Wednesday, July 25, 2007

Getting control again.

Two days have past since my "Things could be better" post, and I finally gain self control again, and starting to be more disciplined, today I was one point down 105$ (two losing trades in the beginning of the day), I kept following my rules, and got out of the day +160$ after commissions, on 5 trades.

Today I went to the gym after work (11:00 am US eastern time but in Israel it's in the evening), and just said to myself that I have to do all of the exercise, even the ones I don't like and usually skip after doing few sets, this time I did it all, and whenever I thought "I wonder what the market is doing now" I just completely ignored it and wasn't in a rush to get back home and trade, I was down 50$ since the first trade I took from work (remote control hehe), the trade was done following my plan, and just didn't work, so in my mind I had that -50$ on the day, but I got used to ignoring that, telling myself "sometimes you win, sometimes you lose".

When I got back home as I said, I was disciplined, and finished the day profitable after no more than 45 minutes, the best trade itself (which you'll see in a minute) took me only 5 minutes and 21 seconds, and gain me 45 points on YM which roughly translate to 225$ on one YM contract.

Today I finally realized the power of sitting on the sidelines, waiting for a familiar pattern to emerge, it's million times more powerful than second guessing where the market will go in the next 20 seconds (we call it scalping).

I've decided to reward myself for following my plan, and not on money returns, which means I put discipline higher than "making money", each day I follow my trading plan, and quitting in the right time (like today after doing my daily profit), I will give myself a nice reward, today it was some nice chocolate, yesterday it was toffife, I know that my method works, and now my mind come togather with the method, so I start making money.

Best trade of the day:

No comments: