STICK TO EXIT/PROFIT TARGETS AS SOON AS IT HITS TARGET CLOSE THE TRADE NO HESITATION
STICK TO THE PLAN LET THE TRADE RUN
THERE WILL BE NO SETUP THAT TELLS YOU EXACTLY WHAT TO DO - USE YOUR INTUITION
Saturday, 6 October 2012
iphone notes
Monitor trend on 3m and 1m separate and update all the time on the screen
Log trades w/t type of trade/setup and trend on 3m and 1m at that point
Grade the setup on how good the entry was
Mark the most recent swing that you are using to gauge trend direction
Don't just analyse swing high /low look at the strength of the swing then pullback sometimes even if it doesn't break swing high low it still can give you a good sign
Feedback loop - what are you doing right and wrong in a trade, take out what's bad and keep what's good
Market replay - feedback loop
Try and put the entry trigger where the opposite traders are going to exit their trade
If price is moving it has a target - where is the target? Maybe use multiple scenarios
Mf breakout places his trades based on stop position - could look into this?
Look for structure on the 3m maybe look into just using 3m as trading time frame and get in on pullback on the 1m
Look into tradersmarts
Place price into the higher time frame context
Review process:
What did you expect to happen
What did happen
Why was there a difference
What can you learn from this
Use opening range s/r
Placebo effect
Taking positives out of all situations
The idea is to not make huge ticks everyday it is to manage risk and consistently make more than you lose. You can only take what is available and that is normally a lot less than you see in hindsight
Gartman letter - trade only with the major trend or do not trade at all - weekly charts looking at long trend only trade when a major level is broken
Start writing at the start of the week - views e.g. Risk on or off favour shorts or longs look at TGL
Stop choking - put things into perspective actions need to be fluid
Bandwidth - perception
Focus on managing risk more than profits - this will make profits in time! You are a risk manager first and foremost
As soon as you make profits you will go from risk averse to risk seeking - this is inevitable and it needs to be managed
Emotional triggers will make you change even more so than financial
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