20140718
Long 2 TF 1132.9, 1132.8, -.6, -.4
Long 1 TF 1132.2, +1.2
Long 1 TF 1132.4, -0.6
Short 2 TF 1136.6, 1136.5, -0.3, -0.5
Short 1 TF 1136.7, +1.2
Short 1 TF 1136.8, +1.2
Short 1 TF 1137.8, -0.4
Short 2 TF 1138.5, 1138.4, +1.7, +0.7
Short 3 NQ 3910.25, 3911.0, 3910.0, -1.25, +1.5, +1.5
Short 1 TF 1143.2, +1.5
Total NQ +1.75
Total TF +4.7
A journal is designed for constructive self-critique, and as such, those trading aspects that have been mastered tend to go unmentioned and certainly without self-applause. But working with a student yesterday reminded me how much of my own trading habits are now taken for granted. Take the aspect of the initial exit of a partial position, for instance, or simply a 1 lot position. There is little management of a 1-lot position. Attempts to make all 1-lot positions taken in the 1st Frame of day into runner's is going to be a sorely disappointing process. Nevertheless, many a beginning trader will display the same behavior in the exiting of this 1-lot whether consciously deciding to treat it like a runner or not. Far better than to depend on a trailing stp-loss order to exit at the best profit consistently is to exit the market into the action in the direction of the trade taken. This can be done by leading the market with a limit order at some concept-based level of support or resistance the ensuing action has yet to face, or simply taking advantage of a volatile swoon in the direction of your trade as a nearby wave is broken and advanced. Let the position go into the action, instead of waiting for it to come back in your face. When trading 1-lots or exiting a partial position, this is almost always more favorable than letting your trailing stp-loss be hit. Get focused on the prescribed changes to your behavior noted in your journal. And then change your habits accordingly with practice. This is your new discipline. Repeat until you own it. Then maintain it as your success depends.
