Tuesday, October 19, 2010

Bedtime

Due to the time difference, trading the US markets can be quite tiring. As such, after returning from a 1 1/2 year break to start trading the ES, I have made it a point to stop trading by 1am, Singapore time.

Yesterday was no exception. I had chalked up a few trades, and by half past midnight, I was net down by -0.75pts. I decided to take a last trade, as it was getting late, and I was getting sleepy. Looking for a LONG, I entered a trade at 1175.50 at about 12:43am. Was looking for PRICE to challenge the last High of 1181.00. Unfortunately, due to my tight STOPs (usually 0.75pts, or a maximum of 1pt from entry), I was stopped out (I moved my STOP to 0.50) by a very small swing low. I shut down my PC and promptly went to bed.

This morning, when I reviewed my last trade (which I usually do), I found that PRICE did look for 1181.00. However, with the same token, it broke down with a PRIME PPF thereafter.

This clarity in seeing PRICE movements has helped to boost my confidence in my trading. It is sometimes the impatience in waiting for a trade set-up, that whacks my trading upside down.

For the record, I was down -0.75pts & -0.50pts for my last 2 trades...and net for the whole night.

1 comment:

michael said...

Patience is really important in trading. The other thing I think is good decision-making.

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