stack trends & confirmations in your favor and only execute on the crème de la crème. Trade well so that you don’t have to do such thorough reviews and can thus trade more. Trade well because you don’t want to have to work so hard; trading poorly makes more work for you. |
-Trade 2 Key Takeaways: This trade presents further evidence of the validity of levels & of the viability of your strategy of scalping between them. You were playing at the top of a grander move, but still were able to walk away profitably because you acknowledged, respected, & leveraged the action within the supply & demand levels. |