Monday, January 12, 2009

Another day anotha dolla...

Two trades today, two winners, both textbook setups, execution, management, and exit. Poster day for following a trade plan and sticking to it. The first trade of the day was a relatively big swing, looked like it was going to fail at so many different points but I stuck with it. The stupid thing consolidated around my position for about 45 minutes, tested the lows multiple times, looked like I was screwed multiple times but what do you do in a situation like that? Man up. Grow a pair. Execute the plan. I had my risk defined (half my old method!), my targets set, my position on where it should be, and a valid setup. The only thing left to do is get stopped out or wait until my PLAN tells me to make an action.

Guess what? The plan makes money. If I had bailed at numerous points throughout the trade due to fear, greed, 90 other indicators that I don't follow telling me x, y, and z I would lose money. If you're going to take a position FOLLOW THROUGH ON YOUR PLAN FOR BETTER OR WORSE!

Trade Results:



E-Mini Player said...

Nicely done man!

Michael said...

Good job sticking to the plan!