Thursday, February 25, 2010

Gained; Hard Day but Good End

Drop premarket continued at the open, then we based for a very long time. Then a vertical 20 point pop took it to another long base. Very frustrating, but I didn't let it get to me. Then that base finally broke out and there was a perfect pullback right down into to the top of that base for a classic entry. I entered and then killed my winner instead of letting it run. Price moved 8 points, I got one. I think I am getting anxiety due to being under capitalized. However, if I continue to have excellent entries like this, even with small gains, I will eventually be confident enough, have a bigger account cushion, and have less anxiety in the trade to let the winner run.

My emotional state of mind triggered tunnel vision and I was unable to see my increasingly bullish internals that confirmed that the price was strengthening. It all pointed to being able to stay in the trade longer. It still feels like progress because I never let the waiting get to me as I had in prior days, even this week.

So with the goal of less frustration from waiting and missing moves (see earlier post) going well, the next psychological goal is meditating with being long in a winner and not having anxiety and making a list to follow in order by rotating my focus around the screens to actively monitor the state of the market. That's what I'll be practicing for the next few days.

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