Detroit, Michigan
Experience: Beginner
Platform: Ninja Trader
Trading: Futures
Posts: 315 since Nov 2011
Thanks Given: 565
Thanks Received: 301
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I rarely post a daily/weekly update but thought this week so far had within it an important lesson.
I've been pretty tired this week and in some cases noticing myself distracted and even nodding off in front of my computer. Additionally, I've missed limit order fills by 1-2 ticks for trades that went on to win big. This implies tentativeness and lack of confidence in my trading lately.
The upside is I've realized this and instead of taking bad trades after missing out on the good ones, I've just packed it in and decided not to trade. A common pattern I've been able to overcome (trading "psychology") is taking bad trades (or not as good trades) as the previous ones missed. Now if I miss the good ones there is always tomorrow. Nothing worse than losing my "edge" because I reduced it by taking less than optimal signals.
As an aside, my "edge" usually produces 1-3 optimal, full compliant with my rules trades per trading day in the hours range of 8 am to 11 am Eastern time. Anytime after that time or even towards the end of that time the trades quality deteriorate significantly.
The best trade is sometimes not to trade as that at least yields break even which is already better than 90%.
More to come....
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