Friday, November 5, 2010

Much Better Control

Today I showed much better patience and control over my overtrading habit. I picked up a small win just prior to the NFP release and then I pretty much knew I would be on the sidelines for a while. I did see what looked like easy opportunity dropping down to the 5-second chart while price was going nutso after the release, but I stayed away. About a half hour later, after some consolidation, I did see opportunity but it just wasn't quite right. I'm not sure if I was being disciplined or overly-cautious, because it did yield a good move. I was fine with passing it up and not chasing price, knowing that in time I would get another chance. I did get another chance but entered late and got retailed out. I made another attempt at the same setup but when it didn't work quickly, I scratched the trade. I finally got the setup I was looking for later on, I knew I was on the wholesale side of the trade, and got a good move. I feel really proud that I waited for what I wanted, and didn't feel the need to play every swing on the chart. I only really run into trouble when I take dumb entries and revenge trade. I didn't get greedy with my exit, and it turns out that I exited only 1 pip from the top of the move.

Today's results: +4R

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