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Goal Accomplished: An A trade and let's give an A- to the trader me!! A slight improvement on trade management as I did adjust both PTs to ascertain it's going to be a winning trade.
It's a crispy post and will do a weekly recap later in the afternoon. Nelson made a surprise suggestion to get me to Toronto. I will have a chance to drop-off some Buddhism DVDs for free distribution.
Have a great day. Will be back.
Beth
Can you help answer these questions from other members on NexusFi?
Initial Balance: 1109.00 - 1114.75 (5.75 points) Value Area as at 3:23 pm: 1114.00 - 1113.00 - 1110.50 (3.50 points)
Price opened @1113.50
Today's High and Low as at 3:23 pm: 1116.75 and 1109.00
VPOCs: Top 1128.50 and Bottom 1099.00 (1106.25 was touched)
When my PA labels do not occupy 2 screens, ie no separate sessions for morning and afternoon, my guess: a turtle slow trading day as price must be crawling. Am I right?
After a fruitful week, the following may capture some highlights:
1. I started the week with a Red Monday. I was a little disheartening for an hour or 2 that day. I do not recall having a scary moment except disappointment (as I failed to cut my loss earlier + not sure why I entered into that trade). Then put it behind me and resumed having a positive attitude for the remaining days. I'm proud of myself that a losing day (1 losing trade + 2 winning trades that day) has not scared me away.
In short emotion-wise: A great improvement in my history.
2. Revised PT/SL strategy + manual trade management when the trade did not look promising anymore. This week I have been more willing to dip my little fingers into the water and test the temperature LOL!
I forgot to mention my 3-month subscription with Ninja so that I can use the ATM strategy. Maybe I will get lucky and win the life-time licence .. haha ..
3. Price Action - I feel more competent in plotting the labels. Certainly continued plotting and screen practice will help .. keep plotting and keep watching .. smile ..
4. I made my first $70 in months!! How? I sold 2 Jun stock put options in Apr. Am prepared to own the stocks. Both closed above my price and I will not get assigned.
What's Next?
Plan to perform a quick performance review over the weekend + enjoy a Relaxing weekend. U2!!!
i have a question for you, i use market profile as well.. i don't know if i use it like others, more of a structure than buying/selling blidnly( not saying you do that).. but i only use session data, not overnight....
Thanks Michael for sharing your MP experience and raised question. Based on my limited MP exposure and experience, I notice traders have been using the MP tool differently. For example, 24-hour or RTH (Regular Trading Hours). How about volume or price-based? Fade the Extremes or Go with the Flow (whenever they detect initiative selling/buying or responsive buying/selling)?!
For me, I only use the RTH data. I recently learned from Fiki's MP webinar II and another volume-based MP trader that current VA (Value Area) data are important too. For example, the value area was very narrow or the current session's VPOC (Virgin Point of Control) is rotating up or down. Having exposed to this useful tool since Apr, I am still learning and enjoy the new knowledge I may accidentally trip over during my research. Certainly I appreciate very much the tips shared by other members in this thread + many other threads.
I sincerely hope that the above may address your raised issue. If not, please pardon me.
Beth, that's a fantastic job. I can't emphasize enough the importance going forward to continue keeping it simple and focus. Don't let any one bad trade turn into a bad day. Bad trades will come, the key is to remain focused. I hammer this point home because it can be really hard to deal with loss, and people are quick to change things when they are losing. The fact is, losing is part of trading. The more experience you have in trading, the more experience you have in losing as well.
Thanks Mike for your kind encouragement and tips (as always)!
Yes, no bad day!
Yes, no scattered thought and/or action!
Yes, no dramatic or drastic change of plan and/or set-up (Note: I will only consider max 2 changes every 2 weeks UFN.)
Yes, no 100% profitable trading method/system out there and be psychologically prepared!
How come Big bro Mike was not enjoying his handsome sleep after midnight?! Take care.
The responsibilities of forum administrator have kept me awake at night these last few days and weeks. But we're getting a handle on it now. We're also adding a couple of new moderators soon, which will help. I wrote in my advice thread that I want to increase my trading time again, once things get back under control.