Sunday, February 08, 2009

Weekly Review Feb 7/09

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The good:

  • Made some coin
  • gained better understanding on the difference between predicting market direction, as opposed to knowing when the odds are in my favour for a certain move to happen. Chart analysis should be done with a view towards where the odds are in my favour for a certain move/chart pattern to happen.

The bad:
  • Wasn't aware of trend confirmation after entering a trade
  • If playing a chart pattern, don't switch gears mid-stream, at least not unless I figure out how to do it properly. With the ES Box Play pattern, the only reason to continue holding was if there was a continuation move shortly after the box range. Will need to investigate some time-based stops for this.
The ugly:
  • It didn't take too long for some bad habits to re-surface again. Overtraded ES on friday.
  • Unable to erase bad trades out of my head. Shouldn't be trading after a bad mistake until my head is clear.

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