Keep Calm and Don't Move Your Stops.....

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Tuesday, January 31, 2017

+3RR

Bought 52.54, exited at structure on the 30M chart at 52.84. Nice 3RR trade without much effort.

I was able to get in on a limit order after price had moved away from that price and come back. I was happy I got the opportunity. Could just as easily not filled there or moved away rapidly from my levels.

I see on the daily chart we MIGHT have an up day and if so, I will be looking long again tomorrow.

I made an 84% on my second math quiz. That's the highest score I've ever gotten on anything math related. I'm a bit stunned actually at that score. 6 more to go and then we will see where I finish. If I can maintain that level or close to it, I will be blown away happy!

Time to hit the books even though its early. I like finishing my trading early on. It makes for a stress free day for some reason!

Cheers.

EDIT: I left a lot of money on the table this morning....but here is the deal. In trading, you make your decisions and you have to be ok with however those decisions turn out. I don't do well with holding trades for a really long time. I've made the decision to take profit at conservative exit locations. Today that happened to be at 52.84 based on perceived resistance on the 30M chart at that level. The trade worked. What more can I ask for? Did I get the levels wrong? It looks like it but in the long run, who cares. I made 3X the risk I took. That's a good trade anytime anywhere by anyone. This is a truism in trading in life, you can only control the process, not the outcome. We must be ok with whatever the process produces. Anything other than that will cause us to become frustrated and angry with ourselves and that's not healthy in trading or in life.

8 comments:

  1. Re: EDIT-Amen to that!

    I'm enjoying seeing you making nice, consistent returns again...not as much as you though I bet! It's nice to see someone persevere through struggle (personal more than anything) and finally start to see the rewards.

    The more I continue down 'The Road Less Traveled', the more I reaffirm my conviction that a personal life- with all the battles won within it- and a business life are inextricably linked.

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    1. Thank you sir...it does seem like its been a long time coming. But as they say, "good things come to those who wait". I think I've got another year of just grinding it out before I can say I've arrived....but that said, I am cautiously optimistic. I've had mentors along the way that have helped for sure and I don't think I'd be here without their help and encouragement.

      By the way, the link to your youtube channel doesn't work....FYI. I'd like to subscribe.

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    2. You're welcome :). I agree re: "cautiously optimistic"...I'm not sure I'll ever be able to say I've arrived. Every time I've done that in the past, the market (and life) has humbled me!

      Re: YouTube. That's strange...I tested it before posting my last blog post. Thanks for the heads up. If you write my name in the search bar within YT you'll find me :).

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    3. I tried it again and it went nowhere. But I found you on Youtube so no worries.

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  2. Pretty cool to see the words "without much effort "

    Unconscious competence!

    The holy grail, although as a trader you can never have arrived until you are dead

    She never lets up, and will be ready to cut your head off if you assume so. It's a journey with few parallels though

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    1. Thank you sir....remembering the ungrateful and volatile nature of the market is paramount to ensuring longevity.

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