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Hi everyone and HAPPY NEW YEAR!
Well the first thing I have to say is BOY I MISSED TRADING over Xmas… although after December’s
-8% it was a welcome break.
3 Trades so far this year, 2 Wins, 1 Los.
The loss was my fault through… I won my first 2 trades of the year and got a little arrogant.
My strategy is designed to take smaller wins but at a much larger hit rate using daily support and resistance as profit targets… on this particular trade (CAD Long on Thursday) I got a little over confident and used the 2nd resistance as my TP, not the 1st as per my strategy… the result… my first loss (and lesson) of 2012 – A LOSS … and to rub salt into the wound 1) It would have been a win HAD I stuck with the usual T/P method 2) After reversing and stopping me out it rose past the TP again…
LESSON/REMINDER = CONSISTENCY!!!!
I take it as a gentle reminder AND I’m glad it happened just 5 days into the month…
Sometimes the longer you have been trading the more difficult it can be to stay consistent. You see more things, things you didn’t know of before, such as Gartley patterns and Butterflies forming… it’s always so tempting to ride outside my strategy… but a strategy is like a marriage… cheat on it and ultimately you get found out and screwed over as a result. So stay faithful and at least while you are in the testing phase of a strategy (100 trades is a good standard to decide on how well a strategy works) … oh and keep the “window shopping” to a minimum…
My aim for 2012: Well of course profit is nice… but I’m avoiding profit targets for now… instead my 2012 target is to stay consistent no matter what happens… for at least 100 trades. If I can make 100 trades without slipping up, as in changing something, or taking profits too early, too late etc, then I know I’m on my way to “The Zone”
Its NFP day today so I won’t be trading, so for now, Happy Trading, and I’ll be back next week.