Solid day overall today. Made some nice trades, missed a few excellent entries, and only made one bonehead move. Fortunately the bonehead move ended up working out in a profitable trade.
As for my bonehead move, first of all there's simply no reason I should be looking to scalp in this light volume market. This particular trade I entered 2 ticks better than I normally would and because of this I was thrown off from my normal rhythm. Because my entry was only 2 ticks away from my normal stop placement for this setup, I choose to keep my stop further out of the money. So while I should've been out of this trade for a small loss, I ended up staying in it for an hour or so and ultimately the markets did sell off and hit my original profit targets. My trouble with this trade was that I lacked a solid plan. Had the markets continued higher I probably would've held and would've seen a repeat of last week. So definitely got lucky on this one.
Also, missed at least two trades today because I tried to get too cute with my entries. Waiting for better prices.
First trade of the day was a short pullback off the 1000 tick chart around 6:30AM. Ended up getting stopped out for a $25 loss and probably should've exited a bit earlier.
Emotions Traders Don't Talk About
1 week ago
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