My plan is simple. The execution of it is simple. The ability to adhere to the guides of my plan, not so much. The results...well...we're not quite there yet.
I have changed the way I trade as I realised that because of time constraints, I cannot trade all day. Sure, I could trade on my mobile, and I have, but if I am to trade 'professionally' as I see it, you cannot simply keep an eye on the market by logging into your phone every so often to see what is happening. Nor, can you trade well and be completely focussed, composed, and present if you are at your day job and trying to combine this with trading essentially, on the side. When you trade you need to be on your laptop/ desktop, focussed on nothing other than the markets, with zero to minimal distraction. This means with my old strategy, if I had a losing morning of say 30/40 points, I have no way of recovering that day. I just have to take it on the chin, said the actress to the bishop ;)
So now, I am basically scalping. I have a number of signals I look for (although I still fall fowl of FOMO from time to time, but it's getting better) and I have particularly tight stops. This means my losses when incurred, are significantly smaller and recoverable from. But, it also means my wins are also significantly smaller as the trades are closed a lot sooner. This means that I might leave a lot of points in the market. I am okay with this though because as I say, my goal when I trade is to make points, but, I don't have to make all the points. However, it also means now that the journey to my end goal is going to take a lot longer. This is something though that I am also slowly coming to terms with. You see, so long as you are making points, you're making progress. Sure, who doesn't want it quickly, we all do, but as with losing weight, quicker isn't necessarily better.
So my unofficial daily goal is 10 points. That's it. Ten points you say! That's easy. Is it? Is it really? Well, so far I haven't made 50 points in a week for a long time. But that doesn't deter me. As I said, so long as I am making points each week, I am making progress. And as we all know from the classic tale, slow and steady wins the race. Eventually.
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