Saturday, April 11, 2009

Playing Catch up


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I periodically forget some of my rules, and this recent trade below which I posted on Twitter is a good example of the importance of waiting for confirmation before entering a trade:

Entry: B+
Stop: B+
Exit: B+

Focus & Alertness: B+ (decreased thru the session)
Patience: D+
Discipline: C
Staying Out of Trouble: B+

The main things that I have been trying to work on improving is :
Patience: wait for confirmation before entering a trade, refrain from taking profits too soon/too fast.
Discipline: always analyze the chart before making trades, and only make trades that are based on prior chart analysis
Staying Out of Trouble: avoid temptation to overtrade, revenge trade, boredom trade.

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