Mar 132012
 

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.

 

  One Response to “Review for 2012-03-13”

  1. Hi Michael
    First of all thanks for your sharing. It is good for other to see that we are not suffering with our problems alone.
    I have similar problem with staying in trade. Everyone loves quick trades which goes right after our entries but market is changing all the times and we have to accept that. The key for me is read actual market volatility. I use short tick chart to see if market is fast or slow. I also use different method of time-out bailout method and BE moves. 5 min in volatile market is enough but in slow market you sometimes have to wait for 30mins for market to show you where it is going. You have to tune in to the actual volatility to adapt and accept time needs for each trade.

    Another option is only take trade if there is high volatility that I like and don’t regret those slow moves.

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