Monday, August 11, 2008

Daily Journal -1R

Well finally I'm coming back.. I'm currently working on developing my attitude towards the markets, and I didn't find many gap b&b opportunities, so I took a position too late, and didn't take the small profits while I could (less than 1R..), so it went down on me, right now my R is 25$, so I'm kinda playing it safe.

I had a lot of disciplne today, and thats a good thing, I want to develop my mind to work on every condition, I knew that if I'll take another trade, it would be a revenge trade, since I wanted to take exactly the opposite of the trade that I took, and it did went my way eventually, but my stop was too tight since I took the position too late as I already mentioned.

Today I didn't brake any rule, I didn't make any money, but I managed to limit a losing day, three weeks ago a day like this would have gone to -4R when my R was 50$, losing 200$ in one day is dangerous to someone with account value like mine (less than 10K$).

I saw this blog : http://blog.tradingrm.com/ in Obat(http://onebadtrade.blogspot.com/) blog, and it seem really nice, they seem to know what they are talking about, so I'll be following that blog for a while to see if it has more good stuff to say, I really didn't knew about how I was approaching day trading, and about 1 star days, 3 and 5 stars days, today for example was a 1 star day for me, since I didn't really find any opportunity, so I played it safe, and managed to lose minimum amount of money.

Have a great week everyone!

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