I will be watching this last bearish candle and how price pullsback into it. I am looking at the daily chart for a doji day and a rolling over of price action. I am expecting it to be near the end of the month. There is only 5 trading days left of February.
Thursday broke out and closed below the last 6 days.
I am letting the market set up and waiting.
Currently, I am up 5% in February. I feel that this is too little of return for the amount of effort I have put in. I believe I am doing too much. I need to hit one or two monster trades in a month with little stress. Hit the trades that are all day holds that the market has no intentions of coming back. Why would I do anything else in between?
Jim Rogers famous quote that really resonated with me,
" I wait until there is money lying in the corner and all I have to do is go over there and pick it up. I do nothing in the meantime "
My trade management approach is using a 100 tick stop after entry, no profit target and hold to the close. I take only the one trade in that day. One loss Max per trading day.
To have the best trading results, paradoxically, one must not trade. Less is more. I am guilty in this. I struggle with an alpha mindset where upon if I am not taking action, then I am not advancing my goals. Although I am a profitable trader, my results could be ten times by doing less.
Thursday broke out and closed below the last 6 days.
I am letting the market set up and waiting.
Currently, I am up 5% in February. I feel that this is too little of return for the amount of effort I have put in. I believe I am doing too much. I need to hit one or two monster trades in a month with little stress. Hit the trades that are all day holds that the market has no intentions of coming back. Why would I do anything else in between?
Jim Rogers famous quote that really resonated with me,
" I wait until there is money lying in the corner and all I have to do is go over there and pick it up. I do nothing in the meantime "
My trade management approach is using a 100 tick stop after entry, no profit target and hold to the close. I take only the one trade in that day. One loss Max per trading day.
To have the best trading results, paradoxically, one must not trade. Less is more. I am guilty in this. I struggle with an alpha mindset where upon if I am not taking action, then I am not advancing my goals. Although I am a profitable trader, my results could be ten times by doing less.
Note
I will be looking out for the short trade on Wednesday. It looks like it is setting up for the short continuation dump. I will be using a 100 tick stop and no target. Hold until the close.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.