Better Trading Ahead! 5/9/17

“Better Trading Ahead!” is the theme here I am drilling into my psyche.

I did some deep introspective thinking about my trading, the learning never stops. I  learned that I was seeking instant gratification from my trading success, the hard work of being patient and waiting for my trading criteria did not factor into this powerful emotion.

Trading well for a loss is better than trading poorly for a profit… take a minute to think about that.
I do believe that if I trade well consistently, I will be able to compound my wins. But what is more important than how well I win, it’s how well I lose…

Losses are a part of trading, we all know that, but do we ever embrace “a good loss”. I’m talking about the kind of loss that took place in a trade that met all your criteria, and by chance, price stopped you out for a minimum loss or small gain?

See below chart, for example of a good loss imho. Notice the highlighted area of congestion, I made my trade just outside this area to allow the trade to gain momentum in my favor outside the congestion.  I Sold 46.12, the position was profitable for a short time until my profit stop was hit. CL may retrace back down, but that doesnt matter. I made my trade and now it’s time to move on with my day.

“Better Trading Ahead!”

Lot Size: 2
CL: +$21