Skip to content

Discipline Matters

August 1, 2012

I could probably have racked up more losses today than I did, but probably more frustrating than three stopped trades was watching a 3.5 point profit begin to disappear on the third trade.

__________________________________________________________________

Daytrading Strategy 1st August

__________________________________________________________________

I was looking for a re-test of the lows for a 5.25 point profit, so the risk:reward ratio was great, and I don’t need many positions like this each week to generate great returns. I brought my stop down to breakeven and that was it – I’m not a fan of the aggressive trailing of stop losses, and I’d sooner give the position room to work out. It’s sometimes tempting to try and grab a quick profit, especially after a few losers, but discipline matters.

-1.50

-1.50

-0.00  (trailed stop to breakeven)

-1.50

(-4.50)

For anyone who follows what I do closely, can you work out why I didn’t buy at either of the two points I’ve highlighted in grey?

View Full Chart for Today’s Trading

Advertisements

Comments are closed.