Working on slowing down my trades. Look for potential on the higher timeframes and scale down for entry.
FinoptUSA- MBA
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My contribution this week.
Journaling and working on documenting trade plan, Got to treat this like a real business.
Reading 10X Rule by Grant Cardone. Chapters 1 and 2. Motivation weekend.
Lots of US news coming out today: FOMC Economic Projections, FOMC Statement and FOMC Press Conference
Reading Commitment of Traders Report this weekend.
Long day reading charts back testing. Have a great week ahead everyone.
Back testing strategy with the help of my son (13 years old). Got to teach him young. I learn and he learns. #FatherandSon
Focusing on trades with a minimum of 3:1 R&R ratio. Unfortunately, It can make my stop tighter than I am use to.
A demo account is definitely the way to go when trying to learn a new set-up!
Slow and steady does win the race.
Have a great week ahead everyone.
Taking the day off to watch OPEC meeting and reporters following up.
My Drill:
My Drill for this week 3/15/21 - 3/19/2021- Cut trades immediately when they show the trade does meet my thesis. Do not hold. Do not try to rationalize, just cut the trade. Get comfortable with cutting the trade (cuttings losses) and protecting account.
A note to myself:
Do not be stubborn. It is okay to be wrong. Cut the trade and look for a re-entry. Remember- protect my account not my ego.
A note to myself:
When you are starting out as a new trader: “Trade small because that’s when you are as bad as you are ever going to be. Learn from your mistakes.” – Richard Dennis -
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