The postings have been slow the past few days. I am working procedures for posting videos of live trades. Since many of my trades can last for more than 1 hour I am working on the process for editing.
I anticipate being operational by next week.
My ES trading has been slow this week. I did not have any trades yesterday which is rare. I was looking for the initial run down to come closer to my Bid zone prior to entering. After missing that, there were no significant pullbacks to enter long.
I had 2 break evens today after missing the inside support (894 area) that came in which was an unforced error. This was primarily due to incomplete prep work this morning. I was watching the area but did not get good confirmation to enter.
This area was very tradable without confirmation. However, without the benefit of my prep work, I lacked the confidence to place an unconfirmed bet. Prep is key. I have found recently after talking to many traders around the world that most do not recognize the benefit of speculating on your own premise.
The "norm" for most traders seems to be reacting to lagging indicators and oscillators with limited context as to what is actually happening structurally. I am confident in my assessment that this is the most difficult way to trade.
I will explore this topic further later in the week. As I have been reviewing my chart for today, I have decided to give myself a red C- for the day. The long was obtainable according to my premise and capability.
Most of you who follow have seen the C- before. You will likely see it again.
The idea is to not to make many trades but to make accurate and fewer trades. thats why i'm inquisitive about your system
ReplyDeleteThanks for your comment. I recently have been making fewer trades and letting them open up. There are many ways to trade the methodology I use. I have found for me personally, that there are only 1 or 2 good moves for the day. one can get in and out 10 times to capture volatility or just make a good bet with a premise and let it play out. There is no right or wrong way to do it. I have found over the past couple years that my targets tend to get hit so I hold my trades to natural targets (no fixed targets based on # of ticks, dollar amount, ec.). It takes discipline to give back 3-6 points open equity consistently though.
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