two things looking back over this chart. tarigal had asked me around 220 if i thought the market could go up. i told him, i don't have an opinion but i will see if a doji forms around here. well the doji, formed i went long, but then i exited very soon after. i realize now, looking at my trading that subconciously i did have an opinion. i exited because i did not think the market was going to go up. when in reality, i should have been open to any possibility, but i wasn't. keep the mind open.
2nd. i got stopped out of VXX long as the q's were going down around 1115. i thought the morning was very choppy. but now, i was remembering a conversation i had with DTF. i think i told him, if the most recent candle for your trading decision failed, then you have to look back to the most recent candle that would have provided a setup. today, it was that hammerish looking candle, with a v bottom around 1055. that candle was taking precedent over the two red candles. all i needed to do was use the 1055 candle to gauge my direction instead of the top wickish red candles. if the trend fails, look back to the most recent significant candle and see what it is telling you.
Hey Bro!
ReplyDeleteTrade well today man - we need to believe we can do this: We have what it takes. We are excellent traders. We will keep our minds open to what the market is showing us. Anything can happen at any time. We will trade what the market is showing us. We will wait for the signals and we will trade them well. We will be rewarded for trading well today. We will follow the momo, we will have good entries, we will have good stops, we will exit when the momo stops, after a huge run (and before gravity sets in), or when we get stopped.
The plan is simple. All we need to do is click the button. Time after time, like a machine. Don't fight it. Don't analyze it. Just immerse ourselves in the market and let it be.
Look at what would have happened if we would of stuck to the plan yesterday. It will happen today.
Scott says the same thing over and over again. I ran across this guys blog when I started mine, I think he quit 2 weeks later, but he has a great post with several links to Scott's material. Simple.
I think I make this way too complicated. No one can predict what prices will do. We are looking for signs of momo - signs of what most of the other traders are doing - this gives the market direction for a time. We just catch it and hang on. Picture it. I don't have to work hard to get this as much as work hard at getting myself out of the way. And that takes simple confidence. I believe you can do this man!
you got me fired up now !!!
ReplyDelete