Lately I've found out that I feel more relaxed if I don't keep track of my entry / exit points, and obviously of my P/L of the day. The only thing I care about is: "Long or Short?". As an example, today I was thinking that I was probably just breaking even, when I actually made 3 points. And I frequently underestimate my performance for the day until I sum it up.
Another thing: today when I took my last trade I remember thinking that in "my past life" I wouldn't have because the market seemed overextended. But I had only two choices: "Long or Short?". And obviously long was the way to go. It eventually proved to be my most profitable trade of the day: 2.75 points.
SCT feels more relaxing than entry / exit trading: I don't have to set stops anymore, and I have only one choice to make over and over: "Long or Short?". I used to abide by the "when in doubt get out". Now I follow more "when in doubt hold".
These may work for me, but might not work for others. They come from the fact that I'm confident that this method works. Why am I confident? Not because Jack claims that it works, not because Spydertrader and others say or think so. It is because everything I'm using is something I've judged and understood myself. Not because I've seen it working, but because I understand why it works.
Obviously, it doesn't hurt that I've "backtested" it successfully (meaning "I've tested it on my back ..."
).
And last but not the least: it helps that I know that in order to make all the money I need, I just have to be consistently profitable just 1 tick after costs. Then compounding and patience'll do the work.
Looking forward to hear from others ...
Quote from guavaman:
One of the many challenges ...
.) But is there some mind set that is useful in taming this beast? Perhaps "Murphy's Law for Dummies and Day Traders" 