Snow Dog

Don't carry on making the same mistakes, if your system is not working stop trading real money and go back to the drawing board. Making the same mistakes is going to give you the same results and it isn't pretty.

Have you looked at how your system stacks up in a trending (up and down) as well as a ranging market?

Build a strong self image. Learn to relax. Feel good about yourself. Think clearly, got major problems in your life? If you do it's probably not a good time to trade. Picture yourself as a successful trader.

Trade what you see not what you think. Don't get locked into an opinion about direction. You could be wrong just as easily as right.

In this business protecting yourself and acting in your own best interests is so much more important than taking a chance. Its not even close. Remember you are trading, not gambling. Keep yourself out of bad losing trades, the quality winning trades per your system will come.

Flawless execution. You don't need to buy the absolute low or sell the absolute high to make money. Flawless execution means acting on an opportunity in terms of your rules the moment that you see it. Act without hesitation. Follow your rules flawlessly.

Trading because you are afraid of missing a move is not acting in your own best interest. Trading rules, get them, follow them. Trading rules should cover what set up, entry, stops and exit strategy. Its your trade take 100% responsibility. Rules can also cover hours you trade, stopping after so many losses, whatever is right for you.

A none system trade than wins is probably the worst thing you can have happen to you. You'll either dilute your system or trade everything in sight thinking you can. Act in your own best interests.

Don't stay married to a trade if everything suggests get out. Review losses, what, why, where and when are always good questions to ask. Learn from these trades. Did you trade your plan? Plan your trade, stick to your system.

Go for experience before you go for the money, in trading and in life in general. Demo trade successfully before you trade with real money. The market will be there tomorrow.

Review each session, what did the market give, what could you reasonably get. If you are consistently falling considerably short on whats reasonably available review your entry and exit strategy.

Time has no bearing on money. You could earn 5% in an hour more than you get from a bank account in a year. That has no bearing on whether the market is going to carry on in the same direction. Nobody went broke banking profits.

You cannot control the market, you can only control yourself and react to what the market gives. The market will do what it wants to, not what you want.

Reach a stage where you can control your emotions. You can do that by ensuring your plan works and if a trade does not go your way that's just one of those things. You will not always have winning trades.

What the heck: Forgive yourself for making a mistake and move on. Don't repeat the same mistakes.

And finally, for today at least: You are not gambling, you are trading, this is a business treat it like one. Your job is to take calculated risk. Calculated is the key word, what does your research tell you about your system? Had a look at this or any other method? Check it out and satisfy yourself that YOU can make it work for you.

On the same note, again from blog: Discipline is the bridge between goals and accomplishment.

There weren't any decent set ups for me so no trades today. On a different note from the blog: Poor self discipline is the quickest way to lose money. A good trader with a poor plan will outperform a bad trader with a good plan. IMHO of course. Have a think about it.

No problem with that at all. I don't see an edit option for that post can the moderators delete the blog reference pls. I can always paste whatever from the blog here. Thanks for the warning, cheers.

I got asked this question and its an important point. What I meant was, what level (psych/pivot...) made you take the trade. We had yesterdays high and res. at 529x above. We didn't take the gu trade, we were watching and I liked it (gu) but we had ej up as we also liked that. Apologies if my post suggested otherwise but I was sure I said we missed the gu trade for the ej set up. Generally I do not care what psych level/high/res level is coming PROVIDED the set up is right approaching it I'll take the trade. I would have taken the GU trade at 88 if we were not set up on ej. The reasons why I'll take a trade and that one specifically. A weak bounce from a key level is an indication that it may well fail. The rationale being if the big boys were going to defend you'd see vol and a bigger reaction. I don't know how long trading time it took me to learn this lesson but its served me well. A weak bounce from a key level is an indication it may fail. On the move you mention Y's high was 96-ish but price was struggling at M3 5281. The first bounce lower was to 5250 after that bounces were to 65 and then 75. Thats a vital clue. See the chart with the arrows up showing the weaker bounces = the higher lows. When the right circumstances per system develop ie in line with 1hr, 15 min, 5 min hl with set up candles little/no lower wick take it and don't worry what the res level is. Those circumstances above = high prob trade. Shout if above is not clear. See post 31 May 2010 Vantage fx

These are the kind of days you love to see wish I got more pips. With the computer problems this morning I went out having some things to do and missed out on this one. A perfect hl continuation on ej. 100% system.

Mrs V liked the ej set up better. Was against the 1hr lower close but had 2 x 15 min hammers with vol coming in. Nice hl at extreme moving above the RN, days open D S1 combo. We got a microsoft warning that internet explorer has stopped working and we were at W M3 so we exited with +26. Same warning has come up again, 1st time I've ever seen that. NO funny websites or emails opened.

We had ej set up and missed this 100% system gu buy. 1hr up 15 min up, nice 5 min hl and little/no upper wick on set up candle.

Got this hl after 15 min pos close, reject of Y's high. Out +28 when move up hesitated.

If there is a 100% set up that I didn't take I'll make a post and say why. For example 100% system trade 1hr down 15 min down but I didn't take this entry just above the RN as I thought the 20 odd pip set up candle was a little too large. I see from your profile that you are at tradestation, as mentioned above mt4 is kind enough to place buy and sell on every chart so you'll know where an entry is made. Please either contribute constructively or take your comments elsewhere.