Last night was the first night in months that I slept through the night. I’ve had sleeping problems since I was a child but anyways… I slept so well and felt so refreshed that I decided to enjoy the slumber and only trade 2/3 of the day. I absolutely KNEW today was choppy and I refused to make the same mistakes I made yesterday.
First thing I did, cut my size in half. Second thing I did, be extremely picky regarding what trades I will take. I had it in the back of my mind before I even looked at any specific charts that I would trade very lightly today as I’m not comfortable in this scenario yet. Third thing I did, focus on range plays… short the top of a range instead of looking to go long a breakout. Range plays are not my bread and butter by any means but the market moves in two ways: trending or chopping. I am proving to myself that I am capable of making smart trades in a trending environment (yes I know… it is easier during these times) but for this to provide a consistent source of income I need to be able to trade range days as well. As you will see in todays trades, I traded lightly (only 4 trades all day), I took profits quickly and I cut losses fast. While today was my smallest gain to date on this account, I couldn’t be happier. I know that theses days are when I normally destroy my account… just go look at yesterdays trades.
I’m sure I repeat this often but I honestly feel as though I am learning more and more every single day. This isn’t even a job to me. I hate waking up early but honestly, with a good nights sleep I can’t wait to get up and look at charts for 8+ hours.
Trades for the day: