Maintaining Self Discipline

[studentofthemarkets]

if your system's tight, (granted, a big if) then you got no problem, lighten up. All you want to do is wait until the next train / trade going your way rolls into the station, climb on board and watch for your stop.

Well, I seem to have something wrong with my brain. It's like the train rolls in and I refuse to board. I'm trying to figure out why. Looking at the Euro 1 min candles, price would chug along to a high and when the trend move down started, it happened really fast and you'd have to be right on top of it, expecting it to happen, in order to trade it well. Out of the 4 short trade signals I marked only 2 had small retracements of 1 min green candles that could be shorted if you missed the initial break(oops...I went long on 2 of those green candles). I guess the fast movement, if I learned to expect it, would be a nice confirmation signal. It's the thing newbies usually struggle with....can't seem to trade the trend, only, I was hoping that I've been trading long enough that by now I would have learned this lesson.

I like the Jesse Livermore quote!

Thanks for the encouragement!

 

[studentofthemarkets]

 

[easymon1]

my brain

LOL, ain't nothing wrong with your brain.
After hours, what if you were to write down as if for a diligent employee, one who follows instructions to the letter, step by step instructions covering just exactly how you want your account to be traded. Maybe there exists an area or a step or two where further crystalization will cha-ching your plan.
then, when you are finished, Relax, Have A Homebrew.
edit to remove distracting picture.

 

[studentofthemarkets]

Thought I'd find some ranging price action and trending price action on the Euro 1 min chart to see how it actually behaves.

 

[studentofthemarkets]

An autographed book! That's really cool.

 

[easymon1]

An autographed book! That's really cool.

that ain't my book, it is an online image. do you like signed trading plans that you craft yourself? talk about cool...

 

[studentofthemarkets]

Well, if it makes money...then yes!

 

[easymon1]

Well, if it makes money...then yes!

try it.
...write down as if for a diligent employee, one who follows instructions to the letter, step by step instructions covering just exactly how you want your account to be traded. Maybe there exists an area or a step or two where further crystalization will cha-ching your plan.

 

[studentofthemarkets]

You know what, I think I will, and the first thing I'm going to write down is to always follow the movement of price action. Sounds really simple...and like it's just stating the obvious, but wait, I'll post a chart and show how my losing trades went against that simple plan.

 

[studentofthemarkets]

I do this HH HL LL HL exercise sometimes and it's always really helpful. I wonder if I were to always place HH HL LL HL marks on the 1 min chart while trading if I would finally "always follow the movement of price action."