Two Steps Forward One Step Back
2 min readWhere do I stand in each M?
I feel very confident in my money management. Always follow the long term plan, always accept my hard stops and never trade when I have three straight losses or the cost has overridden the predefined max loss.
Method:
I begin to have a pretty good feel where the market is heading and I also think I can sense which is the stronger between the bulls and the bears.
The s/r levels I define before each session is quite accurate.
I have two setups in my tool box, Continuation and Exhaustion, and I’m getting more confident with them for each session.
Mind:
I lack the discipline. No point lying about that. I don’t follow the predefined trading plan, although I’ve made it more and more simple to follow.
The thing is that, if I feel that my Method isn’t good then my discipline is very good, it’s almost that I’m afraid of taking the wrong trades, but I know them in the back of my mind and the session ends with profit.
If I feel my Method is good, after reading some good litterature, then my discipline lacks, I think everything is a good trade, and the sessions ends with loss.
In the long term, it feels like I’m going forward, because I know what I’m doing wrong and I have a better feel for the market now than before, but sometimes my discipline fails.
So, two steps forward, one step back.
Once again, proper money management is the key to successful trading.
/J