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I've spent some time reflecting on my results for the week. All in all, I'm happy with how I am reading the price action. For the most part, I am correct on the direction the market wants to go.
Two things I am going to change and improve for next week:
1) First, my trade management sucks. The free trade technique sounds good, and does have some emotional benefits, but it has a very poor RR ratio. I analyzed all my trades this week, and I would have been much better with market based first targets, rather than fixed. Even though I would have been stopped out a few more times, this would have substantially improved my profitability.
On all my charts, I have targets denoted by the green -23% line. Price often reaches there, and I was doing nothing, other than trailing my stop. I gave back too much on each trade. I need to take profit at the profit targets my method defines.
2) I need to control my emotions better. I get way to involved with the outcome of any given trade. My judgement gets clouded and I stop objectively observing the market. This will be a continuous improvement process.
I watched futurestrader71 recent webinar and got some good ideas. I'm looking forward toward another good week next week and continuing to improve my trading.
After this early morning sell off, I am liking the long side on CL.
I am making a change to my trade management. I am no longer using a fixed 12 tick stop and a +6/-6 free trade strategy. I will be using my fib drawings to locate stops. For today, I will be trading all-in all-out, and half size from what I have been. I will be collecting live statistics on this style of trade management.
3/11/2013, trade1:
Long 91.29, target 92.38
Initial stop 91.21
Entry is now behind the full half way back, moving stop to entry