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Today's recap with a focus on entry decisions. They're really quite straightforward, most are high probability setups with the trend.
Remember, like I've said before, entries are not nearly the most important thing. I'd say they're 10% of the work. If you can define the trend correctly and understand the market structure (support/resistance), then you have most of the work done.
Trading Work:
45% identify structure and trend
10% entry
45% managing risk and exit
Haha, very nice. I shoot a CZ-SP01 9mm, and a Cimarron Evil Roy 1873 single action army in .357mag/.38sp. I also do a good bit of long range shooting (500yd F-class).
Positive day today, although I had some real mental struggles keeping losses as small as I would like. I wonder if that challenge will ever go away for me... Any words of wisdom out there?
Here are the trades for today:
A great week of trading, BUT ONE THING I WANT TO POINT OUT AND SAY IS THAT EVERY DAY WHEN I SIT DOWN AND TRADE IT IS A STRUGGLE. IT'S NOT EASY. JUST BECAUSE I'VE BEEN PROFITABLE, DON'T THINK I'VE FOUND SOME SECRET. THERE ISN'T ONE. IT'S A STRUGGLE EVERY DAY. I HAVE MANY OF THE SAME TROUBLES, INSECURITIES, AND DOUBTS THAT CREEP IN AS EVERYONE ELSE. BUT MAN IT'S WHAT I LOVE!
If there's anything to it, it's that I'm AWARE of how I'm feeling and try to make good decisions DESPITE those emotions.
Here's the daily P/L for the week:
I hope you all do well today, and have a great weekend. I'm going to my grandmother's 90th birthday party tomorrow after I take my series 3 in the AM.