I realized today that I’ve made progress in some areas and I have degraded a bit in others.
Progress: My goal this week is to enter only on a signal at a key level or zone. So far I’ve done a good job of that. I haven’t entered without a signal. Last week I noticed all my losers resulted from entering early. GoldTrader has cautioned me on that many times and it’s something I’ve been working on. So I’m very happy to have made progress. I’ve taken few trades the past couple days and I haven’t done anything stupid. My risk is small and that’s important.
Degradation: I’m being too conservative and passing on some setups. This is better than being wreckless, but I feel I’m too conservative. I wanted to be more conservative but I overshot my target. As someone said in a comment recently, with the bull move so strong I need any excuse to take a long rather than look for reasons not to take it.
The other issue is once I’m in a trade and it doesn’t go my way I want to bail. Usually that is a good thing because in analyzing my trades I find the best ones run right away and don’t look back. But this market is different. It just grinds. And I’m exiting too soon. I need to adapt to the current conditions which means I need to be more patient with a trade that has not proven me wrong. I need to take a stop now and then in order to capture some winners. That’s OK. I give myself permission to take a few losers provided they’re valid trades per my plan.
So I’m actually happy with what I’ve improved and I’ll improve the others too. Writing about this every day and showing my trades has helped me see my weakness too. And getting good feedback from others. So I hope it is as helpful to you as it is to me. Perhaps the biggest help to me is reading about others who are using EMP zones and are doing better than I am. I love to see their winning trades and it really gives me confidence.
I trust the key levels and zones. I trust my signals. I trust my plan.