STICK TO EXIT/PROFIT TARGETS AS SOON AS IT HITS TARGET CLOSE THE TRADE NO HESITATION

STICK TO THE PLAN LET THE TRADE RUN


EMOTIONAL CAPITAL TAKES MONTHS TO BUILD AND SECONDS TO LOSE PRESERVATION IS PARAMOUNT




THERE WILL BE NO SETUP THAT TELLS YOU EXACTLY WHAT TO DO - USE YOUR INTUITION




Wednesday, 18 July 2012

18th July Trading

OPEN DRIVE - Longer time frame buyers in control of the market

Today was interesting open-drive plenty of nice pullbacks looked like longer time frame buying coming into the market.  I had a feeling that if it sold off later buying would come back in due to the type of interest and the structure of the market.  It was right and buyers emerged after a minor sell-off.  The trading today was poor, what I'm learning is that again I need to FOCUS more this type of discretionary trading there is no magic understanding of the market what I feel are the most important attributes in trading like this are, Adaptability and intuition.  Being able to apply these skills logically at the right times.  I am now struggling to cut losers and just leaving the to hit the stop.  Both losing trades recently have been poor trades.  I places a trade against an 8 pip buying pin on the 3m time frame when I had noticed that when ever there seems to be an 8 pip tail price generally moved in the direction of the tail.  This was poor I passed on a lot more trades earlier that were better and then ended up placing that trade which was probably the worst trade of the afternoon.

I need to be fully engaged when trading this needs to be priority I also need to be more adaptable in trades and while I am watching price unfold.


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