Saturday, January 28, 2012

trading specifics

watched  /tf sink on the open -- bought the first break off the steep early selloff -- sold much too early as it was pretty much lows of the day...         NEED TO HOLD early winners

also bot  YHOO and sold for small gain -- it was a winner off the bat

i need to accept losses --  setting stops and accepting that to win - i must lose small and I must allow the winners to grow and they will overcome the small losses.

I am sabotaging myself with fear of taking trades.

I also tried shorting /tf  -- despite the strong market and did okay hitting tops.  I didn't take a clear trade in /cl which was a perfect entry with no drawdown... again, too fearful to take a chance.

I see good traders buying support  / selling resistance and holding for much longer. 

I also see these patterns -- channels or ranges and when they resolve....  that's often a good time to enter as you will either catch a big  trend or get stopped out quick.  Usually the market signals are pretty clear which way it'll break... especially after 10:00.

I need to write down my trades more often.  And catch more 'in play'  names -- get in them with small stops of .20 losses or less.   Three big losers have thrown off my entire confidence and that shouldn't be such a big deal.  I never should have allowed big draws...    set stops... take losses and take gains.

I need to focus on EXECUTION of clear entries and set stops with proper sizing. 

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