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If I was a set-it-and-forget it trader I'd be -60t right now instead of +13t. Until I see more of my trades get to target I'm going to be a serial trade manager.
Not one of my trades has followed through this morning. I seem to be on the wrong side of the market today and avoiding the best trades. Bright side is, I am taking trades. I have to remind myself that on some days those 6 trades would be +180t
Trades Taken: 6, 0t
Should have taken: 4, potential +85t
Courage Ratio: 6/10= 60%
Today was good news bad news. Good news is that I really improved on my Courage Ratio (formerly efficiency) by taking 6 out of a possible 10 trades that I identified as reasonable risks. This was one of my major areas of focus, so in that sense today was a winner. They were all taken before 8:30
The bad news is that the trades I took went nowhere while the trades I passed on had potential +85 ticks. I need to evaluate whether this was just a coincidence and bad luck, or if there is something fundamentally different about the trades I skip vs the trades I take.
Of the 6 trades I took, the average movement in my favor was 10.5 ticks, with the largest being +28 ticks.
Conversely, the average movement against me was -34 ticks, with the largest being -75t.
It is a miracle I only lost commissions. It's going to be hard to make money if these are the type of entries I choose to take.
In any case, I am happy for the improved Courage Ratio.
Tomorrow continue to focus on:
-Taking early trades
-A good courage Ratio
-Mindfulness of thoughts and feelings during the moment of truth
-Be ready to trade a runner