Monday, March 1, 2010

Great Entry No Patience.


The longer I am in a trade, the more I start to think it's going to fail. Not sure if this makes any sense, but I guess I've been there so many times. OTOH, I've never traded entries that are this good, ever. This entry is awesome. I waited for confirmation and placed my entry aligned with other time frames and internals. I might make a list of how to think while in a trade to take my mind off of the amount of time I am in a position.

It will go something like this:
~Amount of time doesn't matter
~cycle observation around charts of 2m, 5m, 15m, TICK, TRIN, VIX, VOLD, ADD, 100tick chart
~check on reasons for entry continuing to exist
~rather than killing with a market order, consider tightening target
~only tighten stop loss to under prior pivot on one of the charts – choose one, even 100tick
~do not make stop loss arbitrary
~repeat this list now.

3 comments:

  1. I hear you. Had a few great entries today and NO patience. Also kept trying to short an up market?!

    Anyway, the whole sorry story is here and of course later on at the blog.

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  2. Midday now and nice weather out in NY, I'm getting out. volume low too. I'll check your blog.

    I'm starting a stack of index cards to keep me focused in a position. But that slowness on the rise was really freaking me out, I kept on picturing a turn and a loss. I have to stop doing that.

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  3. Sounds like a good idea. I need something similar to keep me focused. Enjoy yourself!

    ReplyDelete