Another positive week and one where I exercised my patience (most of the time) and it paid off, although it could've been that elusive 100+ point week if only I had the mental resolve to stay in trades longer. However, I have to be kind to myself with regards to that last part.
You see, it's said that it takes a truly great trader to have the mental agility and fortitude to enter a trade in one direction, watch it move against them, and then close out their position for a loss before immediately entering in the opposite direction. If this is true (and I believe it is) then it would take an almost superhuman trader to enter into a ranging market with a mindset to scalp, but then decide that he was in fact going to let his latest position run instead.
This is what I would've had to do to secure that 100+ point week on Friday. I did manage the first part, I took my loss on a trade and immediately entered in the opposite direction (I flipped the switch - to quote Tom Hougaard) to gain almost all of it back. I contemplated adding, but convinced myself it was not a good add considering the range bound nature of the market, only for hindsight to flip me the middle finger and show me what I 'could've' won...
However, all things aside, I firmly believe my application of patience is what helped me beyond all else to book a second winning week in a row, and I am looking forward to getting even better this week, although it is the 4th of July week so Monday and Tuesday might be a bust...we'll see.
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