Discipline pays!

In my last post i was really upset about my trading. I didn’t follow my rules last week,i was undisciplined and i overtraded. I went into this week with the intention of not taking more than two trades per day. Not because there are not more than 2 opportunities to make money every day. There is almost unlimited opportunity for a day trader to make money during every single day.

***

But on the other side,there is also unlimited opportunity to make stupid mistakes every day. And therefore i knew that trading less  would force me to be more patient with my entries. And even though i know that i missed some great opportunities this week,even that realization shows me,that patience is very important,and it reinforces positive behavior (at least i hope that it does next week) that it worked the way i hoped.

***

I didn’t make a lot of money this week,to be exact it was 382,50$,but the important thing is, i followed my rules and as a result i had only one loosing trade for the whole week. In retrospect i know,that had i been more patient and waited for the best opportunities, i could have made double or triple that amount. But step by step i will get there.

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There are a lot of things,that i know,but still don’t consider every time. One of those things is,that when trading the ES_F it is very important to get in @ exactly the price that u want and not 1/4 of a point higher or lower,because at the end of the week, when you take for instance 10 trades and every time you buy 1/4 of a point higher than your perfect entry, that is 4 points or about 200$ that you didn’t make,just because of that. That is 800$ per month….

***

It is critical to be aware of the bigger picture of your trading all the time, not to think that this one trade you are in now is somehow different because of some news event. There is always news out there and there are always good and bad setups. It sounds simple and it can be simple, if you just don’t over-think it.

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About Schwarzdaytrades

I am a full time day trader. I like to share my opinion about stocks and the psychology of trading.
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