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

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Friday, June 2, 2017

+1R

I didn't make much money today but I'm over the moon at how the process unfolded and what my emotional state felt like.

First of all, the monkey brain was no where to be found. Once again, I was calm and collected and thinking clearly. The counter trend trade was clear and I found it easy to understand the nuances of the trade. It did work without me but being stopped out on a counter trend trade at BE is no big deal. Being stopped out at BE on a trend trade is just stupid and today was a great demonstration of how these two dynamics work.

The big win was the patience for the trend trade after watching the counter trend trade work without me. Normally I'd be upset and try to get that short in hoping for a retest of the swing low it put in. Of course that would be a death knell and then I'd be trying to get in the long at the wrong place and expose myself to excessive risk. Not today though. I waited until there was clear support and went with the trend. No heat, it went quickly to my target and sure enough, it worked out just fine. Total risk was 10 ticks I think so 20 ticks on the win.

Using the 5M for trend and the 1M for entry. I'm well aware the long trade was also counter trend on the 30M chart but thats fine. As along as I don't get greedy in those situations, then I'm fine with higher time frame counter trend trading.


No comments:

Post a Comment