ES Journal Archive (2006 - 2008)

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One of the toughest holds I've had in some time. Had to just set stops and go walk the dog. Worked well. But now am seeing fade possibility into the close. Unless it accelerates, Ill stay sidelined until the AM.

Good day :)
 
Being able to hold is one of the main items that separates the winning traders from the average or losing traders. One must have belief in themselves and also embrace getting stopped out. If a person feels they cannot get up from the screen because they may get stopped out etc., then that person is not trading correctly. You should be able to get up and walk out the door at anytime with minimal check ins. If not, you're overtrading. Good work getting out there and walking the dog--That is the correct way!:)
 
er2 just completed 5 wave move... needs to hold this zone for a nice sell off into the close. Any move above will lead to a nice run.
 
b1s2,

i'm glad to hear you say get up and walk out is the right way to go. i do that fairly frequently. it keeps me from overtrading. i think overtrading is the way to lose money. in analyzing my trades, this is what i've found. most of my losers are from lacking patience, but a few are from holding out too long. walking away and having a stop in place that's reasonable for your risk level is the way to avoid both scenarios.

i mention this b/c i saw another trader blast someone who gave the same advice (i.e. just walk away) before. this blaster trader frequents this thread, so i hope he knows i'm talking about him.

as long as you have a stop in place to guard against the unforeseen, i think walking away is a good idea.
 
A lot of CF's coming into the 1467-1470 area. If we get up there it will most likely be a brick wall and it is where the 5% correction will commence from. Ultimately, could be more in 10-15% area though.
 

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