Preparing to trade. Preparing to trade in the style executed in the last trade journal, in which I’m telling myself I don’t need excessively wide context in the market to be able to have success. I’m looking to find a reasonable, small trend and to capture 2 points on /ES.
Took choppy first trade, could have held, but got scared out. Took second trade with entry at the same place, but held a little longer as bearish scenario seemed to be playing out. Mistake on the first entry was entering near a whole number level (80). There is likely more room for the index to decline, but I took my exit at the nearest $5 interval and was able to make up for the initial loss and then some.
What I did poorly: Jittery first entry.
What I did well. I committed to a reasonable directional trade with a reasonable goal, I stopped while I was ahead and I let the price come to me and take me out. I did what I came to do and was able to walk away with a profit. I was not overly ambitious in my goal, I came in for a crumb and left with a crumb and regardless of what happens next I am content with that crumb. I need to say it again: regardless of what happens next, whether it’s another 10 point drop in my direction or a 100 point drop, I accomplished what I set out for. $160.80 is incredible. That’s an incredible come up and I want to compound my crumbs.
Again, as always, the true test will come when I take multiple losses. I am beginning to build up a tiny cushion again, but the test will come when I take reasonable trades and lose. I could have teetered today if I’d taken a second loss, so in this regard I was lucky. I don’t have a problem when I’m winning, I only have a problem when I’m losing.
Another potential ‘strategy’ or strategic mindset: For whatever reason when you talk about your trading you seem to psych yourself out. So 1. don’t talk about your trading. To anyone. and 2. think of your trading profits as your own, with which you can spend on whatever you want. You have partner responsibilities which the income for your vocations should be dedicated to, this is reasonable. But the wins from trading should be all your own, and any proceeds you are able to take from the market are proceeds you may spend on whatever you want.