I scalped a couple winners out of X around noon when I had a chance to sign in to the markets for 30 minutes or so.
No thoughts of trend trading today, I'm just trying to put together some winners, small though they are. Positive numbers are good for the psyche!
I'm trying the dulcet tones of Scott Farnham's trading mantra and it seemed to keep me focused while looking for some scalping chances today. I had it set to replay and it kept my mind in the game.
Today is my 44th birthday so these two winners are a present to myself. No losers today for the first time in recent paper-trading memory, and felt great to have them.
I took both scalps off the high-volume, large red candles at 12:00 and 12:10. The 12:25 candle would have been a nice gainer had I held. Chances are I would have stopped it out though as it dropped 16 cents below my entry.
I'm probably just imagining it, but I actually had a sense that the second trade was going to be a nice reversal. The doji into which I sold and the following red candle with the wide price range but a tight open-to-close price were familiar signs of high-probability direction change.
Thanks to Ynvai and Charlie for their recent posts. I got some "pick me up" from them. Good trading to you both!
Keeping your mind in the game and focused on the task at hand will pay big dividends.That's what this business comes down to. Stick to your plan.
ReplyDeleteTry writing down your own trading mantra. Tailor it to your personality. Let it encompass your total market experiences. Cut right to the heart of the issues so that you can condition your mind to do what you want.
Thanks for your comments. And welcome back from your vacation.
ReplyDeleteFocus is what I've tried to do but ultimately, I am having trouble sensing momentum and directional changes. I haven't established an edge/method as yet. No edge means there can be no plan which employs that edge.
My goal is to be able to sense movement and reversals and have the savvy to trade them day-to-day. As you have repeatedly stated at FNG, that skill is something which comes from experience.
I now wonder if trading only the very best opportunities in a day and not for every trend in a stock is going to be my ticket into the game. And that's what I need right now, a ticket in...