EU trade: just breaking the "no trade cycle" and managing risk.
GU trade: could've held a bit longer.
intro: on watching the other millions by the minutes documentary and having this nagging feeling that I am not trading I just wanted to put a trade on today to break the cycle. The first was a loss the second was a win.
thoughts: I bloody hate not trading as I know when I'm not trading I'm not learning or building experience. The last couple days the markets have been flying away from long term levels (the ones I try and trade) leaving me no entries so today when the M30 trend picked up I drilled down to the M5 chart to try and find rally entries on the EU and GU. The main goal of today was to break the cycle of no trades, the second was to make my coach proud. Watching the first episode of the documentary there was a trainer trader whose coaches were unwilling to let go live as they simple didn't have enough data in him, he under traded as little as 1 trade a day over seven markets and as such they were worried that he was under experienced. I trade 3 markets and their worry about him made me realise I should be taking at least a 1-2 trades a day. It's about building experience as much as building capital.
summary: building capital is just a by-product of managing risk. I keep forgetting that trading is simply about managing risk, sure you need to time an entry to where you think there will be some momentum but ultimately if you lose small/mange risk you are more likely to win/be profitable as you have less loss to make up. Today I tried to trade with an eye towards making my coach proud, taking positions where there was a good possibility of momentum kicking then managing the *&^% out of the risk.
lessons: 1. in fast markets, drill down to the M5 to find an entry, any rally/pullback will do. 2. if you get an potential entry where you think there'll be momentum, just get in and manage the risk 3. trading is about managing risk and building experience
morning prep:
afternoon summary:
GU trade: could've held a bit longer.
intro: on watching the other millions by the minutes documentary and having this nagging feeling that I am not trading I just wanted to put a trade on today to break the cycle. The first was a loss the second was a win.
thoughts: I bloody hate not trading as I know when I'm not trading I'm not learning or building experience. The last couple days the markets have been flying away from long term levels (the ones I try and trade) leaving me no entries so today when the M30 trend picked up I drilled down to the M5 chart to try and find rally entries on the EU and GU. The main goal of today was to break the cycle of no trades, the second was to make my coach proud. Watching the first episode of the documentary there was a trainer trader whose coaches were unwilling to let go live as they simple didn't have enough data in him, he under traded as little as 1 trade a day over seven markets and as such they were worried that he was under experienced. I trade 3 markets and their worry about him made me realise I should be taking at least a 1-2 trades a day. It's about building experience as much as building capital.
summary: building capital is just a by-product of managing risk. I keep forgetting that trading is simply about managing risk, sure you need to time an entry to where you think there will be some momentum but ultimately if you lose small/mange risk you are more likely to win/be profitable as you have less loss to make up. Today I tried to trade with an eye towards making my coach proud, taking positions where there was a good possibility of momentum kicking then managing the *&^% out of the risk.
lessons: 1. in fast markets, drill down to the M5 to find an entry, any rally/pullback will do. 2. if you get an potential entry where you think there'll be momentum, just get in and manage the risk 3. trading is about managing risk and building experience
morning prep:
afternoon summary:
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